After caucasians, U.S. Hispanic consumers are most likely to do their everyday banking transactions online. For them, online payments and digital banking platforms have become go-to tools for deposits and transfers, as well as keeping track of their expenses and income. U.S. Hispanic millennials, who are known for being tech savvy, see financial technology as a huge plus that makes their lives easier.
For U.S. Hispanics, online banking is a must.
In both the survey and the more than 6 million organic posts analyzed, we found similar trends in preferred banks: U.S. Hispanic consumers name Chase (29%), Bank of America (28%), Wells Fargo (22%), and Capital One (11%) their favorites. Wells Fargo and Bank of America provide quality examples of what to do right, making real changes to mobile banking experiences. Rather than simply translating content, these banks were unique, language-appropriate, and culturally sensitive, creating information that makes sense to this community.
U.S. Hispanic consumers say they use traditional forms of payment like debit cards (26%), credit cards (25%), and cash (17%) most often. This contrasts with our data analysis, in which 46.2% mention credit cards, 33% debit cards, and 14% cash. Notably, U.S. Hispanic women use debit cards more often than men (29% vs. 22%), while men use credit cards more often than women (30% vs. 21%).
|Campaings||A great example is Fortú, whose founders aim to address the challenges Latinos face in the U.S. banking market, such as overreliance on nonbank financial institutions to send remittances abroad and regulations limiting services in languages other than English|
|Paypal’s mission with Aliados is to foster an inclusive workplace by enhancing the visibility, recruitment, and advancement of Latino employees while tying together its various global PayPal sites. In addition, it seeks to have a positive impact in its local communities through outreach, digital inclusivity, and education, all carried out in collaboration with similar communities in the industry|
|Campaings||Wells Fargo has promoted the relevance of U.S. Hispanic consumers in the nation’s financial industry. Like Bank of America, it has carried out studies recognizing and giving a voice to the community’s banking experience, but it has gone one step farther by incorporating representations of Hispanic cultural identities into various spaces, including the debit cards they give customers. In its “Expression of mi Cultura” campaign, the bank hired representative artists from the U.S. Hispanic community to produce exclusive designs with Latin colors, which their customers can use for personalized cards.|