Transcript
Page 1: Hispanic mobile banking_trends_study_think_now_research

INTELLIGENCE BY ZPRYME | ZPRYME.COM | SMARTGRIDRESEARCH.ORG© 2013 ZPRYME RESEARCH & CONSULTING, LLC. ALL RIGHTS RESERVED.

ZPRYME & THINKNOW RESEARCH PRESENT

MOBILE BANKING USAGE TRENDS ON TABLETS & SMARTPHONES

HISPANIC MOBILEBANKING TRENDS

FEBRUARY 2013

SPONSORED BY

Page 2: Hispanic mobile banking_trends_study_think_now_research

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

...

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

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.

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Zpryme Hispanic Insights Practice

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.‖

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.

ThinkNow Research

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.

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.

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

12 Major Findings

1

Nearly seven out of ten

(69%) use their smart/cell

phones to do mobile

banking.

5

Nearly one-third (30%) said

they would switch their

primary banks to get

mobile banking services.

9

Hispanics with incomes

above $70k were

significantly more likely to

use mobile banking on a

tablet that those with

incomes below $70k.

2 Nearly five out of ten (47%)

use their tablet to conduct

mobile banking. 6

Nearly three out of ten

(27%) said their usage of

mobile banking has

‗increased substantially‘

over the last year.

10

Among those who do not

use mobile banking,

‗information security‘ (44%)

was cited as the main

reason for not using mobile

banking.

3

Among those who use

mobile banking, 55% said

they were ‗very satisfied‘

with their mobile banking

service.

7

Among mobile banking

users, 44% said they had

visited their primary bank‘s

Facebook page.

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.

4

Among mobile banking

users, 35% said they use

mobile banking ‗at least

once per day‘.

8

iPhone and iPad owners

were significantly more

likely to use mobile banking

more frequently than non-

iPhone and iPad owners.

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.

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Assessment, Implications, and Recommendations

Assessment

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.

1 www.alixpartners.com/en/MediaCenter/PressReleaseArchive/tabid/821/articleType/, 2012. 2 www.federalreserve.gov/econreadata/mobile-device-report-201203.pdf, 2012. 3 www.the-exchange.ca/upload/docs/comScore%202011, 2012.

Implications

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.

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

4 Ibid.

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

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

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

Incorporating social networking sites to address

banking issues could lead to greater customer

5 www.banktech.com/channels/usaa-tops-mobile-banking-app-us-study/232700497, 2012. 6 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.

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.

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.

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Overall Survey Results

Gender

The sample was almost split evenly between males (49%) and

females (51%) with an age spread from 18 to those over 60

years.

Age

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%).

Male , 49%

Female ,

51%

What is your gender?

(figure 1, source: Zpryme and ThinkNow Research)

18-29 , 39%

30-44, 38%

45-60, 19%

Over 60, 4%

What is your age?

(figure 2, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Education Level

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.

Combined Income

Household incomes for over half (52%) were $40,000 or lower;

but 6% had an income over $100,000 annually.

2%

5%

21%

27%

10% 10%

19%

6%

0%

5%

10%

15%

20%

25%

30%

What is your education level?

(figure 3, source: Zpryme and ThinkNow Research)

4%

8%

12%

18%

14%

11% 10%

3%

7% 6% 6%

0%

5%

10%

15%

20%

What is your total combined income?

(figure 4, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Years Lived in the U.S.

Six out of ten (61%) of the respondents had lived in the U.S. for

over 20 years.

Language Spoken at Home

Nearly four out of ten (37%) mostly spoke Spanish, while 36%

mostly spoke English. Twenty-six percent spoke Spanish and

English equally.

0-4, 4%

5-9, 13%

10-14, 13%

15-19, 9%

20 years or

more, 61%

How many years have you lived in the United States?

(figure 5, source: Zpryme and ThinkNow Research)

Spanish

only, 11%

Spanish

mostly, 26%

Spanish and

English

equally, 26%

English

mostly, 18%

English only,

18%

What language do you usually speak at home?

(figure 6, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Cultural Identification

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%).

Media Usage Habits

Their media habits (TV, radio, internet, magazines, etc.) tended

to drift towards English media (45%) or equally Spanish and

English (35%).

