Hispanic Market: Wealth, Banking, and Payment Trends
The Financial Services Market: Hispanics
Rising household incomes and increasing wealth translate to a need for the financial services industry to target Hispanic consumers across a wider and deeper range of products and services. Hispanic household wealth is expected to grow by more than 90% from 2010 to 2019, and the number of Hispanic households with a net worth of $100,000 or more is expected to top 3.5 million in 2018. However, homeowning Hispanic households have 16 times more wealth than non-homeowning Hispanic households. But while Hispanic consumers are more likely than average to use national banks, generational trends suggest that Bank of America is losing ground among younger Hispanics. And roughly half of the Hispanic payments by value are made via bank account drafts and debit cards—cost-effective payment choices that could be crowding out higher-margin payment options.
The Financial Services Market:
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