Understanding the Hispanic Consumer Banking Market

The Challenge

tax_checklist_v2_200A major national bank’s senior marketing team was considering whether to revise its strategy for selling to and serving Hispanics in the U.S. To support that initiative, the firm wanted to learn how its competitors approach this demographic and benchmark its existing services and marketing efforts versus other banks. The firm enlisted Corporate Insight to explore the different phases of the Hispanic prospect and customer experience, from advertising to public sites to private site and mobile capabilities. Our objective was to reveal any competitive gaps in the bank’s existing Hispanic consumer banking strategy and identify “white space” opportunities that could help the firm become a market leader.

The Solution

Corporate Insight approached the different pieces of this analysis with distinct methodologies. We compared each firm’s standard website to any Spanish-language resources offered to clients. On the public site, we looked at homepages, product information, account applications and other features. Using active bank and credit card accounts with each firm, we extended our analysis behind login to the firms’ private site account information, transaction capabilities and customer service. We also tested each firm’s mobile capabilities to see if any Spanish-language options were available.

We also scanned the firms’ websites and social media properties for any advertising, marketing and promotion efforts in Spanish. Finally, we reviewed popular Spanish-language websites and other media to collect competitor marketing samples for our analysis.

The Impact

Because of the time-sensitive nature of the work, Corporate Insight provided phased delivery of project findings. Halfway through the four-week research period, we shared our public website, account application and marketing findings, followed by private site and mobile reviews two weeks later. These included in-depth reviews of each firm as well as summary matrices, key findings and recommendations for the client bank. Shortly thereafter, we presented our findings to the team. They, in turn, used this research to prepare a presentation to the board regarding the bank’s Hispanic marketing strategy that was grounded in detailed knowledge of the competitive landscape.