- In their quest to solidify relationships with the affluent, and the sought-after deposits that go with them, leading banks in the UK are becoming financial lifestyle partners.
- They’re adding travel, health and wealth-management features to basic accounts, served up digitally to these premier customers with links to a wide array of exclusive products, services and offers.
- The user experience is what’s key: the journeys feature value-driven engagement, consistency across channels and an authentic human connection.
In choosing their banking providers, the affluent go well beyond rate, which is why many institutions are moving beyond their traditional services to also become financial lifestyle partners. They’re racing to provide packages of premier services to attract and retain the affluents’ sought-after deposits and to boost fee income and deepen relationships. In the UK in particular, where Curinos defines the affluent and mass affluent as having household incomes of more than £75,000, providers are adding services to basic accounts that they can charge for locked against a premium fee-carrying subscription.
Revolut’s Ultra is an exclusive top-tier membership for “ambitious, affluent individuals interested in a luxury lifestyle.” Chase UK’s basic savings account offers boosted rate savings for larger deposits and readily available investments for those looking to advance their wealth-building. Incumbent providers have reacted in kind: HSBC relaunched its flagship fee-free Premier program late last year with a range of benefits, dedicated live chat and telephone assistance, a new personal financial management tool and health services.
The common themes running through these offerings are travel, health and wealth generation. They’re wrapped in value-driven engagement, consistency across channels and an authentic human connection designed to promote long-term relationships.
International Affluents
More than any other category, affluent consumers spend their money on travel. As such, premier customers can expect travel insurance, airport lounge access, access to credit cards that often offer cashback on foreign purchases and preferential exchange rates, and even digital booking experiences. In May, Lloyds added a travel booking service through a partnership with Hopper that has a tile that links the banking app’s homepage to a travel hub (Figure 1).
Figure 1
All screenshots are sourced from Curinos’ Digital Banking Analyzer
Here, users can begin an application for a Silver account (which provides fee-free card transactions abroad), order foreign currency and link to Travel Smart, which removes foreign transaction costs for a one-off fee. Below this list, the bank provides links to set travel-related savings goals and the ability to apply for a credit card.
The Health Tier
Evolving beyond basic health insurance, both HSBC Premier and Lloyds Premier are offering their customers remote GP and physiotherapy appointments as well as mental health support and fitness classes. While Lloyds provides access to Bupa through the healthcare provider’s platform, HSBC Health app offers services facilitated by Square Health, a provider of virtual GPs and medical professionals.
Clarity of service is paramount here. On first login, a standard form submission requires the input of personal details including email address and basic health data such as height, weight and smoking status. The homepage consists of a veggie burger in the top left that provides access to allowances, assigned family members, medical profile and standard account details. Below a banner image on the homepage, two large tiles provide access to GP bookings and medical profile and a reversed-out bar to view consultation history. A bottom navigation directs users to family coverage, services offered and consultation history. After the initial form fill, users are required to submit their full medical profile (Figure 2).
Figure 2
Each booking journey is initiated by selecting the applicant, and a highly streamlined process removes the friction traditionally associated with booking private medical appointments in other platforms. Single pages host single data entry requirements, breaking up the journey, and in a few clicks a video appointment is booked (Figure 3). After the initial consultation, customers are provided with separate content to support recovery or choose to book a follow-up (Figure 4).
Figure 3
Figure 4
Targeting Investments
Of the UK-based retail checking providers tracked by the Curinos’ Digital Banking Analyzer, investments ranks behind only savings accounts as the most popular internal and third-party product offered to all retail customers in-app. That’s ahead of journeys for current account (checking), credit card, insurance and overdraft application.
Prior to launching as a bank in the UK, JPMorgan Chase purchased digital wealth manager Nutmeg before integrating its investment services into the Chase app. Nutmeg’s user-friendly platform and managed portfolio services cater to those starting out on their investment journey, as well as to seasoned professionals who prefer a hands-off approach. By integrating the UK’s largest digital wealth manager into its app, Chase accelerated its growth in regional market reach to a customer base with a disposal income. Nutmeg’s investment services sit under Chase’s Save & Invest tab, where the bank’s customers manage their entire existing portfolio.
A kebab menu—used by Chase for each account in the app—beside each investment pot opens a menu with links to the pot’s overview, a pay-in option and explainer content. Clicking on the pot takes the user to its charted historical valuation, risk level and allocation. Details are laid out in round-edged boxes viewable on a horizontal scroll with projections visualized on a chart and investment details boxed out below (Figure 5).
Figure 5
To complete the availability of the service, Chase customers can open new pots in the same place. Different form-entry types and data-visualization tools are used, with projections displayed clearly in graphs and information. These are placed in boxes when judged best to display them, with education integrated unobtrusively through thoughtfully placed “find out more” buttons. The balanced use of formats, clear information architecture and consistent navigation patterns (such as the floating blue “continue” button on each screen) suggest strategically structured journeys. Single screens introduce new features that reinforce a perception of high-quality service, paired with the parent company’s investment expertise (Figure 6).
Figure 6
Planning for Affluence
Plugging directly into the financial-lifestyle narrative, HSBC Premier customers can assess their current financial profile and plan for the future in the app’s Plan section through digital tools and functions that can be used to build the customer’s “lifetime aspirations.” The section includes access to Future Planner, the bank’s comprehensive assessment and planning tool. It displays budgets and insights on monthly spend, savings-goal creation and assessment, investments and lifestyle-aligned goals. A financial fitness health check is also available, through which users can answer a Q&A and receive insights in “less than ten minutes” on the mobile website (Figure 7).
Figure 7
Through Future Planner, users are also encouraged to input their net worth, by inserting assets and liabilities held with the bank and externally. They are also asked to insert total monthly income and outgoings. This generates a profile summary, and a recommendation is made, such as setting up an emergency fund (Figure 8).
Figure 8
On the Future Planner home screen, users can select from an editable list of lifetime-event banking tools, from growing their wealth generally to saving for a specific purpose such as a property, wedding, holiday, car, business or for retirement. In each instance, users are provided with the option of self-serving or setting up a video or telephone call with a Premier agent.
In each instance, the self-service option prompts the user to select a timeline from two pills and begin the journey to explore a relevant product or tool in the app that has accompanying educational content. (The self-service option is not available for those planning for retirement.) Those preferring attended service can set up a call with a Premier Financial Consultant by selecting a callback before confirming contact details and a time slot. The customer then receives a personalized email from their assigned wealth specialist to book their appointment within the selected time slot, the subject of the call and the channel through which it’s to be conducted. (Figure 9)
Figure 9
By offering both self-service and direct assistance with a member of the bank’s wealth team, HSBC shows a dedication to customer service and channel preference at a time when many banks are attempting to reduce personnel costs. The approach builds trust while it personalizes the experience, underscoring the value of the relationship.
Enabling Financial Wellness and Quality of Life
The UK’s mass affluent and affluent segments represent more than £4 trillion of wealth. That’s created a highly competitive market in which participating banks must offer the best product and service, with incentives strong enough to turn heads. New HSBC Premier account holders, for example, can receive a £500 gift card from Selfridges with a VIP shopping experience.
The leap in digital banking capabilities of the past few years now enables providers to approach the market with services that connect financial wellness with overall quality of life. Moving beyond traditional banking to become comprehensive financial lifestyle partners for affluent customers allows them to increase fee income and deepen relationships with a well-heeled customer base.
