Sunday 01, June 2014 by Robin Amlôt

Reinventing affluent banking

Banks quite like affluent customers but such customers represent a conundrum for many financial services providers. While, in broad terms, their revenue potential should be much better than the mass market customer, they often split their wallet across multiple providers and can be demanding and expensive to serve. Profit potential from the affluent may be compromised by service costs that will be boosted by the perceived need on the part of the financial institution to respond to demands for higher service levels, notably through the deployment of expensive personal advisors.