Hispanic mobile banking_trends_study_think_now_research

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Hispanic mobile banking_trends_study_think_now_research

  1. 1. ZPRYME & THINKNOW RESEARCH PRESENT HISPANIC MOBILE BANKING TRENDS FEBRUARY 2013 MOBILE BANKING USAGE TRENDS ON TABLETS & SMARTPHONES SPONSORED BY INTELLIGENCE BY ZPRYME | ZPRYME.COM | SMARTGRIDRESEARCH.ORG © 2013 ZPRYME RESEARCH & CONSULTING, LLC. ALL RIGHTS RESERVED.
  2. 2. EXECUTIVE SUMMARY .................................................................1 METHODOLOGY............................................................................1 ZPRYME HISPANIC INSIGHTS PRACTICE ..................................2 THINKNOW RESEARCH ................................................................2 TOP 12 MAJOR FINDINGS ...........................................................2 ASSESSMENT, IMPLICATIONS, AND RECOMMENDATIONS...3 ASSESSMENT............................................................................... 4 IMPLICATIONS ............................................................................ 4 RECOMMENDATIONS ............................................................... 5 OVERALL SURVEY RESULTS .........................................................6 GENDER ....................................................................................... 6 AGE ............................................................................................... 6 EDUCATION LEVEL .................................................................... 7 COMBINED INCOME ................................................................. 7 YEARS LIVED IN THE U.S. ........................................................... 8 LANGUAGE SPOKEN AT HOME ............................................... 8 CULTURAL IDENTIFICATION .................................................... 9 MEDIA USAGE HABITS ............................................................... 9 SMARTPHONE OWNERSHIP ...................................................10 TABLET OWNERSHIP................................................................10 PRIMARY BANK .........................................................................11 PRIMARY BANK SATISFACTION .............................................11 MOBILE BANKING OFFERED BY PRIMARY BANK................12 ONLINE BANKING USE ............................................................12 SMARTPHONE MOBILE BANKING ACTIVITIES ....................13 TABLET MOBILE BANKING ACTIVITIES .................................13 MOBILE BANKING SATISFACTION ........................................14 MOBILE BANKING USAGE FREQUENCY ..............................14 SWITCH PRIMARY BANKS FOR MOBILE BANKING SERVICES ................................................................................... 15 REASONS FOR USING MOBILE BANKING ............................ 15 PRIMARY BANK SOCIAL MEDIA INTERACTION................... 16 MOBILE BANKING USAGE CHANGE ..................................... 16 REASONS FOR INCREASED USE OF MOBILE BANKING .... 17 REASONS FOR DECREASED USE OF MOBILE BANKING... 17 MAIN REASONS MOBILE BANKING NOT USED .................. 18 REASON FOR NOT HAVING A BANK ACCOUNT ................ 18 OPEN BANK ACCOUNT ON MOBILE DEVICE ..................... 19 CROSS TABULATION ANALYSIS .............................................. 20 YEARS IN THE U.S. .................................................................... 20 LANGUAGE SPOKEN AT HOME ............................................. 20 CULTURAL IDENTIFICATION .................................................. 20 GENDER ANALYSIS .................................................................. 21 AGE ANALYSIS .......................................................................... 21 EDUCATION ANALYSIS ........................................................... 21 INCOME ANALYSIS .................................................................. 22 BANK OF AMERICA VS. WELLS FARGO ................................ 22 IPHONE VS. ANDROID SMARTPHONES ............................... 22 IPAD VS. ALL OTHER TABLETS ............................................... 22 UNBANKED CHARACTERISTICS ............................................ 22 NON-MOBILE BANKING HISPANIC CHARACTERISTICS .... 22 SUMMARY .................................................................................... 30
  3. 3. Executive Summary For the past two decades major banks in the U.S. have increasingly implemented new marketing campaigns to attract Hispanic customers. During this period, national banks such as Bank of America, Wells Fargo, and Chase have been able to win over a significant share of the Hispanic market due to creative marketing to Hispanics. However, a major challenge for banks has been that the typical or average Hispanic consumer is a moving target with many moving pieces. A segment of Hispanics are speeding up the social and economic ladder, while others are slowly getting accustomed to U.S. cultural norms. That said, the large majority of Hispanics across nationalities, language, and social and economic class are rapidly embracing mobile technology such as smartphones and tablets. Thus, banks who wish to attract and retain the fastest growing customer segment in the U.S. must now adapt their marketing and customer service strategies to meet the evolving mobile banking needs of Hispanics. The Zpryme and ThinkNow Research Hispanic Mobile Banking Trends Study identifies key mobile banking trends and usage traits among Hispanics in the U.S. The findings show that 69% of Hispanics use their smart phone to do mobile banking while 47% use their tablet to conduct mobile banking. Additionally, younger Hispanics and those with higher incomes were more likely to use mobile banking. The main mobile activities being performed were listed as checking balances, viewing transactions, transferring money, and paying bills. Over the past year, 27% have increased their mobile banking substantially. Another 44% have accessed their primary bank‘s social media page. Three key recommendations that would increase the usage of mobile banking by Hispanics are suggested by the data.  A comprehensive risk assessment of a banking institution‘s mobile banking product is needed to ensure customer satisfaction. Along with such a review, banks could assess the mobile banking offerings of their competitors.  Incorporating social networking sites to address banking issues could lead to greater customer loyalty and extol the mobile banking features that are available.  