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Best Practices for Credit Cards for Mass Affluent Consumers - Market Insight
Albany, NY (PRWEB) April 08, 2014
The report provides insights into premium credit cards offered to mass affluent customers in key markets. It provides:
- A global snapshot of current market dynamics for premium credit cards and their future outlook
- Insights into the key factors driving increased focus on mass affluent customers
- Insights into best practices and key strategies adopted by card issuers across key card markets
- Information on value-added features offered by premium credit cards to attract customers
- Case examples which highlight the successful enactment of best practices and strategies in key markets
Browse Full Report with TOC at: http://www.researchmoz.us/insight-report-best-practices-for-credit-cards-for-mass-affluent-consumers-report.html
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.
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.
Browse More Reports related to Banking Category at: http://www.researchmoz.us/banking-market-reports-159.html
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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