Hispanic Consumers and Financial Services - US - July 2013
“Engaging with underbanked Hispanics is not a one-off process. Hispanics who do begin using banking products need to be convinced of their ongoing value in order to stay engaged. In addition, Hispanics who do use some banking products can always be educated about other products that they might not be utilizing to their maximum benefit. Marketers can target specific Hispanic goals to tap into Hispanic optimism that is both engrained in the culture but also growing with the economic recovery.”
– Susan Menke, Category Manager, Multicultural
Some questions answered in this report include:
- How can institutions engage with an underserved Hispanic market?
- What about increasing Hispanic use of more sophisticated, beneficial products?
- How can marketers make the most of Hispanic optimism?
Hispanics are a large and fast-growing populationwho are largely underserved by banks and financial institutions. Because the Hispanic population is a diverse group with a varied set of attitudes toward money, there is a great opportunity for marketers who can provide Hispanics with financial products and services that are relevant to their specific needs.
- Important demographics of the Hispanic consumer, including how varying levels of acculturation and income affect usage of financial products
- A current account of the financial position of Hispanic consumers, including financial products currently used and attitudes regarding their economic outlook
- Insights into the significance of the underbanked Hispanic community: who they are, why they avoid banks, and how financial institutions can reach them and grow their business
- Hispanic consumers’ financial goals and how financial institutions can make their products relevant
- Where Hispanic consumers get their financial information and how financial institutions can best target their messaging.
The categories covered in the report include Hispanic demographics, acculturation, and Hispanic’s attitudes toward money and purchasing. In discussing the various banking and investment choices, we also address which segment of the Hispanic population is the primary target for these different products and services. To do so, we’ll look at consumption habits by language (Spanish, English, and bilingual) to provide insights for targeting those segments of the Hispanic population. We will also discuss and provide examples of financial services trends and opportunities.
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