Making sure both Spanish and English versions of the mobile banking experience are fault-free and provide a positive, rewarding event are crucial characteristics. Methodology Zpryme and ThinkNow Research administered a survey via the internet to a representative sample of 500 adult Hispanics between 18 and 70 years old in October of 2012. Respondents were asked about their overall usage of mobile banking, mobile banking activities, their primary and mobile banking satisfaction, and their interaction with social media sites of their primary bank. Questions were also asked about why respondents did not use mobile banking and why they did not have a primary bank (among those who did not use mobile banking or have a primary bank account). This report will provide a descriptive frequency for each of the items and then explore some selected crosstabs. Due to rounding, some percentages may not add up to 100. 1 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  4. 4. Zpryme Hispanic Insights Practice ThinkNow Research Hispanics are comprised of many races and nationalities, speak several languages and span the socio-economic spectrum. Irrespective of language or national origin, they share many commercially appealing traits: they are younger, open to new brand opportunities, upwardly mobile, and eager to embrace the "American experience.‖ A 21st Century company needs to be able to change quickly in order to respond to the demands of a consumer market in flux. The U.S. Hispanic market is the primary change driver in the U.S. consumer landscape. ThinkNow Research has addressed this change by providing its customers with innovative consumer research solutions including: branded online communities, online panel, concept testing and other custom digital solutions specially tailored to the needs of each client and to the online Hispanic consumer. Zpryme‘s Hispanic Insights practice helps clients better understand and engage this diverse group during all phases of integration. In addition to helping clients reach Hispanics during the early (typically non-English) phases of their American experience, we also help clients better engage Hispanics as they integrate with mainstream America by appealing to the new-world values we all share. The values and aspirations of Hispanics bind them to each other—and to all other Americans as well. In fact, they are just as influenced by American culture as they are by their countries of origin. So rather than representing a new culture, Hispanics simply reflect a continuation of the American story and character. In short, understanding where and how to appeal Hispanics is no longer just about appealing to particular ethnicities, it's quickly becoming key to understanding the mainstream American consumer as well. The first successful nationally representative Hispanic online research panels were built by the ThinkNow Research founders, making them sought after experts in the Hispanic online space. The company has built and is quickly growing its proprietary custom Online Research Panel. DigayGane.com, consisting of acculturated and, more importantly, less-acculturated U.S. Hispanic consumers. The company is also leveraging its expertise into creating Branded Online Research Communities targeting U.S. Hispanics which have not yet been fully leveraged in the Hispanic space. ThinkNow Research helps companies grow through better meeting the needs of the U.S. Hispanic consumer and the process gives this growing consumer segment a voice. 2 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  5. 5. 12 Major Findings 1 Nearly seven out of ten (69%) use their smart/cell phones to do mobile banking. 2 Nearly five out of ten (47%) use their tablet to conduct mobile banking. 3 Among those who use mobile banking, 55% said they were ‗very satisfied‘ with their mobile banking service. 4 Among mobile banking users, 35% said they use mobile banking ‗at least once per day‘. 5 Nearly one-third (30%) said they would switch their primary banks to get mobile banking services. 6 Nearly three out of ten (27%) said their usage of mobile banking has ‗increased substantially‘ over the last year. 7 Among mobile banking users, 44% said they had visited their primary bank‘s Facebook page. 8 iPhone and iPad owners were significantly more likely to use mobile banking more frequently than noniPhone and iPad owners. 9 Hispanics with incomes above $70k were significantly more likely to use mobile banking on a tablet that those with incomes below $70k. 10 Among those who do not use mobile banking, ‗information security‘ (44%) was cited as the main reason for not using mobile banking. 11 Among those who do not have a bank account, ‗do not trust banks‘ (17%) was cited as the main reason for not having a bank account. 12 Among those who do not have a bank account, 13% said they would be ‗very likely‘ to open a bank account on their mobile device if the option were available to them. 3 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  6. 6. Assessment, Implications, and Recommendations Implications Assessment Some of the implications of Hispanic mobile banking findings provide insights into the current and future status of services for these consumers. Most did have a bank account (over 92%), but not all were using mobile banking services. And the greatest reasons given for not having a bank account were low trust of banks or not having enough money for an account. Probably, it would be most profitable to pursue those who had bank accounts but were not using mobile banking rather than pursue those without bank accounts. In fact, the current survey reported that almost 30% said they would switch their primary banks to get mobile services. A review of the major findings revealed some generalized trends that are worth noting. Hispanics who used mobile banking stated that their satisfaction levels were high and over half said that they were very satisfied. Thus the appeal of mobile banking is great and growing. In fact, over six out of ten Hispanics said their mobile banking had increased over last year. Another study supports this growing trend and predicted that mobile banking would triple to 50% of U.S. consumers by 2016.1 Younger Hispanics (those 18 – 29) showed the highest mobile banking usage rates. This matches the Pew Internet Study finding that shows the younger Hispanic age groups most likely to have a mobile phone.2 As well, those more educated used mobile banking more often. And, not surprisingly, higher incomes were associated with higher mobile banking usage. Frequency of mobile contact with banks was high. Seventy-eight point six percent of Hispanics said they interact with their bank from a mobile device at least once per week. A comScore study showed almost identical results: nearly ¾ of mobile bankers contact their banks at least once per week.3 Over half of the surveyed Hispanics reported that they had interacted with their bank‘s social media page over the last 12 months. For those using social media interactions with their banks, Facebook, Google+, and YouTube were the most popular avenues. www.alixpartners.com/en/MediaCenter/PressReleaseArchive/tabid/821/articleType/, 2012. www.federalreserve.gov/econreadata/mobile-device-report-201203.pdf, 2012. 