Standard Chartered has relaunched its
mass-affluent service, Priority Banking, complemented by a
refreshed brand identity and advertising campaign in its eight key
markets of Hong Kong, Singapore, India, China, Taiwan, Malaysia,
Korea and the United Arab Emirates.
The product is aimed at people with $100,000
in liquid savings or investments.
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The move by Standard Chartered comes at a time
when most major banks are investing more in the mass affluent
segment. It mirrors steps taken two years ago by rival HSBC, which
in May 2007 relaunched its Premier mass affluent offering backed up
by its biggest ad campaign of the decade.
HSBC Premier customer numbers, currently at
around 2.6 million worldwide, increased by more than a quarter in
the year following the May 2007 relaunch and HSBC remains committed
to hitting 6 million customer numbers for the segment by 2011.
Premier is available to those with around $75,000 in savings and/or
a $100,000 salary.
HSBC has estimated that by the end of 2011 it
can achieve average revenue per Premier customer of over $1,000 a
year, meaning that, with up to 6 million clients, the segment could
be worth $6 billion to the bank.
Standard Chartered’s Priority Banking
proposition has been augmented with a comprehensive loyalty
programme, which the bank argues is a first in many of its core
markets.
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By GlobalDataSee StanChart ups mass
affluent ante for more analysis
