Market Report, "Mass Affluents: Product Holding and Preferences in Hong Kong", published

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.

Key Findings

* HSBC holds nearly half of the mass affluent current account market, almost three times as much as the second-placed bank. It has benefited from a dedicated mass affluent banking proposition and a generous welcome package that is related to the number of products arranged.
* Branch location remains the most influential driver of savings provider choice, suggesting that banks need to maintain a physical presence. Mass affluents also have a strong preference for banks that have a longstanding reputation and are financially stable. This gives established banks an advantage over new entrants.
* Just over a third of mass affluent mortgage holders chose their provider on the basis of their product characteristics. Having an existing relationship and personal recommendation were also important drivers of choice, thus confirming the importance of current accounts as gateway products.

Full Report Details at
- http://www.fastmr.com/prod/1175668_mass_affluents_product.aspx?afid=301

Synopsis
Verdict Financial's "Mass Affluents: Product Holding and Preferences in Hong Kong" is one of a series of snapshots offering insight into the mass affluent consumer segment in Hong Kong. It examines mass affluents' financial product holdings in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Survey.

The snapshot offers insight into:

* Which providers they 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 financial products.
* The product features favored by mass affluents.

Reasons to Get this Report

* Improve your targeting of mass affluents in Hong Kong by learning about their preferences with respect to product features.
* Identify the key factors that drive mass affluents' choice of providers.
* Understand the extent to which mass affluents are using P2P lenders.

Companies Mentioned in this Report: HSBC, Bank of China, Hang Seng Bank, Standard Chartered.

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