3 www.the-exchange.ca/upload/docs/comScore%202011, 2012. Language usage reflected that having Spanish and English spoken equally was associated with greater mobile device usage. Banking institutions can enhance Hispanic mobile banking utilization by having services available in both languages. There are some barriers to adoption of mobile banking which include: cost of phones (although this has declined), cost of service plans, and concerns about security.4 Security concerns were as well prevalent for 44% of this survey‘s respondents; with no internet access for my phone and a too small screen also given as reasons for not using mobile banking. Security of data and protection of information seem to be targets for banks to concentrate upon to alleviate the fears of potential mobile banking users. Almost three-fourths of the Hispanics in this survey said their banks offered mobile banking. An additional study reported that about 50% of banks do not yet have mobile 1 2 4 Ibid. Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com 4
  7. 7. banking.5 So, somewhere between 25% and 50% of banks have an opportunity to provide mobile banking services to Hispanics, and the public at large.  Recommendations Several recommendations that would increase the usage of mobile banking by Hispanics are suggested by the data from the current survey and other noted studies.   A comprehensive risk assessment of a banking institution‘s mobile banking product was one investigation‘s position.6 This risk assessment would take into consideration all of the changes in technology, business strategy, security threats, product functionality, and legal requirements—a ―top to bottom‖ review. Along with such a review, banks could assess their product differentiation (or what makes mobile banking stand out from standard banking).  Product differentiation could be enhanced by developing innovative and easy-to-use mobile banking apps.7   Making sure both Spanish and English versions of the mobile banking experience are fault-free and provide a positive, rewarding event are crucial characteristics.  Banks should examine their customer characteristics to see whether enticing older Hispanics (who exhibit low participation rates for mobile banking) could payoff in increasing mobile banking usage. Perhaps there is a fundamental, generational divide that makes it too costly to convert older banking consumers into mobile bankers. An in-depth probe of this issue is needed. In conclusion, the foundation for banks to secure increased mobile banking by Hispanics and other consumers has to rest upon offering a reliable, secure, and user-friendly experience. Another obvious approach is for the bank to encourage current customers to use its own mobile services. However, some data shows that this obvious approach has only been used by 10% of banks.8  loyalty and extol the mobile banking features that are available. Offering promotions (giveaways, coupons, prizes, etc.) to encourage mobile banking are also available to banks. Incorporating social networking sites to address banking issues could lead to greater customer www.banktech.com/channels/usaa-tops-mobile-banking-app-us-study/232700497, 2012. www.fdic.gov/regulations/examiners/supervisory/insights/siwin/, 2011. 7 www.alixpartners.com/en/MediaCenter/PressReleaseArchive/tabid/821/articleType/, 2012. 8 www.banktech.com/channels/usaa-tops-mobile-banking-app-us-study/232700497, 2012. 5 6 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com 5
  8. 8. Overall Survey Results Gender Age The sample was almost split evenly between males (49%) and females (51%) with an age spread from 18 to those over 60 years. There were nearly equal numbers in the 18 – 29 years old group (39%) as in the next range, 30 – 44 years old (38%), with other age ranges having fewer respondents: 45 – 60 years (19%), those over 60 years (4.0%). What is your gender? (figure 1, source: Zpryme and ThinkNow Research) What is your age? (figure 2, source: Zpryme and ThinkNow Research) Over 60, 4% 45-60, 19% 18-29 , 39% Male , 49% Female , 51% 30-44, 38% 6 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  9. 9. Education Level Combined Income Over half of the sample had either a high school diploma (21%) or some college (27%), with very few (7%) having less than a high school diploma. Household incomes for over half (52%) were $40,000 or lower; but 6% had an income over $100,000 annually. What is your education level? (figure 3, source: Zpryme and ThinkNow Research) What is your total combined income? (figure 4, source: Zpryme and ThinkNow Research) 20% 30% 18% 27% 25% 21% 15% 12% 15% 10% 10% 10% 5% 5% 0% 14% 19% 20% 11% 10% 8% 7% 10% 6% 5% 4% 6% 6% 3% 2% 0% 7 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  10. 10. Years Lived in the U.S. Language Spoken at Home Six out of ten (61%) of the respondents had lived in the U.S. for over 20 years. Nearly four out of ten (37%) mostly spoke Spanish, while 36% mostly spoke English. Twenty-six percent spoke Spanish and English equally. How many years have you lived in the United States? (figure 5, source: Zpryme and ThinkNow Research) What language do you usually speak at home? (figure 6, source: Zpryme and ThinkNow Research) 0-4, 4% 5-9, 13% 20 years or more, 61% 10-14, 13% 15-19, 9% English only, 18% Spanish only, 11% Spanish mostly, 26% English mostly, 18% Spanish and English equally, 26% 8 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  11. 11. Cultural Identification Media Usage Habits The majority of respondents described themselves as either closer to the Hispanic/Latino culture (41%) or equally close to U.S. and Hispanic/Latino cultures (38%). Their media habits (TV, radio, internet, magazines, etc.) tended to drift towards English media (45%) or equally Spanish and English (35%). Thinking of your overall cultural identification, would you say you feel…? (figure 7, source: Zpryme and ThinkNow Research) Thinking of your media habits, including television, radio, newspapers and magazines or the internet, would you say you use… (figure 8, source: Zpryme and ThinkNow Research) Much closer to U.S. Culture, 9% Spanish media only, 6% Somewhat closer to U.S. Culture, 12% English media only, 20% Much closer to Hispanic/Latino Culture, 26% Equally close to both cultures , 38% English media mostly, 25% Somewhat closer to Hispanic/Latino Culture , 15% Spanish media mostly, 15% Equally Spanish and English media, 35% 9 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  12. 