Almost one in five Hispanic Americans is unbanked. Among those who do, how are they distinct from other groups?
The evidence says that the longer a recent immigrant remains in the United States, his or her interest in having an American bank account increases. An account oriented to non-English speakers evokes the past, whereas a financial product offered in English affirms the person’s sense of being on a trajectory toward assimilation.
The implications run counter to what might be intuitive. Their preferences mean that most prefer to bank in English and not in Spanish. They resist marketing that seems to target their status as Hispanic, preferring instead to find accounts that reflect their integration into the mainstream economy.
Some findings from a recent study on the use of mobile devices by Hispanics for their banking activities:
· While most Hispanics use an Android device, those using iPhones or iPads are more likely to use a mobile device for banking.
· Seven in ten use a smartphone for banking, and more than one-third do so every day. https://www.banknews.com/blog/top-10-hispanic-mobile-banking-trends/
Nonetheless, advertisers must walk a careful path. Even though research shows that they prefer to conduct business in English, it also finds that Hispanics appreciate when companies make an effort to message in Spanish. While only one-third of Hispanics rely on English as their primary language at home, more than half prefer to use English when they go online. Only one is six sought online information exclusively in Spanish.