The rising population of global citizens (ie foreign-born) in the US, which accounts for over 14% of the country’s total population, represents a significant opportunity for FIs to engage with a diverse and growing customer base. This group brings unique financial needs shaped by cultural and linguistic needs, requiring banks to adopt inclusive and tailored approaches.
Foreign-born adults value accessibility, trust, and affordability when choosing financial providers. Fee-free overdraft protection and international transfers are features that appeal strongly to this group, while personal networks and community involvement play a critical role in their engagement with financial advice and providers.
Personalized products, educational resources, and community-driven outreach must remain top-of-mind for FIs looking to foster trusting, long-term relationships with a group that is vital to the country’s economy and society.
Note: In the context of this report, “foreign-born” refers to adults who were born outside the US, while “newcomers” refers to foreign-born adults who have resided in the country for less than five years. These consumers are also collectively referred to as “global citizens”.
Consumers born outside of the US represent a dynamic and growing market for FIs, driving the need for inclusive, accessible, culturally sensitive solutions.
Amr Hamdi, Senior Analyst – Financial Services
“Foreign-born” refers to adults that were born outside of the US, while “newcomers” refers to foreign-born adults that have resided in the country for less than five years. These consumers are also collectively referred to as “global citizens”.
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