12. Smartphone Ownership Tablet Ownership Although 21% did not own a smartphone that can connect to the internet, the largest three types of smartphones that could were Google/android (46%), Apple (20%), or RIM (6%) phone platforms. Fewer respondents (53%) owned a tablet that could access the internet, but for those who did own one, the top three types were: Apple (26%), Kindle Fire (7%), or Samsung tablet (7%). Do you own a tablet? (by brand) (figure 10, source: Zpryme and ThinkNow Research) Do you own a smartphone? (by OS) (figure 9, source: Zpryme and ThinkNow Research) iPad Android 46% iPhone 26% 7% Samsung 20% Kindle Fire 7% Other 5% Blackberry Playbook Motorola Xoom 2% Palm 1% None 10% 20% 1% 1% None 21% 0% 1% Asus Other 1% Acer 4% 1% Nook Microsoft 1% Toshiba 6% 2% Google Nexus RIM (Blackberry) 30% 40% 50% 47% 0% 10% 20% 30% 40% 50% 10 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  13. 13. Primary Bank Primary Bank Satisfaction The top five primary banks for these respondents were: Bank of America (29%), Wells Fargo (17%), JP Morgan (8%), Citibank (6%), and various credit unions (4%). These five banks/credit unions resulted in nearly two-thirds (65%) of the sample. The respondents were mostly either very satisfied (52%) or somewhat satisfied (37%) with their primary banks. Which is your primary bank? (figure 11, source: Zpryme and ThinkNow Research) Bank of America How satisfied are you with your primary bank? (figure 12, source: Zpryme and ThinkNow Research) Very unsatisfied, 1% 29% Wells Fargo Bank Neither satisfied or unsatisfied, 9% 17% JP Morgan Bank 8% Do not have one Somewhat unsatisfied, 2% 8% Citibank 6% Credit unions (various) 4% Chase 4% Capital One 3% Sun Trust Bank 2% U.S. Bank 2% USAA Federal Savings Bank 2% PNC Bank 2% Union Bank 1% Compass Bank 1% Branch Banking and Trust Somewhat satisfied, 37% 1% Regions Bank Very satisfied, 52% 1% 0% 5% 10% 15% 20% 25% 30% 35% 11 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  14. 14. Mobile Banking Offered by Primary Bank Online Banking Use Eight out of ten (81%) said that their banks offered mobile banking And an overwhelming majority (87.0%) said they used online banking (desktop PC, 30%; laptop, 24%; PC and laptop, 33.0%). Does your primary bank offer mobile banking? (figure 13, source: Zpryme and ThinkNow Research) Do you use online banking? (figure 14, source: Zpryme and ThinkNow Research) No, 4% Not sure, 16% Yes, 81% Yes, from both my desktop PC and my laptop, 33% No, 13% Yes, from my laptop, 24% Yes, from my desktop PC, 30% 12 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  15. 15. Smartphone Mobile Banking Activities Tablet Mobile Banking Activities Nearly seven out of ten (69%) use their smart/cell phones to do mobile banking and the top five activities used were: checking my balance (80%), viewing transactions (62%), receiving bank alerts (43%), transferring money (37%), and paying bills (36%). Over four out of ten (47%) use their tablet to conduct mobile banking. The top five banking activities for the tablet were identical to mobile phone usage: checking my balance (74%). Viewing transactions (66%), paying bills (46%), transferring money (46%), and receiving bank alerts (38%). What type/s of mobile banking are you doing on your smartphone? (figure 15, source: Zpryme and ThinkNow Research) Checking my balance What type of mobile banking are you doing on your tablet? (figure 16, source: Zpryme and ThinkNow Research) 80% Viewing transactions 62% Receiving bank alerts Other 10% Applying for loan/credit card 1% 0% 11% Asking for customer service 4% 11% Managing investments 6% Applying for loan/credit card 14% Depositing checks remotely 9% Managing investments 30% Editing account preferences 12% Editing account preferences 38% Finding nearest bank/ATM 16% Asking for customer service 46% Receiving bank alerts 28% Depositing checks remotely 46% Paying bills 36% Finding nearest bank/ATM 66% Transferring money 37% Paying bills 74% Viewing transactions 43% Transferring money Checking my balance 4% Other 20% 40% 60% 80% 1% 0% 20% 40% 60% 80% 13 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  16. 16. Mobile Banking Satisfaction Mobile Banking Usage Frequency Satisfaction levels with mobile banking were strong: 55% said very satisfied, and 32% said somewhat satisfied. The ‗somewhat satisfied‘ score provides room for improvement with this segment.‖ Among mobile banking users, the most often reported frequencies of usage of mobile banking were either once per day (35%), or once per week (50%). How satisfied are you with your mobile banking services? (figure 17, source: Zpryme and ThinkNow Research) Very unsatisfied, 1% How often do you use mobile banking? (figure 18, source: Zpryme and ThinkNow Research) At least once every 6 months, 1% Somewhat unsatisfied, 1% Neither satisfied or unsatisfied, 11% At least once per day, 35% Very satisfied, 55% At least once per week, 50% Somewhat satisfied, 32% At least once per month, 13% 14 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  17. 17. Switch Primary Banks for Mobile Banking Services Reasons for Using Mobile Banking Nearly one-third (30%) said they would switch their primary banks to get mobile services. For those who use mobile banking, the reasons for usage (in descending order of frequency) were: convenience (77%), can see immediate results (57%), services available 24/7 (50%), and speed of transactions (46%). Would you switch your primary bank to get mobile services (figure 19, source: Zpryme and ThinkNow Research) Probably yes Why do you use mobile banking? (figure 20, source: Zpryme and ThinkNow Research) 20% Definitely yes Convenience 77% 10% Can see immediate results Probably no 57% 18% Services available 24/7 Definitely no 50% 10% I already have mobile services 42% 0% 10% 20% 30% 40% 50% Speed of transactions 46% 0% 20% 40% 60% 80% 15 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  18. 18. Primary Bank Social Media Interaction Mobile Banking Usage Change When asked whether they had interacted with their bank‘s social media page over the last 12 months, forty-three percent said yes. The breakdown for this 43% was: Facebook (44%), Google+ (21%), YouTube (17%), Twitter (15%), and Pinterest (4%). Over six out of ten (62%) said that their mobile banking had increased either substantially (27%) or slightly (35%) over the last year. Have you interacted with your primary bank's social media page using your smartphone or tablet? (figure 21, source: Zpryme and ThinkNow Research) Facebook How has your mobile banking changed over the last year? (figure 22, source: Zpryme and ThinkNow Research) Has decreased substantially , 1% 44% Google + Has decreased slightly , 1% 21% Youtube Has increased substantially , 27% 17% Twitter 15% Pinterest Has stayed the same , 36% 4% No 57% 0% 10% 20% 30% 40% 50% Has increased slightly, 35% 60% 16 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  19. 