30% of mobile banking users are Hispanic

Mobile banking has grown 129% in two years to 13 million+ mobile subscribers, fueled in large part by the younger Hispanic market, according to the Nielsen Company. Those who use their mobile phone for banking tend to be younger, male and more ethnically diverse. Specifically, 30% or 3.9 million users are Hispanic.

Further, and this is a plus for the Hispanic market, mobile web banking is expected to level the playing field for the banked, unbanked, young, old, rich, poor, downtown, uptown or out-of-town, the study says.

Other findings included:

-- 36 percent are between the ages of 25-34, while only 18 percent
represent that same age group online
-- Males represent 53 percent of this population versus 43 percent online
-- 30 percent are Hispanic while this same user group represents only 11
percent of the online banking population
-- Those who use SMS texting for mobile banking – either from a smart phone
or a standard feature phone – represent the largest group of mobile bankers.