Mass Affluent Banking in the ASEAN Region – Regional Breakdown by Market Trends, Investment Preferences and Competitor Benchmarking

Mass Affluent Banking in the ASEAN Region Report Overview

The mass affluent and emerging affluent continue to grow in the ASEAN region, boosting spending at a retail level as well as opening more opportunities for banks to offer investment services. Additional growth drivers include the increase in regional integration, the slowing Chinese economy, and Singapore’s safe-haven status. This report provides crucial insights into the behavior of mass affluent customers, empowering banks to tailor their offerings effectively. By leveraging data on market sizes and growth projections for ASEAN markets, banks can strategically attract and cater to this lucrative demographic, enhancing their competitiveness and profitability.

The mass affluent banking in the ASEAN region analyzes factors driving affluence and examines mass affluent individuals’ financial goals and banking patterns The report also covers the investment and insurance preferences of the ASEAN region’s mass affluent market. This includes overall mass affluent market size (number of individuals) and their distribution in the region. Furthermore, the report covers the region’s competitor benchmarking and case studies.

Mass Affluent Banking in the ASEAN Region Analysis by Countries

The key countries with mass affluent banking consumers in the ASEAN region include Vietnam, Thailand, Singapore, Philippines, Malaysia, Indonesia, and Cambodia among others. Indonesia, Thailand, and Singapore have the largest mass affluent base in the ASEAN region despite widely different populations. Vietnam has the largest mass affluent population in proportion to its overall population, reflecting its small size and recent rapid economic growth.

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Mass Affluent Banking in the ASEAN Region Analysis by Financial Attitudes

Asset accumulation is the most popular financial attitude among mass affluents, making prudent financial management key. The top financial goal for mass affluents is a financially secure and independent retirement. The mass market is much more focused on paying off debt and budgeting better.

Mass Affluent Banking in the ASEAN Regional Outlook by Financial Attitudes
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Mass Affluent Banking in the ASEAN Region Analysis by Banking Channel

Digital banking channels are the most frequently used by the mass affluent and the mass market. Digital banking especially mobile app channels is becoming the face of banking for the mass affluent more so than the mass market. This should be noted by banks wanting to serve the mass affluent. Convenient and easy-to-use banking apps continue to be an essential part of attracting mass affluent customers. Bank branch services are still proving useful in ASEAN, banks like DBS have been adapting their physical approach in Singapore, to enhance and make their branches as efficient as possible.

Mass Affluent Banking in the ASEAN Regional Outlook by Banking Channel
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Mass Affluent Banking in the ASEAN Region Analysis by Investment Methods

Mass affluents still value face-to-face interactions, meaning banks should continue to make such services accessible. Mass affluent investors in the Philippines are much more likely to prefer face-to-face services compared to other options, as well as compared to other ASEAN nations. This indicates that branch availability is essential for banks wanting to operate in the country.   The mass affluent in Singapore have an almost identical preference for in-person meetings, online platforms, and mobile apps. However, more complex investments usually drive individuals to seek face-to-face services. Banks in Singapore with branch networks should promote their in-person services as much as their digital ones.

Mass Affluent Banking in the ASEAN Regional Outlook by Investment Preference
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Mass Affluent Banking in the ASEAN Region – Competitive Landscape

The key banks offering products and services to the mass affluent consumers in the ASEAN region are:

• Bank Central Asia
• Maybank
• Banco de Oro
• Metrobank
• DBS
• POSB
• UOB

Bank Central Asia: BCA dominates the mass affluent space due to its more comprehensive product portfolio and robust brand reputation compared to other local banks. This means many defaults to the bank due to a lack of strong competition.

Maybank: Maybank continues to hold the largest market share in Malaysia across the total market, although key international players are increasing their competition.

Leading Mass Affluent Banking Companies in the ASEAN Region
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Key Highlights

• Indonesia, Thailand, and Singapore have the largest mass affluent base in the ASEAN region despite widely different populations.
• Face-to-face interactions remain important to ASEAN investors, highlighting that in-branch/premier lounge services are still required.
• Malaysia has a highly competitive mass affluent segment, with international banks such as HSBC and UOB building significant market shares in the country.

Reasons to Buy

• Understand how consumer preferences vary between different customer demographics.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• Identify the areas for improvement that matter to consumers.
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.