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Asset Management / Wealth Management
HSBC enhances Premier offering for mass affluent
New features aim to provide holistic financial planning solutions to client segment
The Asset 27 Sep 2024

HSBC is expanding the features of its Premier offering for mass-affluent customers worldwide, focusing on the key areas of wealth, health, travel and international needs.

The enhancements, based on interviews with over 2,500 individuals in the mass-affluent segment, are now available in Hong Kong, with plans to progressively launch some of the new features in Singapore from next week and in the United Kingdom from October.

A significant number of respondents interviewed for the design of the new proposition stated that they would switch banks to have access to these benefits.

The mass affluent segment, representing 11% of the global population and approximately 40% of global wealth, is strategically important to HSBC’s wealth and personal banking business on a global scale. These customers already play an important role in building up HSBC’s retail invested assets, which stood at US$412 billion in June 2024.

The rise of global mobility among the mass affluent is a significant trend. Customers increasingly seek personalized services to meet their life goals and a solid support system to help them navigate the complexities of moving, living and investing overseas.

Life goals

Taylan Turan, chief executive officer of retail banking at HSBC, says: “Mass affluent customers have incredible aspirations, from international careers and overseas education for their children, to new life experiences at home and abroad. We know that building a better life isn’t just down to one thing – it’s many complex components. HSBC has a unique ability to meet their diverse needs through our global expertise and international reach.

“Refreshing our Premier offering enables us to support a new generation of customers with their life goals and deepen our existing relationships. We know a good quality of life matters to everyone – not just financial but mental and physical health too, so we’re committed to helping our customers navigate life well, wherever their ambitions take them.”

A global study by HSBC indicates that physical wellness remains the top factor for a good quality of life, followed by mental wellness and financial fitness. Together, these three account for 60% of what constitutes a good quality of life for mass-affluent customers. The HSBC Global Quality of Life Report 2024 finds a correlation between health and wealth. For example, people scoring high on physical wellness are 1.6x as likely to be financially fit.

Cost of living is a worry, along with the cost of preparing for tomorrow. Nearly a quarter (23%) of the respondents feel insufficiently protected against healthcare costs.

According to HSBC, all these insights underscore the need for holistic financial planning solutions to boost their lives across the core themes of wealth, health, travel and international needs. As such, the enhanced Premier offering includes new services to meet these needs, the bank says.