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Insight Report: Best Practices for Credit Cards for Mass Affluent Consumers

ResearchMoz include new market research report"Insight Report: Best Practices for Credit Cards for Mass Affluent Consumers: Industry Analysis, Size, Share, Growth, Trends And Forecast" to its huge collection of research reports.

 

Albany, NY -- (ReleaseWire) -- 04/07/2014 -- Banks and other card issuers are increasingly focusing on credit cards designed to target mass affluent consumers. Even though mass affluent consumers represent a relatively small percentage of their total customer base, the revenue generated from them is high - mainly due to their deeper banking relationships that involve deposit accounts, mortgages, investment, and asset and wealth management, among others.

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Mass affluent consumers spend more while shopping, traveling and purchasing services than mass market consumers. Moreover, the spending patterns of mass affluent consumers are generally less impacted during economically difficult times. Mass affluent customers are also traveling more than ever, and forecasts for outbound trips indicate that this trend will continue over the next five years in key economies. Consequently, both issuers and card schemes are partnering with airlines, hotels and resorts, and luxury brands to offer enhanced benefits on credit cards. Mass affluent customers are often offered lounge access at airports, free and discounted air tickets, preferential treatment at hotels and resorts, free valet parking, discounted limousine services, and insurance cover that ranges from travel accident to lost and delayed baggage, to trip cancellation. Card issuers and schemes also frequently offer roadside assistance, emergency legal and medical referrals, cash help in cases of loss or theft, and emergency card replacement services.

Capitalizing on private banking and wealth management relationship, the use of mass affluent brands such as Visa Infinite, and issues of ?black' card editions are general strategies for card issuers, key markets such as South Korea and Brazil also have their own segmentation strategies. Issuers in South Korea use alphabets and numbers to distinguish their card offerings, while the use of other colors such as purple and red, which reflect royalty and wealth, have also gained attention. Issuers in Brazil often focus on sports events and limited-edition cards, and some segment their card offerings based on monthly income. In Russia, preset credit limits are a key segmentation strategy.

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Scope

This report covers the market size of mass affluent consumers in eight key card markets.
This report provides a comparative analysis of benefits and services offered by 45 premium credit cards in key card markets.
It covers key business drivers for card issuers to issue credit cards for mass affluent customers.
It covers key strategies adopted by card issuers for all eight countries covered in the report.
It also provides case studies based on best practices adopted by the card issuers in these countries.
Reasons To Buy

Gain insights into market potential for mass affluent customers in eight key markets.
Gain insights into the product proposition strategies of card issuers in key markets.
Gain insights into the current and future dynamics of premium credit card markets.
Understand emerging trends and drivers for premium credit cards.

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Key Highlights

Consumers are moving away from conspicuous consumption to more considered consumption, and access to special or unique experiences through their card has gained importance. In this altered environment, banks and other card issuers are adopting various strategies to decrease operating costs and increase revenue potential.
Banks and other card issuers are increasingly focusing on credit cards designed to target mass affluent consumers driven by the relatively high profitability offered by this segment. At times, banks may run the cards at a loss, but benefit from the rest of their relationships with mass affluent clients through deposits, investments, savings, mortgages, and asset and wealth management, among others.
The rising commoditization of benefits and the devaluation of the prestige and status associated with cards emerged as a risk for issuers, as it necessitates additional effort to attract and retain clients. To overcome this, organizations are investing in new branding strategies and product features, despite falling profit margins.
Card issuers targeting mass affluent customers have increased their focus on issuing credit cards with travel benefits. Many issuers across the world, including Bank of America, Chase, Citibank, HSBC, Commonwealth Bank, Lloyds, Capital One, Hyundai Cards, Samsung Cards and Amex, among others, issue premium cards which specifically focus on travel-related services.
Banks and other card issuers are expanding their operations on social networks through partnerships with merchants such as retailers, restaurants, leisure centers and travel operators. The partnerships provide opportunities to engage customers through additional content, offers and discounts. These expansionary moves are driven by a desire to improve consumer offerings and increase revenues.

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Governments and regulatory bodies across the world have enforced numerous measures to curb irresponsible lending practices by banks and other credit institutions. These bodies have also taken initiatives to create consumer awareness about prudent borrowing to avoid excess debt. Excessive fees and interest rates on loans, lack of disclosure of products’ terms and conditions, and deceptive debt-collection practices by banks and credit institutions contributed significantly to the financial crisis in the US and other developed economies in 2008–2009. The phenomenon of responsible lending has assumed increased urgency since the global financial crisis, and has become a priority for governments and other regulators in many countries which are increasingly concerned about the consequences of irresponsible practices in the financial sector, particularly in banking.

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Insight Report: Best Practice - Ensuring Optimal Customer Service and Relationship Management

Customer satisfaction has always been a priority for banks and payment companies. With the advancement of technology, rising competition and changing consumer preferences, it has become even more important to have effective customer service and relationship management (CRM) to retain existing customers as well as acquire new ones. Companies have adopted a number of best practices, including strengthening existing CRM platforms and installing new ones, managing contact center operations effectively, offering customized products and pricing at an individual level, and using online and social networking platforms to address customers’ complaints.

The Asia-Pacific region is at an intermediate level in terms of use of CRM solutions, while it is still a relatively new concept in the Middle-East and Africa. Overall global spending on CRM applications by retail banks reached US$1.9 billion in 2012, accounting for 14.0% of the overall global spending on CRM. Spending is expected to accelerate further over the forecast period (2013–2017), increasing from US$2.1 billion in 2013 to US$3.0 billion in 2017 at a CAGR of 10.10%.

View Full Report at http://www.researchmoz.us/insight-report-best-practice-ensuring-optimal-customer-service-and-relationship-management-report.html

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