LONDON, Oct. 20, 2017 (GLOBE NEWSWIRE) -- The Mass Affluent segment makes up 15% of the population in the UK and yet they hold close to 45% of the total wealth. Brands in marketing and financial services have in recent times begun to target the relatively untapped potential of the Mass Affluent. Hamidreza Ghanbari, CEO of Pilatus Bank, explains what signifies and motivates this sought-after customer base, and why private banks should extend their high-end services to this rapidly expanding segment of the market.
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Despite being a highly-valued segment of the market, the Mass Affluent customer has long been underserved in the financial services industry. The ultra-rich clientele has historically taken precedence, but financial institutions are now competing over how to seize this rapidly expanding customer base. Hamidreza Ghanbari of Pilatus Bank believes that this race only can be won by institutions that fully understand the attributes and motivations of the Mass Affluent customer.
Ghanbari states, “The Mass Affluent is a smart, driven, and tech-savvy group who value personalized and tailored products. They demand quality service from service providers, and they want quality products with lasting benefits. Fundamentally, they are the money makers who can accelerate the market’s movement toward product adaptation. Therefore, they are an important target for suppliers of luxury products and services, and that includes financial institutions trying to satisfy their financial objectives.”
Hamidreza Ghanbari of Pilatus Bank believes that relying on artificial intelligence and automated services alone to satisfy the demands of the Mass Affluent is naive. The CEO of Pilatus Bank expands, “55% of affluent consumers use their phone as a mobile payment device, which suggests that this tech-savvy group demands quick and seamless solutions. But being a group who demands tailored customer care, one should also assume that they would value individual attention for their more complex banking needs.” Having a dedicated relationship manager can certainly help customers achieve their financial objectives. Combine that with a disruptive technology and you have potentially won the race to seize the Mass Affluent.
Ghanbari of Pilatus Bank expands, “The latest innovation from Pilatus Bank combines convenience with high customer service. What we offer is a truly unique technology platform which connects the clients of our bank directly with their dedicated relationship manager and senior staff.” Pilatus Bank has developed a banking app which allows their clients to communicate with a relationship manager via the latest digital technology whilst still honoring the human interaction. Ghanbari concludes, “Functioning as a 'branch in your pocket', our banking app is going to revolutionize the private banking space. Targeting the Mass-Affluent as the early adopters is a natural choice whereby they are tech-savvy, well informed and communication is extremely important to them.”
About Pilatus Bank
Pilatus Bank is a leading European bank that specialises in providing private and commercial banking services to high net-worth and affluent individuals. Pilatus Bank, located on 4 Old Park Lane, W1K 1QW in London, is mainly focused on offering its private banking services through its proprietary technology platform in order to make private banking more accessible and scalable. The Bank’s simple and convenient solution has been a hallmark of transformation and quality of service.
Hanna Olofsson
Pilatus Bank
+44 (0)330 3636360