Asia mass affluent banking survey 10 March 2015

Mass Affluent Banking is a key focus for many banks in Southeast Asia, and more broadly for banks throughout other parts of Asia as well. The reason, as one banker described it, is that even though less than 5% of the bankable population is mass affluent in many countries, these individuals control nearly half of total deposits and revenue per customer is very high compared to the mass market. CIMB Bank in Malaysia, for example, has publicly said that the mass affluent are about 1% of their total customers and contribute about 50% of their deposits. Banks in the region are thus very interested in finding out more about how they can acquire these customers, deliver the products these customers actually want and optimize their distribution channels as well as revenue opportunities so they can make their mass affluent banking business successful.

Efma developed this Asia Mass Affluent Banking Survey specifically to meet this need, by providing insights that retail banks can use to identify opportunities to enhance their mass affluent banking business and compare it with their peers. This Survey, the first that Efma has conducted specifically for retail banks in Asia, is the beginning of a series of Asia-focused surveys that Efma plans to conduct so as to add greater value to members in the region and to the retail banking community in Asia. To add greater value for members and to leverage additional expertise relating to retail banking surveys in the region, Efma collaborated with the renowned Nomura Research Institute (NRI) in Japan for this Survey.

The Survey, focused on five key markets in the Southeast Asia, combined qualitative and quantitative questions that asked bankers about their current business and their plans for the future the Survey covered the full spectrum of mass affluent banking, from marketing and products to distribution and customer service. To gain additional insights about how best to manage the mass affluent banking business, Efma also asked about innovation, revenue, pricing and digital tools. And beyond just looking at banks’ current business practices, the Survey also examined banks’ plans for the future.

The results of the Survey are actionable insights that will be highly beneficial and immediately useful for any bank seeking to expand or to start its mass affluent banking business, rather than information that is simply nice to have. This report provides highly beneficial details of the Survey results, and more extensive information is available to Efma members.

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