Malaysian banks focus on mass affluent market

The lenders eye to tap on the underserved segment that accounts for 6% of population.

After gaining a foothold in the premier banking segment, many banks are now looking to expand their revenue base by targeting the underserved growing mass and emerging affluent market which accounts for some 5% to 6% of the country’s total population.

OCBC Bank (M) Bhd head of mass affluent Teh Bee Gaik said the mass affluent segment was currently underserved as most banks do not target this group specifically but rather they tend to focus solely on the high net worth individuals, broadly referred to as the premier banking segment.

Even on Tuesday, she said only a handful of banks were looking seriously at meeting the specific needs of the mass affluent segment.

She said a mass affluent customer would contribute to three or four times the revenue brought about by a regular mass retail customer.

View the full story in The Malaysian Star.