{"id":130,"date":"2023-02-10T13:26:32","date_gmt":"2023-02-10T13:26:32","guid":{"rendered":"http:\/\/geoiqfrontendblogsprodwordpress-env.eba-dpx723ys.ap-south-1.elasticbeanstalk.com\/index.php\/2023\/02\/10\/for-bfsi-affluence-is-not-just-a-word-it-is-everything\/"},"modified":"2024-07-10T13:41:01","modified_gmt":"2024-07-10T08:11:01","slug":"for-bfsi-affluence-isnt-just-a-word-it-is-everything","status":"publish","type":"post","link":"http:\/\/geoiq.ai\/blog\/for-bfsi-affluence-isnt-just-a-word-it-is-everything\/","title":{"rendered":"For BFSI, \u2018Affluence\u2019 isn\u2019t just a word, it is everything."},"content":{"rendered":"<p><em><em>TL;DR \u2014 \u2018Affluent\u2019 Customers \u2014 individuals with distinctly apex lifestyles, are BFSI\u2019s\u2019 most coveted cohort. Inarguably \u2014 they have the purchase dispensability to be consumers to the finest products. For Banking and Insurance companies, it translates to one thing only \u2014 minimal risk. But there\u2019s another challenge \u2014 how do you know if a consumer is \u2018affluent\u2019 unless you\u2019ve seen \u2018where\u2019 and \u2018how\u2019 they live?<\/em><\/em><\/p>\n<p>\u2018Affluent\u2019 consumers are a coveted breed of consumers. According to a 2019 BCG-RAI report, you could define this group variably \u2014 stocking a net asset worth of at least 2 Cr to 150 Cr, or earning about 10L to 20L annually as of 2022, though it depends on who you ask. Businesses, however, generally know an \u2018affluent\u2019 consumer when they see one.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/geoiq.ai\/blog\/for-bfsi-affluence-isnt-just-a-word-it-is-everything\/#Why_are_they_so_important_for_businesses_though\" title=\"Why are they so important for businesses, though?\">Why are they so important for businesses, though?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/geoiq.ai\/blog\/for-bfsi-affluence-isnt-just-a-word-it-is-everything\/#How_do_you_identify_these_customers_at_scale_and_in_real-time\" title=\"How do you identify these customers at scale, and in real-time?\">How do you identify these customers at scale, and in real-time?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/geoiq.ai\/blog\/for-bfsi-affluence-isnt-just-a-word-it-is-everything\/#Identifying_customer_%E2%80%98affluence_is_not_only_necessary_for_the_BFSI_industry_it_is_inevitable\" title=\"Identifying customer \u2018affluence\u2019 is not only necessary, for the BFSI industry, it is inevitable.\">Identifying customer \u2018affluence\u2019 is not only necessary, for the BFSI industry, it is inevitable.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/geoiq.ai\/blog\/for-bfsi-affluence-isnt-just-a-word-it-is-everything\/#Is_this_a_location_we_should_serve\" title=\"Is this a location we should serve?\">Is this a location we should serve?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_are_they_so_important_for_businesses_though\"><\/span><span style=\"color: revert; font-size: revert; font-weight: revert;\">Why are they so important for businesses, though?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Well, a primary reason is that the \u2018affluent\u2019 cohort displays a very unique set of characteristics not particularly seen in any other group \u2014 determined to consistently upgrade their standard of living, and stay in pursuit of better things in life.<\/p>\n<figure class=\"kg-card kg-image-card kg-card-hascaption\"><img fetchpriority=\"high\" decoding=\"async\" class=\"kg-image\" src=\"https:\/\/miro.medium.com\/max\/1400\/0*EazO5_c3BT-uIU0z\" alt=\"\" width=\"700\" height=\"1051\" \/><figcaption>Affluent customers are consistently looking to consistently upgrade their lifestyles to replace with a better, less riskier one.<\/figcaption><\/figure>\n<p>Generally, it would sound like a pretty foriegn idea, some even believing that most affluent consumers are from developed nations. And rightfully so, by a fair margin. But things are rapidly changing \u2014 a report from Euromonitor states that the pool of affluent consumers, about 85.1% of those hailing from developed nations, is likely to see an incoming spike from developing countries, amounting to nearly 29% by the year 2030.<\/p>\n<p>This development is already bringing a new class of consumers to the forefront of core business challenges. It could be supposed that anyone would want such class-apart goods and services, \u2018those things\u2019, given the premium they\u2019re available at, arguably so. But that\u2019s about \u2018affluence\u2019 \u2014 they are the only group of customers who are able and willing to offer a premium to receive those services.<\/p>\n<figure class=\"kg-card kg-image-card kg-card-hascaption\"><img decoding=\"async\" class=\"kg-image\" src=\"https:\/\/miro.medium.com\/max\/1400\/0*o34j81IuyGR296Kh\" alt=\"\" width=\"700\" height=\"350\" \/><figcaption>Previously a foreign consumer cohort, \u2018affluent\u2019 customers have begun appearing in developing nations, including India.<\/figcaption><\/figure>\n<p>A particular such case exists for the Fintech industry. If we are to assume that \u2018expensive\u2019 equals \u2018better\u2019, or at least \u2018more satisfaction\u2019, it could be stated that affluent customers lead \u2018less riskier\u2019 lives. Less risky \u2014 because such a lifestyle significantly reduces the control external variables have on their lives.