Much closer to

Hispanic/Latino

Culture, 26%

Somewhat

closer to

Hispanic/Latino

Culture , 15%

Equally close to

both cultures ,

38%

Somewhat

closer to U.S.

Culture, 12%

Much closer to

U.S. Culture, 9%

Thinking of your overall cultural identification, would

you say you feel…?

(figure 7, source: Zpryme and ThinkNow Research)

Spanish media

only, 6%

Spanish media

mostly, 15%

Equally Spanish

and English

media, 35%

English media

mostly, 25%

English media

only, 20%

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)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Smartphone 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.

Tablet Ownership

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%).

21%

1%

2%

4%

6%

20%

46%

None

Palm

Other

Microsoft

RIM (Blackberry)

iPhone

Android

0% 10% 20% 30% 40% 50%

Do you own a smartphone? (by OS)

(figure 9, source: Zpryme and ThinkNow Research)

47%

1%

1%

1%

1%

1%

1%

2%

5%

7%

7%

26%

0% 10% 20% 30% 40% 50%

None

Asus

Motorola Xoom

Acer

Nook

Toshiba

Google Nexus

Blackberry Playbook

Other

Samsung

Kindle Fire

iPad

Do you own a tablet? (by brand)

(figure 10, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Primary Bank

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.

Primary Bank Satisfaction

The respondents were mostly either very satisfied (52%) or

somewhat satisfied (37%) with their primary banks.

1%

1%

1%

1%

2%

2%

2%

2%

3%

4%

4%

6%

8%

8%

17%

29%

0% 5% 10% 15% 20% 25% 30% 35%

Branch Banking and Trust

Compass Bank

Regions Bank

Union Bank

PNC Bank

USAA Federal Savings Bank

U.S. Bank

Sun Trust Bank

Capital One

Chase

Credit unions (various)

Citibank

Do not have one

JP Morgan Bank

Wells Fargo Bank

Bank of America

Which is your primary bank?

(figure 11, source: Zpryme and ThinkNow Research)

Very

unsatisfied, 1%

Somewhat

unsatisfied, 2%

Neither satisfied

or unsatisfied,

9%

Somewhat

satisfied, 37%

Very satisfied,

52%

How satisfied are you with your primary bank?

(figure 12, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Mobile Banking Offered by Primary Bank

Eight out of ten (81%) said that their banks offered mobile

banking

Online Banking Use

And an overwhelming majority (87.0%) said they used online

banking (desktop PC, 30%; laptop, 24%; PC and laptop, 33.0%).

No, 4%

Not sure, 16%

Yes, 81%

Does your primary bank offer mobile banking?

(figure 13, source: Zpryme and ThinkNow Research)

No, 13%

Yes, from my

laptop, 24%

Yes, from my

desktop PC,

30%

Yes, from

both my

desktop PC

and my

laptop, 33%

Do you use online banking?

(figure 14, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Smartphone 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%).

Tablet Mobile Banking Activities

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%).

1%

4%

6%

9%

12%

16%

28%

36%

37%

43%

62%

80%

0% 20% 40% 60% 80%

Other

Applying for loan/credit card

Managing investments

Editing account preferences

Asking for customer service

Depositing checks remotely

Finding nearest bank/ATM

Paying bills

Transferring money

Receiving bank alerts

Viewing transactions

Checking my balance

What type/s of mobile banking are you doing

on your smartphone?

(figure 15, source: Zpryme and ThinkNow Research)

1%

4%

10%

11%

11%

14%

30%

38%

46%

46%

66%

74%

0% 20% 40% 60% 80%

Other

Applying for loan/credit card

Asking for customer service

Managing investments

Depositing checks remotely

Editing account preferences

Finding nearest bank/ATM

Receiving bank alerts

Paying bills

Transferring money

Viewing transactions

Checking my balance

What type of mobile banking are you doing

on your tablet?

(figure 16, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Mobile Banking Satisfaction

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.‖

Mobile Banking Usage Frequency

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%).

