Trailblazing in Tech: Hispanic Consumers Reveal Mobile-First Mindset, Early Adoption of Fintech

Bank of America Survey Finds Hispanic Respondents Avid Users of
Mobile for Banking, Payments and Day-to-Day Tasks

CHARLOTTE, N.C.–(BUSINESS WIRE)–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.

Bank of America’s focus on mobile banking
With more than 21
million active mobile users and growing, Bank of America’s mobile
banking platform is an evolving source of increased customer engagement
and satisfaction. During the second quarter of 2016, mobile banking
customers logged into their accounts more than 900 million times, or
approximately 47 times per user. During that same period, customers made
more than 25 million mobile bill payments and nearly 80 million
transfers, a growth of 30 percent and 46 percent, respectively, over
2015. Customers also used their mobile devices to deposit more than
280,000 checks daily and to schedule 22,000 appointments per week with a
personal banker or financial center specialist, and were able to use
their smartphone at more than 2,800 cardless ATMs to withdraw cash. More
customers are opening new accounts through mobile, with sales increasing
by 48 percent over the past year.

In addition to the ability to set the mobile app language to Spanish,
recently added functionality includes:

  • Access universal help button from all pages.
  • Change or request new credit card PIN.
  • Redeem credit card rewards.
  • View FICO score.
  • Ability to lock and unlock debit cards.

the Bank of America Trends in Consumer Mobility Report

Research, Inc. (an independent market research company) conducted a
nationally representative telephone survey on behalf of Bank of America
March 29‒April 12, 2016. Braun surveyed 1,004 respondents throughout the
U.S., comprised of adults age 18+ with a current banking relationship
(checking or savings) and who own a smartphone. The survey was conducted
by phone to a dual-frame landline and cell. In addition, an oversample
of Hispanic consumers was conducted to bring the total number of surveys
with this demographic group to 575. The margin of error for the national
quota of n=1,004 is +/- 3.1 percent, and the margin of error for the
Hispanic oversample (where n=575) is +/- 4.1 percent, with each reported
at a 95 percent confidence level.

Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,700
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with approximately 33 million active accounts and more
than 21 million mobile active users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in
all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto
Rico and more than 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.

Visit the Bank of America newsroom for more Bank
of America news


Reporters May Contact:
Betty Riess, Bank of America, 1.415.913.4416