How to engage with Hispanics about personal finance

Key takeaways for marketers:

    • Mobile content and mobile apps get you in the game, but personalization and being multi-channel are very important for marketing to Hispanic consumers
    • Personal privacy and information security are crucial
  • Mobile savvy MundoHispánico users have a strong preference for content in Spanish

With Hispanics feeling more optimistic about their financial futures today than at any time since the start of the Great Recession in 2008, demand for personal financial planning services is strong. In fact, about three quarters of Hispanics reported being “very concerned” or “somewhat concerned” about their retirement or long-term care.

Retirement or Long-term Care Concerns

Another important factor in how Hispanics approach personal finance is the predominance of smartphones. Ten years ago, smartphones and mobile apps were largely non-existent in consumer markets. Today, they are indispensable and consumers use them to make dozens of financial transactions – small and large – every week.

Hispanics are no different, except for the important fact that they over index in mobile usage, living on the bleeding edge of the digital revolution. Indeed, 96 percent of all traffic to MundoHispánico.com comes from mobile devices. This preference for mobile among Spanish dominant audiences holds important implications for online banking and financial planning. For example, 70 percent of MundoHispánico users research products and services and make a financial transaction on their smartphones at least once a week.

Frequency of Mobile and Financial Activities

But simply being present on mobile is not enough. It pays for brands to dig a bit deeper to understand how to win the trust of this highly engaged audience.

“There’s no magic bullet when it comes to reaching the Hispanic household,” said Alberto Perez, senior director of revenue and partnerships at MundoHispánico. “Launching a mobile campaign marketing to Hispanic consumers isn’t enough. Marketers and brands need to understand their concerns and motivations when using mobile devices and content within the context of their daily lives in order to create personalized campaigns and user experiences that people trust.”

Any pause in embracing online or mobile banking for Hispanics lies in trust and safety concerns. While MundoHispánico users are early mobile adopters and like to bank online and on mobile, they are concerned about divulging and losing their personal information. As with other preferences, this will remain true of late technology adopters as well, so marketers targeting Hispanics need to ensure they clearly articulate their safety and security message to customers – in both English and Spanish.

Language

One language is one too few. If you’re going to develop mobile products and services for Hispanics you should plan on investing in a bi-lingual experience. Popular opinion might tell you that the universal language of the Internet is English, but when it comes to mobile banking almost 50 percent of MundoHispánico users prefer Spanish followed closely by those who like to use Spanish and English equally.

MundoHispánico users reported using online news and websites as their primary source of information for banking and personal finance, very closely followed by visiting a bank branch. As with many other consumer groups, having a brick and mortar presence seems to bolster trust among Hispanic consumers by making it real. Companies with an offline presence or content may have an advantage over purely online financial services companies.

Media and marketing planning food for thought

  • Hispanics are very concerned about their online privacy. Within your multicultural marketing and product platforms you must ensure you clearly articulate how you protect their personal information and that the experience engenders a sense of trust with your brand. A best practice is to ensure your privacy policy is prominent and easy to understand.
  • Hispanics are very mobile savvy, but you must absolutely see them as multi-channel consumers who rely on many sources of information when making buying decisions. Do your homework when segmenting an audience within this market to better understand what influences them as it relates to your specific offering. One size does not fit all.
  • Invest in bi-lingual mobile experiences and content. Hispanic families are multi-generational with parents sharing decision making and their children introducing the latest apps with them and the generation before them. This ensures accessibility that comes with the added benefit of creating trust.

About MundoHispánico:

From its start in Atlanta, Ga. in 1979, Mundo Hispano Digital Network’s flagship media property MundoHispanico.com has quickly grown from the most-read Spanish language weekly newspaper in the Southeast to one of the largest Spanish-language news and information websites in the U.S. In addition to breaking news, MundoHispanico.com delivers exclusive lifestyle content in categories such as Auto, Food, Latina, Health, Money and more. MHDN reaches an audience of 14 million loyal users each month.

MundoDinero:

An online community of Latinos following their path to reach the American Dream. From education and jobs, to marriage, family, and even the caregiving of our loved ones, the MundoDinero vertical guides the audience on all aspects of personal finance.

For more information, please contact: tmayes@mundohispanico.com