19. Reasons for Increased Use of Mobile Banking Reasons for Decreased Use of Mobile Banking And the top three rated reasons that the increases have occurred were: the services are easier to use (42%), I trust the security of my information more (25%), and I have a new device which makes mobile banking easier to use (15%). On the other hand, nine respondents* said their mobile banking had decreased. The main reasons for this decrease were: I prefer personal contact (33%), internet connectivity costs too high (22%), and a fear that someone will steal/use my mobile device (22%). What is the main reason your mobile banking has increased over last year's usage? (figure 23, source: Zpryme and ThinkNow Research) The services are easier to use What is the main reason your mobile banking has decreased over last year's usage? (figure 24, source: Zpryme and ThinkNow Research) 42% I trust the security of my information more I prefer personal contact (face-toface, telephone) 33% 25% I have a new device which makes mobile banking easier to use Fear that someone will steal/use my mobile device It is easier for me to make payments 9% All of my friends/family now use mobile banking 22% Costs for internet connectivity too high 15% 22% 4% Other It is easier for me to transfer or send money to family 11% My information was stolen/hacked 11% 4% Other 1% 0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% *Base size too low for stable results. Above results are directional in nature 17 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  20. 20. Main Reasons Mobile Banking Not Used Reason for Not Having a Bank Account For those who are not using mobile banking, the major factors were: concern about security (44%), don‘t have a phone or tablet with internet access (21%), and my mobile screen is too small (16%). The respondents were asked why they, or anyone in their household, did not have a bank account. The top five reasons for not having a banking account were: do not trust banks (17%), do not have enough money to need an account (13%), bank services cost too much (11%), do not see the value of an account (8%), and minimum balance requirement is too high (7%). Are any of the following reasons why neither you nor anyone in your household has a bank account? (figure 26, source: Zpryme and ThinkNow Research) What is the main reason you are not using mobile banking? (figure 25, source: Zpryme and ThinkNow Research) Reason Concerned about information security 44% Response Percent The services I want are not available 0% 10% 20% 30% 40% 1% 1% Credit problems 1% 3% Requires too many identification documents to open a bank account 2% 3% Do not know how to open a bank account My banking applications are hard to use/don‘t work 3% There are language barriers at banks 4% 3% Could not manage or balance a bank account My bank doesn‘t offer mobile services 4% The banks have inconvenient hours 5% 4% Do not write enough checks to make it worthwhile to have a bank account There is no bank near home or work Internet connections take too long or don‘t hold 7% Banks do not feel comfortable or welcoming 8% 7% Banks take too long to clear checks Other 8% The minimum balance requirement of bank accounts is too high 16% 11% Do not see the value of having a bank account My mobile screen is too small 13% The service charges of bank accounts are too high 21% 17% Do not have enough money to need a bank account Don‘t have smartphone, cell phone, or tablet with internet access Do not trust banks 1% 50% 18 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  21. 21. Open Bank Account on Mobile Device If those in the sample could open a bank account using a mobile device, how likely would they be to open one? Fortyone percent said they would be somewhat likely to do so, 31% said not too likely, 15% said no very likely at all, and 13% said very likely. Over half (54%) said they would likely open a bank account if they could with a mobile device. If you could open a bank account using a mobile device such as a cell phone, smartphone or tablet computer, how likely would you be to open a bank account? (figure 27, source: Zpryme and ThinkNow Research) Very likely, 13% Somewhat likely, 41% Not likely at all, 15% Not too likely, 31% 19 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  22. 22. Cross Tabulation Analysis Several selected items were inspected for their relationships (crosstabs) with four demographic characteristics (gender, age, education, and annual income). The objective of these inspections was to see whether there were any notable differences for demographic groups among mobile phone usage, tablet usage, mobile banking satisfaction, mobile banking usage, Facebook usage (at primary banks), and change in mobile banking usage over the past 12 months. Some other crosstabs looked at the satisfaction levels with the two largest primary banks, mobile banking services satisfaction with the two largest primary banks, mobile banking usage rates for the two most popular smartphones, mobile banking usage rates for the iPad versus other tablets, reasons why respondents didn‘t have bank accounts, and, characteristics of those who don‘t do mobile banking. Finally, additional analyses focused on cultural issues by looking at how long Hispanics had lived in the U.S., the language preferred at home, cultural identification, and media habits. Years in the U.S. For seeing what association the number of years Hispanics had lived in the U.S., two groups were formed: those who had lived less than 20 years (under 20), and those who had lived in the U.S. for 20 years or longer (20 and over). The under 20 group had more mobile phone banking usage (73.6%) than those 20 and over (66.3%). Also, tablet usage for mobile banking for the under 20 group was higher (47.8%) than for those 20 and over (45.9%). However, mobile banking satisfaction was about the same for both groups (under 20, 87.7%; 20 and over, 87.0%). Further, mobile banking usage was nearly the same when used at least once per week (under 20, 77.5%; 20 and over, 78.4%). Language Spoken at Home Three groups were formed to compare language used at home (Spanish dominant, Spanish and English equally, English dominant). For both mobile banking by phone and mobile banking by tablet, the Spanish and English equally group was largest: mobile phone (Spanish dominant, 71.5%; Spanish