Published on : Jun 28, 2016
ALBANY, New York, June 28, 2016: ResearchMoz.us has added a new report, titled ‘Mass Affluents: Product Holding and Preferences in Singapore,’ to its repository. As per the findings of the report, the mass affluents population in Singapore is predicted to register steady but positive growth in the near future.
In recent years, the mass affluent population across the globe has grown considerably. This has created many growth opportunities in the financial sector. Banks and financial providers primarily target mass affluents to offer their new insurance products and services. Mass affluents have the ability to maintain considerable savings and investments and possess a large number of financial products. The rise in the mass affluent population in Singapore is expected to offer insurance providers a profitable and attractive segment to target.
The report on the mass affluent population highlights product holdings and preferences in Singapore. As per the report, currently, DBS and POSB collectively lead the current account market for mass affluents. DBS and POSB collectively hold a share of 56% in the current account market for mass affluents. With products such as fixed rate loans and SIBOR-linked fluctuating rate loans, DBS is expected to be the leader. The Housing & Development Board (HDB) currently dominates the Singapore mortgage market.
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The accessible location of financial service providers has attracted many mass affluents to avail new investment plans. Digital channels are playing a lead role in attracting the mass affluent population in Singapore, the report states. With mobile applications having successfully entered the mainstream market, the availability of financial services on smartphones is helping the mass affluents to avail the required products conveniently. Even though digital platforms are playing a major role in attracting the mass affluents, conveniently located branches of financial services will still attract mass affluents, predict the analysts. Considering the a growing number of mass affluents visiting branches close to their location to avail investment products, banks and financial service providers are planning to maintain their physical presence.
Leading players in the market are also concentrating on offering customized products as per the need of the mass affluents. Personal recommendations offered by financial service providers is expected to be one of the biggest drivers.
The increasing pool of mass affluents is predicted to encourage new banks to offer their new products. This will make the market more competitive, state the analysts. Banks, with their attractive financial options, are concentrating on motivating mass affluents to fulfill their saving targets. With new mortgage schemes and personal loan options, coupled with new investment rules from financial service providers, the entire landscape of mass affluents in Singapore is expected to register many changes. Favorable rules and regulations for mass affluents in Singapore are predicted to propel the market.
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