01 // Background

The mass affluent and emerging affluent represent the high end of the mass market with an annual household income over $75,000, coupled with $100,000 to $1,000,000 of liquid financial assets (Schwab, “Courting the Mass Affluent”, Business Week, 2004). In the United States there are roughly 33 million of these mass affluent households, and they own roughly 37% of America’s liquid financial assets.

Bank customers within these marketing segments represent a wide variety of backgrounds but are largely characterized as saving more than they spend, with a sharp eye toward investing in their future. The mass affluent also tend to be self-made and risk-averse, with large savings balances without much portfolio diversity. Which contributes to financial anxiety and a lack of consumer confidence.

However, this large market segment is surprisingly underserved by the financial services industry. With above average assets — but well below the top end of earners — their needs for financial guidance and building consumer confidence are not being met.

Tasked with delivering solutions that target mass market needs, the research team focused on the potential of marketable customer-oriented savings experiences. The team used a multi-phased approach to gather insights and ideas from prospects, customers, and associates across three targeted geographic markets, collecting 15 in-home empathy interviews, 12 prototype-testing interviews, and ideation sessions involving 25 bank associates.