Following interviews with over 2,500 mass affluent consumers, HSBC Wealth and Personal Banking is elevating the Premier proposition to the next level. This refresh is part of the bank’s aim to be the top choice for mass affluent and international customers worldwide.
The enhancements focus on four key areas of customers’ lives: wealth, health, travel and international needs. The new features are now available in Hong Kong, with plans to progressively launch some of these new features in Singapore from next week, and in the UK from next month.
A significant number of respondents interviewed5 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 Wealth & Personal Banking on a global scale. Through Premier, HSBC has been serving these customers for decades and has observed a steady growth over time. These customers already play an important role in building up HSBC’s Retail Invested Assets, which stood at USD 412 billion in June 2024.
The rise of global mobility among the mass affluent is a significant trend reshaping how people embrace international opportunities. Customers increasingly seek personalised services to meet their life goals and a solid support system to help them navigate the complexities of moving, living and investing overseas. Taylan Turan, CEO, Retail Banking at HSBC, said: “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 indicates 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. For example, the study found nearly a quarter (23%) of global affluent respondents feel insufficiently protected against healthcare costs.
New Premier features focus on Wealth, Health, Travel & International
Responding to customer insight that mass affluent customers require holistic financial planning solutions to
boost their lives across key core themes (wealth, health, international and travel), HSBC’s elevated Premier
proposition includes the following services:
- Wealth: The new Future Planner in the HSBC mobile banking app allows customers to set, track and customise financial aspirations – whether saving for retirement, funding their child’s education, or purchasing a home. Future Planner assesses needs and readiness based on the input of customers, providing actionable recommendations and access to a Relationship Manager for expert guidance.
- Health: With healthcare costs and wellbeing becoming priorities for the mass affluent. Premier customers will now have access to health services like free or discounted virtual doctor consultations, health check-ups and online mental health support. These services will be delivered through strategic medical alliances in the markets.
- Travel: Through the HSBC Premier Mastercard® Credit Card and partnerships with world-renowned merchants, HSBC brings a myriad of travel, dining, and lifestyle privileges for those who appreciate the finer things in life. Benefits include access to airport lounges, unique entertainment experiences, fine dining and travel offers, and vary by market.
- International: HSBC’s global footprint enables it to meet international customers’ complex needs – from simplified account openings, to accessing balances from accounts worldwide in one place on the mobile app, and preferential pricing for international transfers.
As customers from select markets look to relocate or invest in overseas properties for retirement, holiday or education, HSBC and its third-party partners offer international property services such as financing and overseas property management, helping customers settle in key locations such as the UK, US and Australia.