and English equally, 82.1%; English dominant, 57.2%); mobile tablet (Spanish dominant, 41.9%; Spanish and English equally, 64.2%; English dominant, 38.6%). Thus, having Spanish spoken at home was associated with higher usage rates. Satisfaction levels for mobile banking were high for all three groups (Spanish dominant, 89.7%; Spanish and English equally, 87.4%; English dominant, 84.2%). And mobile banking usage rates of at least once per week followed the device use trends noted above, with Spanish dominant (80.9%) and Spanish and English equally (80.6%) higher than the English dominant group (72.0%). Cultural Identification How the respondents identified themselves culturally was the next variable for review. The sample was separated into three groups: closer to Hispanic/Latino culture (Hispanic), closer to both Hispanic/Latino and U.S. cultures (both), and closer to U.S. culture (U.S.). Mobile phone banking usage was higher for the Hispanic culture group (77.3%) than for either the both group (69.9%) or the U.S. group (53.0%). Similarly, mobile tablet usage for banking was larger for Hispanic (51.4%) than for the both (48.9%) or the U.S. group (34.0%). Mobile banking satisfaction was very high for the Hispanic group (90.0%) when compared to the both (86.3%) or U.S. culture group (76.6%). But mobile banking usage rates of at least once per week was largest for the both culture group (80.9%), when contrasted to the Hispanic (78.8%) or U.S. group (70.4%). 20 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  23. 23. Media Language Preference Age Analysis The last cultural influence insight was provided by the sample‘s media habits (e.g., TV, magazines, radio, internet, etc.). Three groups were inspected: Spanish media (Spanish), Spanish and English media (both), and English media (English). Mobile banking by phone was highest for the both group (74.5%) when compared with the Spanish (70.5%) or English (35.9%) groups. Likewise, mobile banking by tablet revealed the both group highest (52.6%) and the Spanish (34.6%) and English (0.8%) groups lower. Mobile banking satisfaction was high for all three groups: Spanish (91.0%), both (86.8%), and English (85.5%). Mobile banking usage for at least once per week was greatest for the both group (82.5%), with Spanish (74.3%) and English (75.5%) groups having lower usage rates. Two age groups (18-29, young; 30-44, mid) were used for comparisons. The young group reported more mobile banking by phone (77.7%) than the mid group did (75.1%). A slight difference was noticed for tablet mobile banking with the young group at 54.3% and the mid group at 53.1%. Almost all (95.7%) of the young group was satisfied with their mobile banking, with fewer of the mid group (83.7%) as satisfied. Both groups, however, are high. Eighty-four point five percent of the young group conducted mobile banking at least once per week, while fewer (75.3%) of the mid group did business at least once per week. Almost the same percentage of the young group (39.4%) as the mid group (39.7%) used Facebook to communicate with their primary banks. And mobile banking usage had increased nearly the same over the past 12 months for the young group (65.5%) as for the mid group (64.6%). Culturally, mobile banking seemed to be greatest whenever respondents had a foot in both the Spanish and English arenas. Perhaps the Spanish language creates a sense of belonging, but with a realization that advantages also lay within the English/U.S. culture. By incorporating aspects of both the Hispanic and U.S. cultures, banking institutions can enhance Hispanic mobile banking utilization. Gender Analysis More females (70.4%) than males (68.0%) used their phones for mobile banking, but more males (51.8%) used their tablets for mobile banking than females (41.6%). Females were slightly more satisfied (88.9%) than males (85.7%) with their mobile banking services, with females using mobile banking at least once per week (80.1%) somewhat more than males (76.0%). On the other hand, males used Facebook more (42.3%) than females (29.3%) in interaction with their primary banks. Mobile banking usage had increased more for males over the past 12 months (66.3%) than it had increased for females (57.3%). Nevertheless, both groups reported a sizeable increase. Education Analysis Three education levels were compared: those with high school and less education (HS); those with college, including two-year associate degrees (college); and those with a four-year college degree and higher degrees (university). Education level appeared to be associated with mobile banking phone usage: HS (59.2%), college (70.5%), university (71.8%)—the more education, the more usage. The same phenomenon was observed for mobile banking tablet usage: HS (42.5%), college (44.3%), university (54.8%). But all three groups were quite satisfied with their mobile banking experience: HS (87.5%), college (86.0%), university (89.2%). Mobile banking was conducted at least once per week more by the college group (80.6%), than for the HS group (72.7%), or the university group (78.5%). On the other hand, the college group used Facebook less (30.3%) to communicate with their primary bank than the HS group (37.5%) or the university group (44.1%). Lastly, education level was positively related to reported mobile banking usage increase over the last 12 months: HS (58.0%), college (60.0%), university (68.8%). 21 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  24. 24. Income Analysis iPad vs. All Other Tablets Two income groups were used for contrast purposes: those with annual incomes less than $70, 000 (below 70), and those with annual incomes of $70,000 and over (70 above). The 70 above group had a higher level of mobile banking by phone (76.3%) than the below 70 group (68.1%). As well, the tablet-conducted mobile banking was substantially higher for those in the 70 above group (60.8%) than for those in the below 70 group (43.5%). However, both groups reported about the same high level of satisfaction with mobile banking: below 70 (88.3%), 70 above (89.5%). Those conducting mobile banking at least once per week was higher for the 70 above group (86.8%) than for the below 70 group (75.9%). Facebook communication with their primary banks was nearly identical for the below 70 respondents (36.6%) as for those in the 70 above group (36.8%). And over the past 12 months, mobile banking had increased more for the 70 above group (67.1%) than it had increased for the below 70 group (61.8%). A comparison between the iPad and other tablets revealed that the iPad was used more often for mobile banking. The iPad was used at least once per week for mobile banking by 95.5% of its owners, while