The Digital Approach to Affluent and High Net Worth Customers

The affluent are highly educated, tech-proficient customers who often prefer to interact with their primary financial institutions digitally. This report provides the high-level understanding of the affluent market necessary to serve their needs. It researches the digital and in-person banking habits and attitudes of wealthy consumers by segment and identifies unmet needs. The four segments analyzed in this report are the mass affluent, core affluent, high net worth, and ultra-high net worth groups. Mass affluent consumers, for example, represent 17% of U.S. adults, have annual incomes of $100K to less than $150K, and are the youngest of the segments. One in 10 among the mass affluent is likely to switch primary banks in the next 10 months, putting 37 million bank products and services, $2.3 trillion in investable assets, and $348 billion in bank deposits at risk. This report will identify best practices for serving and growing a base of high-income consumers.

Primary Questions:

• How are mass affluent, core affluent, high net worth, and ultra-high net worth customers defined? What do these segments look like? How do they prefer to bank?
• What are the untapped opportunities for banks and credit unions to service affluent and high net worth customers?
• How many wealthy customers plan on switching their primary banks and credit unions, and what is at risk?
• How can digital banking platforms be used to increase satisfaction and reduce churn among affluent and high net worth clients?
• What are best practices for serving affluent and high net worth banking customers?

• A random‐sample panel of 6,000 respondents in a May 2014 online survey.