Hispanic Market is Ready for Mobile Banking, Payments

Posted by on February 12, 2013

Study after study indicates Hispanic consumers make up one of the most tech-savvy demographics in the U.S. A new survey goes a step further, however, indicating that Hispanic consumers’ comfort with technology may very well extend to mobile banking. The survey, conducted by the Federal Reserve, indicates that even though Hispanics make up 13 percent of all mobile phone users, they represent 17 percent of those using mobile banking.

Naturally, credit unions are particularly interested in this as they look to introduce – or in some cases, expand – services like mobile banking and digital wallets.

Although still in their infancy, mobile-payments services appear to be particularly appealing to this market. Of those who claimed frequent use of mobile-payment services, more than 20 percent identified themselves as Hispanic. When you consider that three-quarters of those identified by the Fed survey as mobile payment users were younger than 44, a clear picture of the mobile payments “early adopter” comes into focus.

Credit unions must remember, however, that service to the Hispanic market goes beyond simply making available a popular or emerging product. As your credit union rolls out mobile banking and payment services, understand that second generation Hispanics, although raised in the U.S. and fluent in the national language, still have unique needs and wants, driven by a deep connection to their culture. You must first understand and embrace this culture before you can truly win members from among this important and influential community.

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