Study: Hispanics omnichannel users of banking services

Nov. 5, 2015

Hispanic consumers are omnichannel banking customers, according to "Financial Services and Hispanic Consumers," a survey by Synergistics Research.

Asked to identify the method they most prefer for financial activities, Hispanic consumers gave a fragmented response: one-third reported a preference for PC online banking, followed by mobile banking and ATMs in second and third place.

Among the general U.S. population, the No. 1 channel is online banking, followed by mobile banking and the branch in second and third place, and ATMs in fourth place.

Based on these findings, "When targeting the Hispanic population it is essential that providers promote the variety of available channel options at their institution," said Synergistics CEO William H. McCracken.

He added that "Although the branch falls behind PC and mobile banking or ATMs when Hispanic respondents are forced to choose a preferred channel, this does not mean the branch is not an important channel for this group. Hispanics exhibit strong branch usage and it is an important point of contact with this group that should not be neglected.”

The Synergistics study included 1,000 online interviews — 800 with self-identified Hispanic consumers and 200 with non-Hispanic consumers for comparison purposes. 

Topics: Mobile Banking, Trends / Statistics

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