hispanic mobile banking trends - Research/Consumer...HISPANIC MOBILE BANKING TRENDS ... with higher...

download hispanic mobile banking trends - Research/Consumer...HISPANIC MOBILE BANKING TRENDS ... with higher incomes were more likely to use mobile ... This matches the Pew Internet Study

of 34

  • date post

    14-Mar-2018
  • Category

    Documents

  • view

    217
  • download

    4

Embed Size (px)

Transcript of hispanic mobile banking trends - Research/Consumer...HISPANIC MOBILE BANKING TRENDS ... with higher...

  • INTELLIGENCE BY ZPRYME | ZPRYME.COM | SMARTGRIDRESEARCH.ORG 2013 ZPRYME RESEARCH & CONSULTING, LLC. ALL RIGHTS RESERVED.

    ZPRYME & THINKNOW RESEARCH PRESENT

    MOBILE BANKING USAGE TRENDS ON TABLETS & SMARTPHONES

    HISPANIC MOBILEBANKING TRENDS

    FEBRUARY 2013

    SPONSORED BY

  • EXECUTIVE SUMMARY ................................................................. 1

    METHODOLOGY ............................................................................ 1

    ZPRYME HISPANIC INSIGHTS PRACTICE .................................. 2

    THINKNOW RESEARCH ................................................................ 2

    TOP 12 MAJOR FINDINGS ........................................................... 2

    ASSESSMENT, IMPLICATIONS, AND RECOMMENDATIONS 3

    ASSESSMENT ............................................................................... 4

    IMPLICATIONS ............................................................................ 4

    RECOMMENDATIONS ............................................................... 5

    OVERALL SURVEY RESULTS ......................................................... 6

    GENDER ....................................................................................... 6

    AGE ............................................................................................... 6

    EDUCATION LEVEL .................................................................... 7

    COMBINED INCOME ................................................................. 7

    YEARS LIVED IN THE U.S. ........................................................... 8

    LANGUAGE SPOKEN AT HOME ............................................... 8

    CULTURAL IDENTIFICATION .................................................... 9

    MEDIA USAGE HABITS ............................................................... 9

    SMARTPHONE OWNERSHIP ...................................................10

    TABLET OWNERSHIP ................................................................10

    PRIMARY BANK .........................................................................11

    PRIMARY BANK SATISFACTION .............................................11

    MOBILE BANKING OFFERED BY PRIMARY BANK................12

    ONLINE BANKING USE ............................................................12

    SMARTPHONE MOBILE BANKING ACTIVITIES ....................13

    TABLET MOBILE BANKING ACTIVITIES .................................13

    MOBILE BANKING SATISFACTION ........................................14

    MOBILE BANKING USAGE FREQUENCY ..............................14

    SWITCH PRIMARY BANKS FOR MOBILE BANKING SERVICES ................................................................................... 15

    REASONS FOR USING MOBILE BANKING ............................ 15

    PRIMARY BANK SOCIAL MEDIA INTERACTION ................... 16

    MOBILE BANKING USAGE CHANGE ..................................... 16

    REASONS FOR INCREASED USE OF MOBILE BANKING .... 17

    REASONS FOR DECREASED USE OF MOBILE BANKING... 17

    MAIN REASONS MOBILE BANKING NOT USED .................. 18

    REASON FOR NOT HAVING A BANK ACCOUNT ................ 18

    OPEN BANK ACCOUNT ON MOBILE DEVICE ..................... 19

    CROSS TABULATION ANALYSIS .............................................. 20

    YEARS IN THE U.S. .................................................................... 20

    LANGUAGE SPOKEN AT HOME ............................................. 20

    CULTURAL IDENTIFICATION .................................................. 20

    GENDER ANALYSIS .................................................................. 21

    AGE ANALYSIS .......................................................................... 21

    EDUCATION ANALYSIS ........................................................... 21

    INCOME ANALYSIS .................................................................. 22

    BANK OF AMERICA VS. WELLS FARGO ................................ 22

    IPHONE VS. ANDROID SMARTPHONES ............................... 22

    IPAD VS. ALL OTHER TABLETS ............................................... 22

    UNBANKED CHARACTERISTICS ............................................ 22

    NON-MOBILE BANKING HISPANIC CHARACTERISTICS .... 22

    SUMMARY .................................................................................... 30

    ...

  • 1

    Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

    Executive Summary

    For the past two decades major banks in the U.S. have

    increasingly implemented new marketing campaigns to

    attract Hispanic customers. During this period, national

    banks such as Bank of America, Wells Fargo, and Chase

    have been able to win over a significant share of the

    Hispanic market due to creative marketing to Hispanics.

    However, a major challenge for banks has been that the

    typical or average Hispanic consumer is a moving target

    with many moving pieces. A segment of Hispanics are

    speeding up the social and economic ladder, while others

    are slowly getting accustomed to U.S. cultural norms. That

    said, the large majority of Hispanics across nationalities,

    language, and social and economic class are rapidly

    embracing mobile technology such as smartphones and

    tablets. Thus, banks who wish to attract and retain the

    fastest growing customer segment in the U.S. must now

    adapt their marketing and customer service strategies to

    meet the evolving mobile banking needs of Hispanics.

    The Zpryme and ThinkNow Research Hispanic Mobile

    Banking Trends Study identifies key mobile banking trends

    and usage traits among Hispanics in the U.S. The findings

    show that 69% of Hispanics use their smart phone to do

    mobile banking while 47% use their tablet to conduct

    mobile banking. Additionally, younger Hispanics and those

    with higher incomes were more likely to use mobile

    banking. The main mobile activities being performed were

    listed as checking balances, viewing transactions,

    transferring money, and paying bills.

    Over the past year, 27% have increased their mobile

    banking substantially. Another 44% have accessed their

    primary banks social media page.

    Three key recommendations that would increase the

    usage of mobile banking by Hispanics are suggested by

    the data.

    A comprehensive risk assessment of a banking

    institutions mobile banking product is needed to

    ensure customer satisfaction. Along with such a

    review, banks could assess the mobile banking

    offerings of their competitors.

    Incorporating social networking sites to address

    banking issues could lead to greater customer

    loyalty and extol the mobile banking features that

    are available.

    Making sure both Spanish and English versions of the

    mobile banking experience are fault-free and

    provide a positive, rewarding event are crucial

    characteristics.

    Methodology

    Zpryme and ThinkNow Research administered a survey via the

    internet 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). This report will

    provide a descriptive frequency for each of the items and then

    explore some selected crosstabs.

    Due to rounding, some percentages may not add up to 100.

    http://www.zpryme.com/file:///C:/Users/Administrator/Desktop/www.thinknowresearch.com

  • 2

    Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

    Zpryme Hispanic Insights Practice

    Hispanics are comprised of many races and nationalities, speak

    several languages and span the socio-economic spectrum.

    Irrespective of language or national origin, they share many

    commercially appealing traits: they are younger, open to new

    brand opportunities, upwardly mobile, and eager to embrace

    the "American experience.

    Zprymes Hispanic Insights practice helps clients better

    understand and engage this diverse group during all phases of

    integration. In addition to helping clients reach Hispanics during

    the early (typically non-English) phases of their American

    experience, we also help clients better engage Hispanics as

    they integrate with mainstream America by appealing to the

    new-world values we all share. The values and aspirations of

    Hispanics bind them to each otherand 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.

    In short, understanding where and how to appeal Hispanics is

    no longer just about appealing to particular ethnicities, it's

    quickly becoming k