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Banks Must Adapt to Hispanics’ Mobile Banking Needs, Study Says
Friday, April 5, 2013 6:35 AM

A recent “Hispanic Mobile Banking Trends” study finds that as Hispanics across the country embrace mobile technologies, financial institutions hoping to attract Hispanics’ business must change their marketing tactics to be more mobile.

According to the study, 69 percent of Hispanics use their smartphone for mobile banking and 49 percent use their tablet for mobile banking.

Also, one-third of people surveyed said they would switch their primary financial institution to get mobile services, and more than one-third of current mobile banking users said they use mobile banking at least once per day.

The study recommended that financial institutions wanting to capture more Hispanic customers should ramp up their mobile presence. To get even more success in the Hispanic market, the study recommended incorporating social networking sites to address banking issues and making sure there are Spanish and English versions of mobile banking experiences.