New research reveals Hispanic consumers are significantly more likely to engage with mobile to manage their finances, with 78% using a mobile banking app, compared to approximately half of non-Hispanics. Nearly three-quarters of the Hispanic community cite digital as their primary method of banking.
Bank of America’s ‘Trends in Consumer Mobility Report’, reveals similar insights when examining mobile payments. More than half (56%) of Hispanics would use or already use their phone to make purchases at checkout, compared to just 36% of their non-Hispanic counterparts. Seventy-seven percent of Hispanics say they’re likely to use emerging payment methods such as mobile wallets and social media apps, with 72% citing they would use or already use their bank’s peer-to-peer payments service.
Of those Hispanic respondents using a mobile banking app, nearly half (45%) are accessing their app once a day or more, in contrast to 32% of non-Hispanic respondents. Hispanic users also appear more active with their finances via mobile:
• In examining overall activity, Hispanics are more likely than non-Hispanics to deposit a check (53%) and send money to others (37%).
• When it comes to notifications, Hispanics are also significantly more likely to use mobile banking alerts (93%), specifically low balance (50%) and card charge overage alerts (48%).
BofA says this “always on” mentality is also seen in everyday communications, as Hispanic respondents (35%) say they are most likely to interact with their smartphone in an average day more than anyone or anything else, including their significant other (29%). They are more likely than non-Hispanics to own more than one mobile device (64%), and cite texting (32%) as their preferred communications method.
Over sharing or fear of missing out? Hispanic respondents also confirmed they are more inclined to share events with others, as nearly all (95%) consumers say they want to have their smartphone on hand to capture important life milestones. They’re also more likely than non-Hispanics to post these life moments on social media (78%, compared to 69%).
Conversely, they are also more likely to use their device to avoid social interactions (66%, compared to 40%), with holiday gatherings (32%), family dinners (28%) and school (26%) the top places to do so.
Other notable findings from the report include:
• Selfie nation: Nearly nine in 10 (85%) Hispanic respondents say they take selfies, compared to 71% of non-Hispanics.
• Emoji engagement: More than four in five (81%) Hispanic consumers admit to using emojis, and nearly one in five (19%) say they use them in every text.
• Instant gratification: Four in five (80%) Hispanics feel the appropriate response time to a text should be under an hour, and approximately one in five (18%) think it should be “instantly.”
• Read the room: More than half (54%) admit they call or text someone when they’re in the same room, notably higher than non-Hispanics at 36%.
• Plugged in to politics: The vast majority (68%) of Hispanics cite they are using their smartphone to engage with the upcoming election cycle in some capacity, compared to less than half (47%) of non-Hispanics.
Bank of America has more than 21 million active mobile users. During the second quarter of 2016, mobile banking customers logged into their accounts more than 900 million times, or approximately 47 times per user. During that same period, customers made more than 25 million mobile bill payments and nearly 80 million transfers, a growth of 30% and 46%, respectively, over 2015. Customers also used their mobile devices to deposit more than 280,000 checks daily and to schedule 22,000 appointments per week with a personal banker or financial center specialist, and were able to use their smartphone at more than 2,800 cardless ATMs to withdraw cash. More customers are opening new accounts through mobile, with sales increasing by 48% over the past year.
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