Hispanic consumers use a wide variety of channels for banking activities, according to a recent survey by SYNERGISTICS Research entitled, Financial Services and Hispanic Consumers. When asked to identify the method they most prefer to use for performing financial activities, the responses of Hispanic consumers were somewhat fragmented among a variety of different channels. One-third reported a preference for PC online banking. Mobile banking was found to surpass ATMs and the branch as a favored banking method. Few Hispanic consumers prefer telephone contact and tablet banking. In looking at the responses of non-Hispanics, it is found that PC banking is clearly the top choice. Among non-Hispanics, the branch is tied with mobile banking for second place whereas the branch is in fourth place among Hispanics.
William H. McCracken, CEO of SYNERGISTICS, stated, “Hispanic consumers are strong channel users. Findings from our survey reveal that usage of branches, ATMs, PC banking, and mobile banking is significant. Because of these strong usage patterns, Hispanic consumers are fragmented when asked to identify one preferred banking method. When targeting the Hispanic population it is essential that providers promote the variety of available channel options at their institution. PC and mobile banking in particular should get special emphasis as these two options are the top two channel choices for financial activities. Although the branch falls behind PC and mobile banking or ATMs when Hispanic respondents are forced to choose a preferred channel, this does not mean the branch is not an important channel for this group. Hispanics exhibit strong branch usage and it is an important point of contact with this group that should not be neglected.”
These are among the findings from SYNERGISTICS study, Financial Services and Hispanic Consumers, featuring 1,000 online interviews – 800 with self-identified Hispanic consumers and 200 with Non-Hispanic consumers for comparison purposes. This study examines the attitudes and financial services profile of the Hispanic market. The report also examines issues related to usage of delivery channels and marketing financial services to this growing segment. SYNERGISTICS Research Corp. will discuss these findings during a client presentation on November 16th at 2p.m.