Top 10 Hispanic Mobile Banking Trends

March 6 - Based on a recent survey, Hispanic Mobile Banking Trends Study, by Zpryme and ThinkNow Research, nearly seven out of ten (69%) Hispanic mobile bank users consult their smart/cell phones to do mobile banking, with almost half (44%) visiting their primary bank’s Facebook page. More poignantly practically one-third (30%) said they would switch primary banks to get mobile banking services.

Download the study by Zpryme and ThinkNow Research, Hispanic Mobile Banking Trends Study: Zpryme Hispanic Insights.

“With seven out of ten Hispanic mobile bank users deferring to smartphones to bank mobile and almost one-third swapping banks that are ‘mobile friendly’, banks that incorporate social networking to address banking issues will lead to greater customer loyalty and extol the mobile banking features that are available,” said Jason Rodriguez, CEO and Director of Research for Zpryme. “It is not enough just to translate pixels of the mobile experience into Spanish, financial institutions such as Bank of America and Wells Fargo are shining examples of listening to the voice of Hispanics via social media; translating a tweet, a like, a comment into real-world results.”

“One of the key findings of our research is that mobile banking services are highly valued by Hispanics,” stated Mario X. Carrasco, Director of Online Research at ThinkNow Research. “Almost 30% of respondents stated they would in fact switch from their current bank for a bank that offered mobile banking services, and this presents a large opportunity for financial institutions that want to go after this market.”

About the Study:

Zpryme and ThinkNow Research administered a survey to a representative sample of 500 adult Hispanics between 18 and 70 years old in October of 2012. Respondents were asked about their overall usage of mobile banking, mobile banking activities, their primary and mobile banking satisfaction, and their interaction with social media sites of their primary bank. Questions were also asked about why respondents did not use mobile banking and why they did not have a primary bank (among those who did not use mobile banking or have a primary bank account).

Top Ten Findings from the Study:

• Nearly seven out of ten (69%) use their smart/cell phones to do mobile banking.

• Nearly five out of ten (47%) use their tablet to conduct mobile banking.

• Among those who use mobile banking, 55% said they were ‘very satisfied’ with their mobile banking service.

• Among mobile banking users, 35% said they use mobile banking ‘at least once per day’.

• Nearly one-third (30%) said they would switch their primary banks to get mobile banking services.

• Nearly three out of ten (27%) said their usage of mobile banking has ‘increased substantially’ over the last year.

• Among mobile banking users, 44% said they had visited their primary bank’s Facebook page.

• iPhone and iPad owners were significantly more likely to use mobile banking more frequently than non-iPhone and iPad owners.

• Hispanics with incomes above $70k were significantly more likely to use mobile banking on a tablet that those with incomes below $70k.

• Among those who do not use mobile banking, ‘information security’ (44%) was cited as the main reason for not using mobile banking.

Zpryme Hispanic Insights:

Zpryme Hispanic Insights helps clients better understand and engage this diverse group during all phases of integration. The values and aspirations of Hispanics bind them to each other—and to all other Americans as well. In fact, they are just as influenced by American culture as they are by their countries of origin. So rather than representing a new culture, Hispanics simply reflect a continuation of the American story and character. Find out why the biggest names in consumer products reach out to Zpryme; for more information on how your organization can zero-in on Hispanic consumer perceptions, behaviors and attitudes, visit www.zpryme.com.