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Banks and Financial Providers to focus on Mass Affluents in China with Enhanced Investment Options and New Products

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Published on : Jun 01, 2016

ALBANY, New York, June 01, 2016: The global mass affluent population is growing in size at a rapid pace, making this segment increasingly important for the bankers and financial institutions. This set of people maintains a higher level of investments and savings and possess higher financial products than the average banking customer. Mass affluents are primarily attracted towards value-added services, which makes them a profitable and attractive segment to target for the bankers and financial providers. 

Mass affluents are likely to save more to fund a financial investment in the near future. Banks consider this as an opportunity to allow easy fund-switching options to the mass affluents. Usually, banks offer to switch funds between equity and deposit accounts. The mass affluent population is moderately skeptical about the many benefits of availing account aggregation and money management services. They are more concerned about security factors of handing over personal account details to a third party. 

The majority of mass affluents work for organizations and take part in retirement policies, which have tax benefits. They carry a diversified net worth that consists of a primary residence and a well-balanced portfolio of bonds and stocks. It is common for the mass affluents to invest in alternative asset classes. The population of mass affluents is expected to grow rapidly as more and more people are striving to become a part of this crowd.

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Mass affluents, especially in China, hold more investments and products, which is why they are more likely to own insurance products than the general population. Providers such as financial institutions and bankers aim to offer robo-advice investment tools to the mass affluent population in China to offer them cost-effective services. Financial providers are taking efforts to study the product preferences of mass affluents. Currently, banks are also taking efforts to study the attitudes of the mass affluent population towards various products so as to offer them what they need. 

With many new financial institutions coming up with new services, mass affluents in China are expected to receive new investment opportunities. Considering the changing product preferences of the mass affluent population in China, banks and financial institutions are expected to offer suitable financial management solutions in the years to come. For the banks and financial institutions, making inroads with mass affluents in China is a big challenge. However, by understanding their preferences and trends, developing mobile and online services, creating integrated delivery methods, and building client awareness, banks can target the mass affluent population in China better.  

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