hispanic mobile banking_trends_study_think_now_research

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  • 1.ZPRYME & THINKNOW RESEARCH PRESENTHISPANIC MOBILE BANKING TRENDSFEBRUARY 2013MOBILE BANKING USAGE TRENDS ON TABLETS & SMARTPHONESSPONSORED BYINTELLIGENCE BY ZPRYME | ZPRYME.COM | SMARTGRIDRESEARCH.ORG 2013 ZPRYME RESEARCH & CONSULTING, LLC. ALL RIGHTS RESERVED.

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 ..............................14SWITCH 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. 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 banks 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 institutions 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. Zpryme Hispanic Insights PracticeThinkNow ResearchHispanics 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.Zprymes 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 otherand 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 segmen

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