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High net worth individuals (HNWIs) in the UK—those in the upper echelons of earning power and thus potential consumer spend—are as digitally savvy as anyone. In fact, when it comes to certain behaviors, they’re even more attuned to digital’s potential than most.
For example, according to a June 2016 report from consumer and market analysis company CACI DataLab, UK affluents were more likely to manage their bank account online than the general population. According to the study, 62% of the wealthiest 1% of the UK population with income of over £100,000 ($152,823) said they managed their current account online in 2015. Per the CACI DataLab research, this made them 1.3 times more likely to bank this way than the general UK population.
Pitting affluents’ digital behaviors against the general population may be a little disingenuous, though—after all, affluents tend to be early tech adopters on account of their deep pockets, furnishing them with the funds to buy up new tech as it becomes available. But this demographic group even fares well against those commonly accepted as the most digitally adept—millennials.
Millennials in the UK have been moving their banking habits from physical branches to the digital arena for some time. However, their digital preferences are not all that far in advance of those of affluents. December 2015 data from Experian Marketing Services found that just 56% of millennial internet users in Great Britain preferred to bank online (via website), although a further 25% preferred mobile apps. But still, affluents are clearly keen digital bankers.
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