By : Shelagh Munday
February 02, 2015 01:04 PM
The US Census Bureau estimates that there are roughly 54 million Hispanics living in the United States, which is approximately 17 percent of the population. So, ensuring that your banking service meets your customer needs means getting to know cultural nuances is vital for banks.
Nandita Bakhshi, executive vice president in the retail distribution and product division of TD Bank, said: “More than 20 percent of Hispanic millennials have gone to a bank branch more often than (they did) last year for advice,” and this was related to new sales opportunities, including savings, budgeting and credit cards. The 2014 TD Bank Checking Experience Index survey found a big improvement in how Hispanics view their banks’ customer experience. Eighty-four percent consider their day-to-day experience with their checking accounts excellent or very good, which is up from 4 percent from last year.
Additionally, language and translation is an area that banks should make available via all channels, as it is clearly important, and this research found that most banks are bridging the gap for their customers. More than half (59 percent) of Hispanic consumers said that availability of materials in Spanish was either excellent or very good.
It also found that Hispanics are much more active when they go to their branch - making deposits, withdrawing money and seeking advice. Human interaction matters a lot to this demographic. Four-fifths (82 percent) said their bank offered a “friendly and helpful service.” When it comes to making day-to-day banking easier, almost as many (78 percent) said their bank was either very good or excellent.
Banks and Credit Unions should consider these key findings since they highlight that human support is a key priority for offering advice on products and services.