Very unsatisfied, 1%

Somewhat unsatisfied, 1%

Neither satisfied or unsatisfied, 11%

Somewhat satisfied, 32%

Very satisfied, 55%

How satisfied are you with your mobile banking

services?

(figure 17, source: Zpryme and ThinkNow Research) At least once

every 6 months,

1%

At least once

per week, 50%

At least once

per month, 13%

At least once

per day, 35%

How often do you use mobile banking?

(figure 18, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Switch Primary Banks for Mobile Banking Services

Nearly one-third (30%) said they would switch their primary

banks to get mobile services.

Reasons for Using Mobile Banking

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%).

42%

10%

18%

10%

20%

0% 10% 20% 30% 40% 50%

I already have mobile services

Definitely no

Probably no

Definitely yes

Probably yes

Would you switch your primary bank to

get mobile services

(figure 19, source: Zpryme and ThinkNow Research)

46%

50%

57%

77%

0% 20% 40% 60% 80%

Speed of transactions

Services available 24/7

Can see immediate results

Convenience

Why do you use mobile banking?

(figure 20, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Primary Bank Social Media Interaction

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%).

Mobile Banking Usage Change

Over six out of ten (62%) said that their mobile banking had

increased either substantially (27%) or slightly (35%) over the last

year.

57%

4%

15%

17%

21%

44%

0% 10% 20% 30% 40% 50% 60%

No

Pinterest

Twitter

Youtube

Google +

Facebook

Have you interacted with your primary bank's social

media page using your smartphone or tablet?

(figure 21, source: Zpryme and ThinkNow Research)

Has decreased

substantially ,

1%

Has decreased

slightly , 1%

Has stayed the

same , 36%

Has increased

slightly, 35%

Has increased

substantially ,

27%

How has your mobile banking changed

over the last year?

(figure 22, source: Zpryme and ThinkNow Research)

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Reasons for Increased 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%).

Reasons for Decreased Use of Mobile Banking

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%).

*Base size too low for stable results. Above results are directional in

nature

1%

4%

4%

9%

15%

25%

42%

0% 10% 20% 30% 40% 50%

Other

It is easier for me to transfer or send

money to family

All of my friends/family now use

mobile banking

It is easier for me to make payments

I have a new device which makes

mobile banking easier to use

I trust the security of my information

more

The services are easier to use

What is the main reason your mobile banking has

increased over last year's usage?

(figure 23, source: Zpryme and ThinkNow Research)

11%

11%

22%

22%

33%

0% 10% 20% 30% 40%

My information was stolen/hacked

Other

Costs for internet connectivity too

high

Fear that someone will steal/use my

mobile device

I prefer personal contact (face-to-

face, telephone)

What is the main reason your mobile banking has

decreased over last year's usage?

(figure 24, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Main Reasons Mobile Banking Not Used

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%).

Reason for Not Having a Bank Account

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)

Reason Response

Percent

Do not trust banks 17%

Do not have enough money to need a bank account 13%

The service charges of bank accounts are too high 11%

Do not see the value of having a bank account 8%

The minimum balance requirement of bank accounts is too high 7%

Banks take too long to clear checks 7%

Banks do not feel comfortable or welcoming 4%

Do not write enough checks to make it worthwhile to have a bank

account 4%

The banks have inconvenient hours 3%

There is no bank near home or work 3%

There are language barriers at banks 3%

Could not manage or balance a bank account 3%

Requires too many identification documents to open a bank

account 1%

Do not know how to open a bank account 1%

Credit problems 1%

1%

2%

4%

5%

8%

16%

21%

44%

0% 10% 20% 30% 40% 50%

The services I want are not available

My banking applications are hard to

use/don‘t work

My bank doesn‘t offer mobile

services

Internet connections take too long

or don‘t hold

Other

My mobile screen is too small

Don‘t have smartphone, cell phone,

or tablet with internet access

Concerned about information

security

What is the main reason you are not

using mobile banking?

(figure 25, source: Zpryme and ThinkNow Research)

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Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

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? Forty-

one 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.

Very likely,

13%

Not likely at

all, 15%

Not too

likely, 31%

Somewhat

likely, 41%

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)

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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%).

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Media Language Preference

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.

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.

