China Mass Affluents: Channel Use in distribute the product in market

Mass affluent populations around the world are growing in size, making them an increasingly important segment for financial providers. These consumers possess more financial products than average, maintain higher levels of savings and investments, and are more likely to use added-value services. This makes them an attractive and profitable segment to target.

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Key Findings
- The Chinese mass affluent space is around 36 million individuals. Demographically, this segment tends to be older, more established, and with greater liquidity. They are also knowledgeable with regards to financial products and more active in the management of their finances. Physically visiting a branch remains the main channel of research for mass affluents when considering a current account provider, and this is demonstrated by a 12 percentage point variance compared to the retail segment. 

- For 88% of mortgages given to mass affluents the branch played a role in the customer journey. However, mass affluents use other channels as part of the application process, with call centers particularly important.

- The telephone channel is important to mass affluents when arranging a loan. 28% of consumers also used post. If document capture systems can be implemented then the reliance on this channel can diminish, meaning speedier disbursement of funds to the applicant.

- Mass affluents are avid users of social media, with 91% using social media platforms daily compared to 85% of retail consumers. Financial services providers in China must take note of this opportunity in order to increase engagement with this lucrative segment.

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Synopsis
Verdict Financial’s “Mass Affluents: Channel Use in China” is one of a series of snapshots offering insight into the mass affluent consumer segment in China. It examines mass affluents’ channel preferences in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Survey. 

It offers insight into:

- Which channels mass affluents use for their current accounts, savings accounts, mortgages, and loans, and the extent to which banks are cross-selling to this segment.

- The factors that drive mass affluents’ choice of channel use.

- Which channels are favored by mass affluents

Reasons To Buy
- Improve your targeting of mass affluents in China by learning about their preferences with respect to channel features. Identify the key factors that drive mass affluents’ choice of channels.

- Understand the extent to which mass affluents are using P2P lenders and social media.

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