Hispanics Shunning Financial Institutions
A significant number of Hispanic consumers cashing checks in bank branches do not have a relationship with a bank, savings institution, or credit union, according to a recent research study by Synergistics Research Corp.
While only about four in ten Hispanic respondents reported having a relationship with a bank or savings institution, branch usage is reported by more than eight in ten Hispanic respondents. Overall, Hispanic consumers visit branches a mean of 3.6 times per month, or a median of 2.0. Cashing checks is one of the most widely indicated branch activities, being reported by half of those visiting branches, the company said.
"Results from our survey reveal that there are significant opportunities for leveraging branches as account acquisition or conversion platforms," said Synergistics CEO William H. McCracken.
The study, entitled "Hispanic Market Monitor 2005," is based on 1,000 telephone interviews with self-identified Hispanic consumers age 18 or older.
For info: www.synergisticsresearch.com