Discovering YOU Magazine March 2017 Issue | Page 24

BUSINESS AND FINANCE

Hispanics at the Forefront of Digital Banking Trends

Article by Bank of America, BPT website

(BPT) - With a population of more than 55 million and estimated buying power of over $1.5 trillion, Hispanics in the United States are continuing to shape economic trends; however, as new research finds, they're shaping digital trends as well.

This year's Bank of America Trends in Consumer Mobility Report shows Hispanic consumers are increasingly reliant on mobile devices to navigate daily life. In fact, 35 percent of Hispanics say they are more likely to interact with their Smartphone in an average day than anything or anyone else, including their significant other.

The survey, which explored mobile trends and banking behaviors among adults across the country, found this digital lifestyle also extends to how they manage their finances. More than three-quarters (78 percent) of Hispanic consumers use a mobile banking app and 69 percent cite digital as their primary method of banking. These numbers mark a stark contrast from non-Hispanic users, whose percentages were 51 and 61 percent, respectively.

"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, adding that it was the actions of the Hispanic community

"- the Hispanic community leads the way in mobile adoption, usage and engagement," said Michelle Moore, head of digital banking at Bank of America, "