Friday, October 30, 2015

Is Latino use of mobile banking an opportunity or exaggeration?

U.S. Hispanics’ current spending power is estimated to be roughly $1.4 trillion, so it’s no surprise that they represent a significant market opportunity for businesses, credit unions included.  These numbers prompted Nielsen to conduct research in the beginning half of 2015 to uncover what marketing products, services and themes resonate the most among U.S.’s Latino population.  What they found is significant for credit unions: Mobile Banking apps and mobile payment services have exploded among this segment of our population.

In fact, Nielsen analyzed the top 10 Spanish language ads among Hispanics in the U.S. from earlier this year and found that 3 of the top 10 ads featured mobile banking and payments.  According to the findings, “U.S. Hispanic mobile subscribers are highly engaged in mobile banking and shopping activities. Forty-one percent of U.S. Hispanics are mobile bankers, vs. 36% non-Hispanic. Hispanics are also heavy users of digital platforms and quick adopters of new technology. And as a result, they’re more likely to shop using their mobile devices (36% vs. 32% non-Hispanics).”

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