Hispanic Consumers Reveal Mobile-First Mindset, Early Adoption of Fintech [INFOGRAPHIC]

Hispanic consumers are significantly more likely to engage with mobile to manage their finances, with 78 percent using a mobile banking app, compared to approximately half (51 percent) of non-Hispanics. What’s more, nearly three-quarters (69 percent) of the Hispanic community cite digital as their primary method of banking.

These are new findings released today from the Bank of America Trends in Consumer Mobility Report, exploring mobile trends and banking behaviors among consumers who own a smartphone and have an existing banking relationship at any financial institution. The release of the survey follows the bank’s recent introduction of its mobile app in Spanish.

The report reveals similar insights when examining mobile payments. More than half (56 percent) of Hispanics would use or already use their phone to make purchases at checkout, compared to just 36 percent of their non-Hispanic counterparts. Seventy-seven percent of Hispanics say they’re likely to use emerging payment methods such as mobile wallets and social media apps, with 72 percent citing they would use or already use their bank’s peer-to-peer payments service.

“This survey reinforces what our Hispanic customers show us every day ‒ the Hispanic community leads the way in mobile adoption, usage and engagement,” said Michelle Moore, head of digital banking at Bank of America. “We’re committed to delivering solutions that meet the needs and behaviors of these consumers, such as our recently released mobile app available in Spanish.”

Banking on the go

Of those Hispanic respondents using a mobile banking app, nearly half (45 percent) are accessing their app once a day or more, in contrast to 32 percent of non-Hispanic respondents. Hispanic users also appear more active with their finances via mobile:

•     In examining overall activity, Hispanics are more likely than non-Hispanics to deposit a check (53 percent) and send money to others (37 percent).
•     When it comes to notifications, Hispanics are also significantly more likely to use mobile banking alerts (93 percent), specifically low balance (50 percent) and card charge overage alerts (48 percent).

Leading the digital lifestyle

This “always on” mentality is also seen in everyday communications, as Hispanic respondents (35 percent) say they are most likely to interact with their smartphone in an average day more than anyone or anything else, including their significant other (29 percent). They are more likely than non-Hispanics to own more than one mobile device (64 percent), and cite texting (32 percent) as their preferred communications method.

Over sharing or fear of missing out? Hispanic respondents also confirmed they are more inclined to share events with others, as nearly all (95 percent) consumers say they want to have their smartphone on hand to capture important life milestones. They’re also more likely than non-Hispanics to post these life moments on social media (78 percent, compared to 69 percent).

Conversely, they are also more likely to use their device to avoid social interactions (66 percent, compared to 40 percent), with holiday gatherings (32 percent), family dinners (28 percent) and school (26 percent) the top places to do so.

Other notable findings from the report include:

•     Selfie nation: Nearly nine in 10 (85 percent) Hispanic respondents say they take selfies, compared to 71 percent of non-Hispanics.
•     Emoji engagement: More than four in five (81 percent) Hispanic consumers admit to using emojis, and nearly one in five (19 percent) say they use them in every text.
•     Instant gratification: Four in five (80 percent) Hispanics feel the appropriate response time to a text should be under an hour, and approximately one in five (18 percent) think it should be “instantly.”
•     Read the room: More than half (54 percent) admit they call or text someone when they’re in the same room, notably higher than non-Hispanics at 36 percent.
•     Plugged in to politics: The vast majority (68 percent) of Hispanics cite they are using their smartphone to engage with the upcoming election cycle in some capacity, compared to less than half (47 percent) of non-Hispanics.