Age Analysis

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%).

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%).

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Income Analysis

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%).

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

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%).

iPad vs. All Other Tablets

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.

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%).

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74%

66%

0%

10%

20%

30%

40%

50%

60%

70%

80%

less than 20 20 and over

Use a Smarthpone for Mobile Banking

by Number of Years Lived in the U.S.

(figure 28, source: Zpryme and ThinkNow Research)

48% 46%

0%

10%

20%

30%

40%

50%

60%

less than 20 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)

58%

30%

10%

1% 1%

53%

34%

11%

1% 1%

0%

10%

20%

30%

40%

50%

60%

70%

very sat some sat neither some unsat very unsat

Satisfaction With Mobile Banking

by Number of Years Lived in the U.S.

(figure 30, source: Zpryme and ThinkKow Research)

less than 20 20 and over

8%

34%

44%

13%

1%

10%

31%

48%

11%

1%

0%

10%

20%

30%

40%

50%

60%

never 1 per day 1 per week 1 per mo 1 per 6 mos

Mobile Banking Usage Frequency

by Numbe of Years Lived in the U.S.

(figure 31, source: Zpryme and ThinkNow Research)

less than 20 20 and over

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72%

82%

57%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Span dom Span and Eng Eng dom

Use a Smarthpone for Mobile Banking

by Langauge Spoken at Home

(figure 32, source: Zpryme and ThinkNow Research)

42%

64%

39%

0%

10%

20%

30%

40%

50%

60%

70%

Span dom Span and Eng Eng dom

Use a Tablet for Mobile Banking

by Langauge Spoken at Home

(figure 33, source: Zpryme and ThinkNow Research)

58%

32%

9%

0% 2%

52%

36%

11%

1% 1%

54%

30%

13%

2% 1%

0%

10%

20%

30%

40%

50%

60%

70%

very sat some sat neither some unsat very unsat

Satisfaction With Mobile Banking

by Langauge Spoken at Home

(figure 34, source: Zpryme and ThinkNow Research)

Span dom Span and Eng Eng dom

10%

32%

49%

9%

1%

5%

35%

46%

14%

1%

12%

30%

42%

14%

2%

0%

10%

20%

30%

40%

50%

60%

never 1 per day 1 per week 1 per mo 1 per 6 mos

Mobile Banking Usage Frequency

by Langauge Spoken at Home

(figure 35, source: Zpryme and ThinkNow Research)

Span dom Span and Eng Eng dom

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77%

70%

53%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Close to Hisp Close to Hisp and U.S. Close to U.S.

Use a Smarthpone for Mobile Banking

by Cultural Identification

(figure 36, source: Zpryme and ThinkNow Research)

51% 49%

34%

0%

10%

20%

30%

40%

50%

60%

Close to Hispanic Close to Hispanic and U.S. Close to U.S.

Use a Tablet for Mobile Banking

by Cultural Identification

(figure 37, source: Zpryme and ThinkNow Research)

56%

34%

7%

1% 3%

53%

34%

11%

1% 1%

52%

25%

19%

2% 3%

0%

10%

20%

30%

40%

50%

60%

very sat some sat neither some unsat very unsat

Satisfaction With Mobile Banking

by Cultural Identification

(figure 38, source: Zpryme and ThinkNow Research)

Close to Hispanic Close to Hispanic and U.S. Close to U.S.

5%

35%

44%

15%

1%

9%

29%

52%

9%

1%

17%

31%

39%

11%

2%

0%

10%

20%

30%

40%

50%

60%

never 1 per day 1 per week 1 per mo 1 per 6 mos

Mobile Banking Usage Frequency

by Cultural Identification

(figure 39, source: Zpryme and ThinkNow Research)

Close to Hispanic Close to Hispanic and U.S. Close to U.S.

