Retail banks continue to face pressures of more online competitors and fewer consumers who are willing to keep money in traditional savings accounts. Some banks are responding by offering services to the 'mass affluent' demographic — defined as consumers who have between $100,000 and $1,000,000 in liquid assets. Industry studies indicate that this demographic is significantly more profitable for banks than most other demographics.
Here are effective ways to serve this demographic:
- Branches: Create exclusivity zone by serving these customers in a separate location and by offering services such as concierge and other well-trained employees.
- Call Centers: Dedicate phone lines staffed by knowledgeable staff for this demographic
- Online: Offer a separate website with exclusive services and features for this group.
Read more here about banking for the mass affluent and suggest an ad campaign that effectively reaches this demographic.
Source: Gemes, Alan. "Growing a New Niche in Retail Banking," StrategyandBusiness.com, January 2008