{"id":601,"date":"2016-08-24T10:19:13","date_gmt":"2016-08-24T10:19:13","guid":{"rendered":"https:\/\/www.mobicint.com\/?p=601"},"modified":"2016-09-06T22:07:48","modified_gmt":"2016-09-06T22:07:48","slug":"adoption-of-mobile-banking-apps-explodes","status":"publish","type":"post","link":"https:\/\/www.mobicint.com\/adoption-of-mobile-banking-apps-explodes\/","title":{"rendered":"Adoption of Mobile Banking Apps Explodes in This Demographic"},"content":{"rendered":"<p><span style=\"color: #000000;\">U.S. Hispanics&#8217; current spending power\u00a0is estimated to be roughly\u00a0$1.4 trillion, so it&#8217;s no surprise that they represent a significant market opportunity for businesses, credit unions included. \u00a0These numbers prompted Nielsen, a market research company, to conduct a study in the beginning half of 2015 to uncover what marketing products, services, and themes resonate the most among the U.S.&#8217;s Latino population. \u00a0What they found is significant for credit unions: Mobile Banking apps and mobile payment services have exploded among this segment of our population.<\/span><\/p>\n<p><span style=\"color: #000000;\">In fact, Nielsen\u00a0analyzed 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. \u00a0According to<\/span> <a href=\"http:\/\/www.nielsen.com\/us\/en\/insights\/news\/2015\/mobile-banking-family-values-and-more-top-spanish-language-ads.html\" rel=\"nofollow\">the findings<\/a><span style=\"color: #000000;\">, &#8220;U.S. Hispanic mobile subscribers are highly engaged in mobile banking and shopping activities. 41% of U.S. Hispanics are<\/span> <a href=\"http:\/\/blog.flexcutech.com\/blog\/convenience_is_the_key_to_mobile_banking_adoption\">mobile bankers<\/a><span style=\"color: #000000;\">, vs. 36% non-Hispanic. Hispanics are also heavy users of digital platforms and quick adopters of new technology. And as a result, they\u2019re more likely to shop using their mobile devices (36% vs. 32% non-Hispanics).&#8221;<\/span><\/p>\n<p><span style=\"color: #000000;\">Now compare that to a report in the<\/span> <a href=\"http:\/\/www.latinpost.com\/articles\/89847\/20151026\/the-latino-community-has-an-appetite-for-mobile-banking-innovative-payment-options.htm\" target=\"_blank\">Latin Post<\/a><span style=\"color: #000000;\">, citing\u00a0<\/span><a href=\"https:\/\/mediaroom.tdbank.com\/checkingindex2015\" rel=\"nofollow\">The Checking Experience Index<\/a><span style=\"color: #000000;\"> produced by the banking institution TD Bank. According to this report released on Oct. 12, 2015, the numbers could be\u00a0even more impressive than what was estimated earlier this year. This report found that 93% of Hispanic respondents favored online banking and 81% preferred the use of their bank&#8217;s mobile options when handling day-to-day transactions. Could these overwhelmingly\u00a0large figures possibly be accurate of the U.S. Latino population&#8217;s use of mobile banking?<\/span><\/p>\n<p><span style=\"color: #000000;\">On some further research, it appears the TD Bank study is a much smaller subset of respondents than the much larger, nationwide Nielsen report.\u00a0The Checking Experience Index surveyed 1,500 total respondents with only 150\u00a0identifying themselves as Hispanic. So the extraordinarily high numbers reported yesterday by the Latin Post are deceivingly high due to the relatively small sample size, but there is no doubt the Latino market is growing fast for mobile and internet banking products.<\/span><\/p>\n<p><span style=\"color: #000000;\">This is not exactly breaking news&#8230; Back in a\u00a0<\/span><a href=\"http:\/\/latino.foxnews.com\/latino\/money\/2013\/06\/03\/nerdwallet-will-mobile-banking-change-way-bank\/\" rel=\"nofollow\">2012 report<\/a>,\u00a0<span style=\"color: #000000;\">The Federal Reserve indicated that 60% of Hispanic mobile phone owners have smartphones, illustrating the importance of mobile banking options. That same report also found that\u00a0Hispanics were the most interested in adopting mobile banking programs than any other banking product, and more than any other cultural market segment.\u00a0It was speculated then, over\u00a03 years ago, that this population would represent a huge market opportunity. That time has no doubt come. It was predicted in 2012: &#8220;If mobile banking apps are what Hispanics are most interested in, then banks and credit unions will divert the most attention to meeting that demand.&#8221;<\/span><\/p>\n<p><span style=\"color: #000000;\">So while the numbers reported in the news may be overinflated, it would seem that the predictions of 2012 have come to fruition, and U.S. Hispanics continue to be a prime market for credit unions to promote mobile banking apps and mobile payments such as Google Wallet, Pop Money, PayPal and more.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Hispanics&#8217; current spending power\u00a0is estimated to be roughly\u00a0$1.4 trillion, so it&#8217;s no surprise that they represent a significant market opportunity for businesses, credit unions included. \u00a0These numbers prompted Nielsen, a market research company, to conduct a study in the beginning half of 2015 to uncover what marketing products, services, and themes resonate the most&hellip;<\/p>\n","protected":false},"author":3,"featured_media":602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adoption of Mobile Banking Apps Explodes in This Demographic - Mobicint<\/title>\n<meta name=\"description\" content=\"This demographic of our population has adopted mobile banking apps at an alarming rate. 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