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35%

53%

1%

0%

10%

20%

30%

40%

50%

60%

Span media Span and Eng media Eng media

Use a Smarthpone for Mobile Banking

by Type of Media Used

(figure 40, source: Zpryme and ThinkNow Research)

71%

75%

36%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Span media Span and Eng media Eng media

Use a Tablet for Mobile Banking

by Type of Media Used

(figure 41, source: Zpryme and ThinkNow Research)

62%

30%

9%

0% 0%

52%

35%

10%

2% 2%

54%

31%

12%

1% 2%

0%

10%

20%

30%

40%

50%

60%

70%

very sat some sat neither some unsat very unsat

Satisfaction With Mobile Banking

by Type of Media Used

(figure 42, source: Zpryme and ThinkNow Research)

Span media Span and Eng media Eng media

12%

27%

47%

13%

1%

7%

34%

48%

10%

1%

10%

33%

43%

13%

2%

0%

10%

20%

30%

40%

50%

60%

never 1 per day 1 per week 1 per mo 1 per 6 mos

Mobile Banking Usage Frequency

by Type of Media Used

(figure 43, source: Zpryme and ThinkNow Research)

Span media Span and Eng media Eng media

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47%

40%

8%

4% 1%

44% 42%

12%

2% 0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

very sat slight sat neither slight unsat very unsat

Satisfaction With Primary Bank

Bank of America vs. Wells Fargo

(figure 44, source: Zpryme and ThinkNow Research)

Bank of America Wells Fargo

51%

37%

11%

0% 2%

52%

37%

10%

2% 0%

0%

10%

20%

30%

40%

50%

60%

very sat slight sat neither slight unsat very unsat

Satisfaction With Mobile Banking Service

Bank of America vs. Wells Fargo

(figure 45, source: Zpryme and ThinkNow Research)

Bank of America Wells Fargo

0%

51%

42%

7%

4%

31%

51%

15%

0%

10%

20%

30%

40%

50%

60%

never 1 per day 1 per week 1 per mo

Smartphone Mobile Banking Usage Frequency

Android vs. iPhone Users

(figure 46, source: Zpryme and ThinkNow Research

iPhone Android

2%

45%

49%

5%

0% 2%

35%

48%

14%

2%

0%

10%

20%

30%

40%

50%

60%

never 1 per day 1 per week 1 per mo 1 per 6 mos

Tablet Mobile Banking Frequncy

iPad vs. All Other Tablets

(figure 47, source: Zpryme and ThinkNow Research)

iPad other tablets

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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

Gender

female 6% 35% 45% 11% 2%

male 11% 29% 47% 13% 0%

Age Group

18-29 5% 34% 51% 9% 1%

30-44 6% 35% 40% 17% 1%

Education

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%

Income

less than $70 k 10% 32% 44% 14% 1%

$70 k and over 3% 34% 53% 7% 4%

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

Gender

female 70% 42% 29%

male 68% 52% 42%

Age Group

18-29 78% 54% 39%

30-44 75% 53% 40%

Education

less than or equal to HS 59% 43% 38%

some college 71% 44% 30%

4 yr college grad + 72% 55% 44%

Income

less than $70 k 68% 44% 37%

$70 k and over 76% 61% 37%

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Demographics of Those Not Using Mobile Banking

(% of group/demographic)

(figure 50, source: Zpryme and ThinkNow Research

Demographic % of respondents in group

Age Group

18-29 19%

30-44 20%

45-60 37%

over 60 65%

Gender

female 27%

male 23%

Education

less than or equal to HS 27%

Some college 24%

4 yr college grad + 25%

Income

less than $70 k 26%

$70 k and over 22%

58%

25%

13%

4%

67%

20% 20% 20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

not enough $ don't trust banks service charges

too high

banks take too

long to clear

checks

Main Reasons for Not Having a Bank Account

by Gender

(figure 51, source: Zpryme and ThinkNow Research)

female male

25%

10%

15% 15%

23%

8%

0%

5%

10%

15%

20%

25%

30%

not enough $ don't trust banks 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

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30

Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

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.

Page 33: Hispanic mobile banking_trends_study_think_now_research

31

Hispanic Mobile Banking Trends Study | February 2013 | Zpryme Hispanic Insights Practice & ThinkNow Research | www.zpryme.com | www.thinknowresearch.com

Zpryme Hispanic Insights Practice

Zpryme recognizes that 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."

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: [email protected]

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.

Page 34: Hispanic mobile banking_trends_study_think_now_research

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