Affluent women boosting growth in private banking
NatWest will today reveal that there is a new profile of private banking customers in Britain, announcing an increase in young, affluent female customers.
NatWest Private Banking’s customer demographic has evolved significantly over the past five years. Customers are now younger, with 87,344 18 to 30 year olds owning private banking accounts. Private banking is no longer the exclusive domain of the financial elite as 3.27m people in the UK are eligible for private banking services – typically earning £100,000 in joint income or boasting £50,000 in savings. More than 180,000 women in the UK now qualify from income alone, a 100 per cent increase on 2003.
NatWest Private Banking managing director Harry Keogh, said: “We have recognised a growing variation in our traditional private banking customer base, and have discovered an emerging breed of affluent customers, who value personal and professional fulfilment as much as a profitable career.”
NatWest has highlighted TV shows such as Dragon’s Den and high profile models as key factors driving the change.
The bank has worked with Professor Scott Moeller of Cass Business School to reveal the “Enriched’ List”’ consisting of 15 successful men and women across the UK who best embody the modern “Enriched” trend.
The list spans a range of occupations including a chef, a film producer, a recruitment entrepreneur and a cake maker among others.