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Improving UK Mass Affluent Banking and Investment Services

Description: This report assesses mass affluent propositions in the UK, and includes data on the number of mass affluents segmented into four liquid asset bands from 2003-2012. Scope

- Sizes the mass affluent market by asset band, from 2003 until 2007. Forecast data is provided for the years 2008 to 2012. - Identifies the key product and service areas that banking led and investment led financial institutions should provide to their mass affluent clients. - Examines and compares the quality of website offerings of 22 financial services institutions to mass affluent clients.

Highlights of this title Mass affluent investors are sophisticated, looking beyond just price when they regard the offerings of banks and other financial institutions. In an increasingly competitive, sophisticated market, websites are a powerful means to convey brand and image as well as the range of products and services on offer by a bank or investment house. Good websites depend upon aesthetics, originality, intuitive and clearly laid out navigation, as well as good accessibility for all. These are what attract customers before content is explored. Key reasons to purchase this title

- Understand the banking product and service principles for the mass affluent customer segment. - Assess market attractiveness by reviewing size and growth forecasts for the potential wealthy client base through 2012. - Compare the relative attractiveness of website offerings by market peers.

Contents:

Overview Catalyst Summary Executive Summary Financial institutions must use their website to convey their brand and image as well as product and service offerings to mass affluent clients The mass affluent population in the UK is growing, although there will be some slow down in the rate of growth over the next five years Banks and portfolio management companies differ a great deal in terms of the actual services they offer and how well they present their company on their website SPECIAL FEATURE: WEBSITES ON THE FRONTLINE Websites are more than a marketing tool, they are indispensable product and service features of financial institutions Retail banks in the UK need to increase their deposit base and the lucrative mass affluent market is a valuable one

Websites offer the opportunity to promote the company, provide a wide range of information, and enable clients to perform banking transactions Websites are a key mechanism for banks and investment houses to serve the mass affluent market The mass affluent use the internet for financial research and undertaking banking transactions The mass affluent use the internet to research for the best product or service at the best price Price comparison websites are enormously increasing the ease with which consumers can compare financial products in order to get the best available The mass affluent use the internet to undertake financial transactions The internet can quickly bring customers to a bank, but just as quickly lead them away Customers are becoming increasingly sophisticated and want more than price The key features of a good website Aesthetics - because first impressions count Originality - because mass affluent people like to stand out from the crowd Innovative example: Citi maintains the same navigational structure for its mass affluent offering but brands it gold Innovative example: HSBC presents paperless statements in a highly original way, turning online statements into a virtual forest An intuitive navigational structure is a key to clients fully exploring the site Web accessibility and disability issues must be treated seriously by banks Some UK banks are not faring well with enhancing website accessibility Greater direct marketing of their full range of products and services could improve the position of banking and investment institutions Direct marketing goes straight to the consumer and has traceable, measurable results Better mass affluent banking means building personal relationships with clients in a technological age Innovative example: The BNZ uses text messages and email alerts to keep in touch with clients UK MASS AFFLUENTS ARE A LARGE MARKET SEGMENT There were 8.4 million mass affluent individuals in the UK in 2007 There has been a fall off in the overall number of mass affluent individuals in 2007, after good growth between 2003 and 2006 UK Mass affluents lost £20 billion in onshore liquid assets in 2007 Mass affluent assets are concentrated in the £100k-200k asset classes The mass affluent population will not recover until 2010 2008-9 will be characterized by struggling economies worldwide The mass affluent population will decline over 2007 to 2010 Mass affluent liquid assets will continue to decline until 2010 THERE ARE 14 CRITICAL BENCHMARKS FOR MASS AFFLUENT SERVICES The internet is increasingly the preferred means for researching financial products and services Datamonitor reviewed the mass affluent website offerings of 22 UK financial service institutions Good customer acquisition involves clarity and strong referral mechanisms Criteria 1: Clearly stated threshold Banks tend to be better at clearly stating the criteria for their service offerings Criteria 2: Multiple threshold measures Several companies exhibit clearly set out, comprehensive, flexible threshold structures 34 Criteria 3: Client goal assessment Criteria 4: Strong internal referral system Criteria 5: IFA services Independent Financial Advisors dominate the provision of investment products and financial advice A strong distribution system requires access to a dedicated financial partner Criteria 6: Dedicated 24 hour call centre Criteria 7: Dedicated website with client log on Criteria 8: Clearly laid out website Criteria 9: Dedicated branches/offices (relevant only for banks) Criteria 10: Named relationship manager(s) Specialist strengths must include holistic and specialist services Criteria 11: Coverage of all important product/service areas Criteria 12: Availability of international services Criteria 13: Specialist staff in major product areas Pricing has to be clear Criteria 14: Clearly disclosed pricing The TCF initiative aims to create a more efficient and effective market TCF will help investors be better informed about the price structures associated with bank products and

services APPENDIX Definitions Adult population Onshore liquid assets The drivers of growth in the wealthy population Income growth (combined with inflation, changes in GDP by sector, household savings rates and debt levels) Investment returns (market capitalization, interest rates and bond yields) The following measures are not, in themselves, drivers of wealthy population growth Market capitalization GDP The following measures are not drivers of wealthy population growth except under very restricted circumstances Primary residence value growth Inheritance Methodology Global Wealth Model The UK sub model Bibliography Further reading Ask the analyst Disclaimer List of Tables Table 1: To what extent do you agree with the following statement: "The internet is a useful source of information for making comparisons of financial products."? Table 2: Barclays Premier Life website has both visual and professional appeal and provides key information on the homepage Table 3: HSBCs virtual forest saves the bank money and appeals to green customer sensibilities Table 4: The number of mass affluent individuals in the UK (000s), 2003-2007 Table 5: The levels of MA liquid assets in the UK, 2003-2007, £billion Table 6: Concentration of mass affluent wealth in the UK, by asset band, 2003-2007 Table 7: The forecast number of mass affluent individuals in the UK (000s), 2008-2012 Table 8: The forecast levels of MA liquid assets in the UK, 2008-2012, £billion Table 9: Money supermarkets are aiding consumers' financial product and service searches Table 10: Ranking of bank and investment house websites Table 11: Banks should offer the following specialist services to mass affluent clients Table 12: Portfolio managers should offer the following specialist services to mass affluent clients List of Figures Figure 1: The internet is useful for making financial product comparisons Figure 2: Citi brands its Citigold microsite gold: the service that pays you more attention Figure 3: Abbey Premium clearly sets out to the client the navigational structure of the website Figure 4: The BNZ uses text messages to keep in touch with its clients Figure 5: The number of UK mass affluent individuals has grown since 2003 Figure 6: UK mass affluent wealth is concentrated in the middle asset bands Figure 7: Concentration of mass affluent wealth in the UK, by asset band, 2007 Figure 8: The mass affluent population in the UK will grow to over 9.4 billion by 2012, representing over 19% of the adult population Figure 9: The rate of growth of mass affluent liquid asset will slow over the period 2008 to 2012 Figure 10: The IFA industry is characterized principally by single outlets Figure 11: The IFA industry is characterized principally by case sizes of less than £5,000 Figure 12: Bank of America provides tools to enable Figure 13: Eden Financial has a clearly laid out website which promotes all its client offerings

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