Mass Affluents: Channel Use in Australia

Australian mass affluents skew towards the older ages, and thus are slightly more conservative when it comes to digital advancement in banking. Although they fully utilize the online channel they are not yet embracing mobile as much as the retail segment. This will change, however, and authorized deposit-taking institutions need to be ready for this with apps that can accommodate them. This consumer segment is very much comfortable with the online channel (it is the one they find most convenient) and providers will need to maintain a user-friendly platform to meet the banking needs of the mass affluent segment.

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Key Findings
The size of the mass affluent market in Australia is estimated to be around 3.3 million individuals. Considering its size and on a per capita level, mass affluents are a more lucrative segment than even the HNW segment.

Physically visiting a branch remains the main channel of research for over half of both the mass affluent and retail consumer segments.

Mass affluent consumers are keen on engaging with financial providers over social media. At the same time, the segment has also shown interest in using social media to conduct banking activities such as making payments.

Consumers dont just go online to check balances anymore they are performing complex banking activities more frequently online. This is even more true of mass affluents, as they have more complex financial needs and are generally more intensive users of bank services.

Synopsis
Verdict Financials Mass Affluents: Channel Use in Australia provides an analysis of the mass affluent consumer segment in Australia. It is divided into four short sections, starting with a segment overview of this consumer group. The report then looks into the channel preferences of mass affluents for different banking activities such as researching and applying for products. The report ends with mass affluents attitudes towards their ongoing preferences with regards to the various channels they prefer, as well as laying out the reasons why they avoid certain channels.

ReasonsToBuy
How are the demographics of the mass affluent segment influencing their channel preferences?

Which channels do mass affluent consumers use to conduct their research on banking products?

What are the preferred channels of application among the mass affluent consumer segment?

How does the mass affluent segment utilize social media and digital channels in banking?

Key Highlights
How are the demographics of the mass affluent segment influencing their channel preferences?

Which channels do mass affluent consumers use to conduct their research on banking products?

What are the preferred channels of application among the mass affluent consumer segment?

How does the mass affluent segment utilize social media and digital channels in banking?

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