Age and income aren’t the only ways to break down financial consumers. This study’s segmentation model reveals some interesting differences in how people think about banking and relate to their primary financial provider.
Saylent commissioned a study through Informa Research Services to assess consumer and small business banking preferences and the depth of relationships they have with their financial institutions. The research findings provide key insights into how different groups prefer to interact with their bank and the products and services they desire.
The study breaks down participants’ responses into four distinct segments:
- Lower Mass Market – investable assets from $1,000 to $25,000
- Upper Mass Market – investable assets from $25,000 to $100,000
- Mass Affluent – investable assets over $100,000
- Small Businesses – $250,000 to $1 million in annual revenues