other tablets were used once per week by 82.3% of their owners. Bank of America vs. Wells Fargo Bank of America and Wells Fargo banks were the most popular among these Hispanics. Eighty-six point eight percent of the respondents said they were satisfied with Bank of America as a primary bank, with 87.5% saying they were satisfied with the mobile banking service. Nearly the same percentages were noted for Wells Fargo: 86.1% were satisfied with the primary bank, and 88.3% were satisfied with mobile banking services. Both banks were rated highly by the Hispanics who use them. iPhone vs. Android Smartphones Unbanked Characteristics There were only 39 respondents who said they didn‘t have a bank account. Gender differences revealed that the most prominent reason for females was that banks take too long to clear checks (16.7%). For males there was a three-way tie among: not enough money to warrant an account, don‘t trust banks, and service charges are too high (each with 20%). When assessing age differences, the highest frequency response for those 18-29 was not enough money to merit an account (25.0%); while for the 30-44 age group, more said they didn‘t trust banks (23.1%) than for any other choice. Non-Mobile Banking Hispanic Characteristics All four demographic characteristics were explored for Hispanics who don‘t use mobile banking. More females (26.6%) than males (23.2%) don‘t use mobile banking. And the older the Hispanic, the more likely they are to not use mobile banking: 18-29 (18.9%), 30-44 (20.3%), 45-60 (37.1%), over 60 (65.0%). A slight trend was observed for education. The lower the education level, the more likely to not use mobile banking: HS (26.7%), college (24.0%), university (25.0%). And income level levels showed that the lower the income, the more likely to not use mobile banking: below 70 (25.5%), 70 above (21.6%). When the Android was contrasted with the iPhone for mobile banking usage, the iPhone was used more often: at least once per week (92.6%) compared to the Android (81.7%). 22 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  25. 25. Use a Smarthpone for Mobile Banking by Number of Years Lived in the U.S. (figure 28, source: Zpryme and ThinkNow Research) 80% 70% 74% 66% 70% Satisfaction With Mobile Banking by Number of Years Lived in the U.S. (figure 30, source: Zpryme and ThinkKow Research) 60% 60% 20 and over 58% 53% 50% 50% less than 20 40% 40% 34% 30% 30% 30% 20% 20% 10% 11% 10% 10% 1% 1% 0% less than 20 very sat 20 and over Use a Tablet for Mobile Banking by Number of Years Lived in the U.S. (figure 29, source: Zpryme and ThinkNow Research) 60% some sat neither some unsat very unsat Mobile Banking Usage Frequency by Numbe of Years Lived in the U.S. (figure 31, source: Zpryme and ThinkNow Research) less than 20 60% 48% 20 and over 48% 50% 50% 1% 1% 0% 44% 46% 40% 40% 34% 31% 30% 30% 20% 20% 13% 10% 10% 8% 10% 11% 1% 1% 0% 0% less than 20 20 and over never 1 per day 1 per week 1 per mo 1 per 6 mos 23 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  26. 26. Use a Smarthpone for Mobile Banking by Langauge Spoken at Home (figure 32, source: Zpryme and ThinkNow Research) 70% 90% 80% Satisfaction With Mobile Banking by Langauge Spoken at Home (figure 34, source: Zpryme and ThinkNow Research) Span dom Span and Eng Eng dom 82% 60% 72% 58% 52% 70% 57% 60% 54% 50% 50% 40% 40% 30% 36% 32% 30% 30% 20% 20% 9% 10% 10% 0% Span dom Span and Eng Eng dom 2% 0% 1% 0% very sat Span dom 60% 64% 60% some sat 40% 42% very unsat Span and Eng Eng dom 35% 32% 30% 39% 40% some unsat 49% 46% 42% 50% 50% neither 2% 1% 1% Mobile Banking Usage Frequency by Langauge Spoken at Home (figure 35, source: Zpryme and ThinkNow Research) Use a Tablet for Mobile Banking by Langauge Spoken at Home (figure 33, source: Zpryme and ThinkNow Research) 70% 13% 11% 30% 30% 20% 20% 10% 10% 14% 14% 12% 10% 9% 5% 1% 1% 2% 0% 0% Span dom Span and Eng Eng dom never 1 per day 1 per week 1 per mo 1 per 6 mos 24 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  27. 27. Use a Smarthpone for Mobile Banking by Cultural Identification (figure 36, source: Zpryme and ThinkNow Research) Close to Hispanic 90% 80% Satisfaction With Mobile Banking by Cultural Identification (figure 38, source: Zpryme and ThinkNow Research) 60% 77% 70% 70% 60% Close to Hispanic and U.S. 56% 53% 52% 50% 53% 40% 34% 34% 50% 30% 40% 25% 19% 20% 30% 11% 20% 10% 7% 1% 1% 2% 10% 3% 1% 3% some unsat very unsat 0% 0% Close to Hisp 60% Close to U.S. Close to Hisp and U.S. very sat Close to U.S. 50% neither Mobile Banking Usage Frequency by Cultural Identification (figure 39, source: Zpryme and ThinkNow Research) Use a Tablet for Mobile Banking by Cultural Identification (figure 37, source: Zpryme and ThinkNow Research) 51% some sat Close to Hispanic 60% Close to Hispanic and U.S. Close to U.S. 52% 49% 50% 44% 40% 34% 30% 39% 40% 35% 31% 29% 30% 20% 17% 20% 10% 10% 0% 15% 9% 9% 11% 0% 5% 1% 1% 2% Close to Hispanic Close to Hispanic and U.S. Close to U.S. never 1 per day 1 per week 1 per mo 1 per 6 mos 25 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  28. 28. Use a Smarthpone for Mobile Banking by Type of Media Used (figure 40, source: Zpryme and ThinkNow Research) 60% Span media 70% 53% Span and Eng media Eng media 62% 50% 40% Satisfaction With Mobile Banking by Type of Media Used (figure 42, source: Zpryme and ThinkNow Research) 60% 54% 52% 50% 35% 40% 35% 31% 30% 30% 30% 20% 20% 10% 12% 9% 10% 10% 1% 0% Span media Span and Eng media 0% very sat Eng media 75% Span media 60% 71% some sat neither 0% 2% 2% some unsat very unsat Mobile Banking Usage Frequency by Type of Media Used (figure 43, source: Zpryme and ThinkNow Research) Use a Tablet for Mobile Banking by Type of Media Used (figure 41, source: Zpryme and ThinkNow Research) 80% 0% 2% 1% Span and Eng media Eng media 70% 48% 47% 50% 60% 43% 40% 50% 40% 36% 34% 33% 30% 27% 30% 20% 20% 12% 10% 10% 13% 13% 10% 10% 7% 1% 1% 2% 0% 0% Span media Span and Eng media Eng media never 1 per day 1 per week 1 per mo 1 per 6 mos 26 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  29. 29. Satisfaction With Primary Bank Bank of America vs. Wells Fargo (figure 44, source: Zpryme and ThinkNow Research) Bank of America Smartphone Mobile Banking Usage Frequency Android vs. iPhone Users (figure 46, source: Zpryme and ThinkNow Research iPhone Wells Fargo Android 60% 50% 45% 47% 51% 44% 40% 40% 51% 50% 42% 42% 40% 35% 31% 30% 30% 25% 20% 20% 15% 15% 12% 8% 10% 4% 2% 5% 1% 0% very sat slight sat neither slight unsat 0% 0% very unsat 4% 0% never Satisfaction With Mobile Banking Service Bank of America vs. Wells Fargo (figure 45, source: Zpryme and ThinkNow Research) Bank of America 7% 10% 1 per day 1 per week 1 per mo Tablet Mobile Banking Frequncy iPad vs. All Other Tablets (figure 47, source: Zpryme and ThinkNow Research) Wells Fargo iPad 60% other tablets 60% 51% 52% 50% 50% 40% 37% 37% 40% 30% 35% 30% 20% 49% 48% 45% 20% 14% 11% 10% 10% 10% 0% 0% very sat slight sat neither 2% slight unsat 2% very unsat 5% 2% 2% 0% 0% 0% never 1 per day 1 per week 1 per mo 2% 1 per 6 mos 27 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  30. 