HSBC Advance: Focusing on trust, engagement, and expertise to serve the mass affluent

HSBC Advance: Focusing on trust, engagement, and expertise to serve the mass affluent

Code: ML-ML00019-055 | Published: Nov-2015 | Pages: 25 | MarketLine
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HSBC focuses its marketing on establishing itself as the bank for the international and entrepreneurial consumer. It has developed its offering with this in mind. This case study considers HSBCs Advance offering, looking at how it is positioned within the UK market.



Key Findings
- Understand why HSBC targets the mass affluent consumer
- Analyze how HSBCs Advance offering seeks to attract mass affluent clients
- Learn about how HSBC tiers its product offering
- Understand what HSBCs competitors are doing in this space
- Look at how HSBC can further adapt its offering to make headway in the mass affluent market

Reasons To Buy
Why does HSBC target mass affluent consumers?
What is HSBC Advance?
What are HSBCs competitors doing to win clients in the mass affluent space?
What more can HSBC do to make its Advance offering attractive to its target market?

Table of Contents

OVERVIEW
Catalyst
Summary
HSBC COMPETES FOR THE AFFLUENT IN A COMPETITIVE MARKET
Comparison tools and switching guarantees have led to more savvy and less sticky customers
HSBC Advance fits neatly between its mass market and HNW offerings
Attracting profitable customers is more critical than ever
Mass affluent consumers provide greater potential for revenue generation
HSBC IS WELL-POSITIONED TO CATER FOR MASS AFFLUENT NEEDS
Mass affluent do not tolerate poor service
HSBC Advance focuses on key elements to appeal to the affluent consumer
HSBC builds a relationship of trust with its customers
HSBC trusts in the ability of its customers
Engaging the customer based on their needs early on in the relationship is critical
HSBCs competitors still take a mostly product-focused approach
HSBC gets to know the customer early on during their product search
Tiered offerings provide a sense of exclusivity while at the same time keeping transparency
HSBC provides information on its accounts in a familiar, transparent, and easily navigable way
A longstanding financial services brand can help to attract all levels of customer
A range of planning tools demonstrate the expert knowledge and guidance available
When the customer needs further advice, contact and support are clearly signposted
HSBC COULD ADD MORE FOR ENGAGEMENT AND PERSONALIZATION
Appropriate questions reveal personal information
Gamification would increase engagement
A robo-advisor service would work well to engage the affluent
CONCLUSIONS
Attraction is critical but retention is key
APPENDIX
Definitions
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