<\/p>\n<p>That is exactly the kind of customer cohort the most financial instruments are modeled for. Less risk directly correlates to less claim propensity or default rate, and therefore resulting in significant profit margins while cutting down chances of fraud. That brings insurance and lending companies to another problem \u2014<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_do_you_identify_these_customers_at_scale_and_in_real-time\"><\/span><span style=\"color: revert; font-size: revert; font-weight: revert;\">How do you identify these customers at scale, and in real-time?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It requires an enormous amount of resources and time to identify low-risk, \u2018affluent\u2019 segments \u2014 nearly impossible to send personnels to gather and collate such data and report quantifiably without bias. Moreover, further<a href=\"https:\/\/geoiq.ai\/blog\/geoiqs-solution-to-customer-segmentations\"> customer segmentation<\/a> would always remain necessary \u2014 targeting just the \u2018affluent\u2019 segments would not stop \u2018less\u2019 or \u2018least\u2019 affluent customers from joining the pool. It\u2019s microphone feedback \u2014 \u2018poor\u2019 affluence amounts to higher claims and defaults, and higher claims and defaults amount to higher premiums or interest rates. And at last, higher premiums amount to dropping \u2018high affluence\u2019 customers.<\/p>\n<p>BFSI would happily serve customers in this area but would be known only to people who are familiar with such locations.<\/p>\n<h2 class=\"kg-card kg-image-card kg-card-hascaption\"><span class=\"ez-toc-section\" id=\"Identifying_customer_%E2%80%98affluence_is_not_only_necessary_for_the_BFSI_industry_it_is_inevitable\"><\/span><span style=\"color: revert; font-family: 'Kumbh Sans'; font-size: revert; font-weight: revert;\">Identifying customer \u2018affluence\u2019 is not only necessary, for the BFSI industry, it is inevitable.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There has been an incoming flood of data that wasn\u2019t available previously \u2014 with the development of mobile, connected devices, and the introduction of transaction identity through part removal of cash. It has become revealing to us how and where these customers are, but the data is scattered and expensive and requires heavy processing before it can add value.<\/p>\n<p>Where \u2018affluent\u2019 customers live, the surrounding areas generally depict a story. In nearly all affluent neighbourhoods, you\u2019re likely to see a relatively high density of branded retail outlets, hospitals, schools, gated societies, higher rentals \u2014 variables that are generally missing from low affluent areas. If this information is offered at granularity, such data points can be used in location intelligence to describe the \u2018conditions\u2019 a neighbourhood is in, and therefore the people living in it. This is especially critical for markets such as hyper-cosmopolitan societies, where the quality of neighbourhoods change every 200m radius. By deploying<a href=\"http:\/\/geoiq.ai\"> location intelligence tools<\/a>, which are as simple as 0\u20130.99 index via ready to plug APIs, BFSIs can check check, either at first contact or at lead capture level, the most critical challenge of all business operations:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_this_a_location_we_should_serve\"><\/span><span style=\"color: revert; font-size: revert; font-weight: revert;\">Is this a location we should serve?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><strong>Our solutions help businesses predict customers upfront. GeoIQ\u2019s affluence index, derived from parameters like income segments, rental rates, commercial activity, population density and infrastructure quality, ranks locations in terms of their affluence. To know more about what we do, check out our <\/strong><\/strong><a href=\"https:\/\/console.geoiq.io\/explorer\" rel=\"noopener ugc nofollow\"><strong><strong>console,<\/strong><\/strong><\/a><strong><strong> or to reach out directly on the email below.<\/strong><\/strong><\/p>\n<p><strong><strong>Ankita Thakur is the Co-Founder and Head of Data at GeoIQ.io. She has previously helped bring data to life at OYO Rooms, Cognilytics, HSBC and Mu Sigma. She\u2019s reachable at ankita@geoiq.io<\/strong><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR \u2014 \u2018Affluent\u2019 Customers \u2014 individuals with distinctly apex lifestyles, are BFSI\u2019s\u2019 most coveted cohort. Inarguably \u2014 they have the purchase dispensability to be consumers to the finest products. For Banking and Insurance companies, it translates to one thing only \u2014 minimal risk. But there\u2019s another challenge \u2014 how do you know if a consumer [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[31],"class_list":["post-130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-financial-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - 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