30. Hispanic Mobile Bankers by Frequency of Use (% of group/demographic) (figure 48, source: Zpryme and ThinkNow Research Demographic never 1 per day 1 per week 1 per mon 1 per 6 mon female 6% 35% 45% 11% 2% male 11% 29% 47% 13% 0% 18-29 5% 34% 51% 9% 1% 30-44 6% 35% 40% 17% 1% less than or equal to HS 15% 35% 38% 11% 1% some college 7% 28% 53% 12% 1% 4 yr college grad + 7% 37% 42% 13% 2% less than $70 k 10% 32% 44% 14% 1% $70 k and over 3% 34% 53% 7% 4% Gender Age Group Education Income Smartphone Mobile Banking, Tablet Mobile Banking, and if User Visited Primary Bank Facebook Page (% of group/demographic) (figure 49, source: Zpryme and ThinkNow Research Demographic Smartphone Mobile Banking Tablet Mobile Banking Primary Bank Facebook Interaction female 70% 42% 29% male 68% 52% 42% 18-29 78% 54% 39% 30-44 75% 53% 40% less than or equal to HS 59% 43% 38% some college 71% 44% 30% 4 yr college grad + 72% 55% 44% less than $70 k 68% 44% 37% $70 k and over 76% 61% 37% Gender Age Group Education Income Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com 28
  31. 31. Demographics of Those Not Using Mobile Banking (% of group/demographic) (figure 50, source: Zpryme and ThinkNow Research Demographic Main Reasons for Not Having a Bank Account by Gender (figure 51, source: Zpryme and ThinkNow Research) % of respondents in group female Age Group 18-29 19% 30-44 20% 70% 45-60 37% over 60 65% male 80% 60% 67% 58% 50% Gender female 27% male 23% 40% 30% 25% 20% 20% Education less than or equal to HS 27% Some college 24% 4 yr college grad + 25% 20% 13% 10% 4% 0% not enough $ don't trust banks service charges too high Income less than $70 k 26% $70 k and over 20% 22% banks take too long to clear checks Main Reasons for Not Having a Bank Account by Age Group (figure 52, source: Zpryme and ThinkNow Research) 18-29 30-44 30% 25% 25% 23% 20% 15% 15% 15% 10% 10% 8% 5% 0% not enough $ don't trust banks banks take too long to clear checks 29 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  32. 32. Summary The growing influence of both Hispanics and mobile technology are on a collision course to shift the economic and social fabric of the U.S. All one has to do is take a look at the impact that Hispanics had on the 2012 U.S. Presidential Election to understand that politicians, small businesses and global conglomerates, communities, and advertising agencies are keenly aware that they must actively engage Hispanics if they want to win elections or meet quarterly sales targets. For the retail banking industry, understating Hispanic customer banking, media, and mobile technology habits should become a high priority today (not tomorrow) if they wish to remain competitive over the long-term. The overall findings in this report show that satisfying the mobile banking needs of Hispanics is essential to prevent them from switching their primary bank. Additionally, the mobile banking needs for Hispanics are likely to be different than the general population. Thus, banks must strategically evaluate the offerings for Hispanics (and various segments) to develop mobile banking features that meet their specific needs. Overall, banks that champion the voice of their Hispanic customers are the banks that will be the long-term winners in terms of customer satisfaction, customer loyalty, and profitability. 30 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  33. 33. Zpryme Hispanic Insights Practice Zpryme recognizes that Hispanics are comprised of many races and nationalities, speak several languages and span the socioeconomic spectrum. Irrespective of language or national origin, they share many commercially appealing traits: they are younger, open to new brand opportunities, upwardly mobile, and eager to embrace the "American experience." Contact Zpryme at: Email: hispanic.insights@zpryme Phone: +1 888.977.9631 Website: www.zpryme.com ThinkNow Research ThinkNow Research helps companies grow through better meeting the needs of the U.S. Hispanic consumer and the process gives this growing consumer segment a voice. Contact ThinkNow Research at: Email: info@thinknowresearch.com Phone: +1 818.843.0220 Website: www.thinknowresearch.com Disclaimer These materials and the information contained herein are provided by Zpryme Research & Consulting, LLC and are intended to provide general information on a particular subject or subjects and is not an exhaustive treatment of such subject(s). Accordingly, the information in these materials is not intended to constitute accounting, tax, legal, investment, consulting or other professional advice or services. The information is not intended to be relied upon as the sole basis for any decision which may affect you or your business. Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser. These materials and the information contained herein is provided as is, and Zpryme Research & Consulting, LLC makes no express or implied representations or warranties regarding these materials and the information herein. Without limiting the foregoing, Zpryme Research & Consulting, LLC does not warrant that the materials or information contained herein will be error-free or will meet any particular criteria of performance or quality. Zpryme Research & Consulting, LLC expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, noninfringement, compatibility, security, and accuracy. Prediction of future events is inherently subject to both known and unknown risks, uncertainties and other factors that may cause actual results to vary materially. Your use of these and the information contained herein is at your own risk and you assume full responsibility and risk of loss resulting from the use thereof. Zpryme Research & Consulting, LLC will not be liable for any special, indirect, incidental, consequential, or punitive damages or any other damages whatsoever, whether in an action of contract, statute, tort (including, without limitation, negligence), or otherwise, relating to the use of these materials and the information contained herein. 31 Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com
  34. 34. T R T EN FO EN IG H IG LL RC LL TE EA TE IN S N ET RE I K AN AR M INTELLIGENCE BY ZPRYME | ZPRYME.COM © 2013 ZPRYME RESEARCH & CONSULTING, LLC. ALL RIGHTS RESERVED.

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