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Culture Code for Money: The Insider’s Guide

Hispanics represent over $1 trillion in household disposable income. It’s time to understand their culture code for Money. This article covers: the definition of culture codes and biculturalism; the code for money for American, Latin American and Hispanic American markets, its affect on marketing to financial and banking industry products; and a suggested segmentation of the U.S. Hispanic market for this particular industry.

Culture Code for Money - The Insider’s Guide

Culture Code for Money – The Insider’s Guide

Besides their sheer numbers and outstanding growth, the Hispanics’ over $1 trillion in household disposable income make them extremely appealing to Financial institutions. 14.5% of U.S. Hispanics can be considered affluent with incomes over $75,000. Still, many may perceive Hispanics to be mainly lower income even though approximately one in five Hispanics live in poverty. Hispanics bear noticeable differences from their non‐Hispanic white counterparts for financial products preferences. Further, Hispanic Americans lag behind with regard to breadth and depth of financial assets, particularly riskier but usually higher return asset classes. By the same token, the preferences for different financial products and services vary for Hispanic Americans based on their income level, education, country of origin, and number of years that they or their families have been in the U.S.

It’s time to understand their culture code for Money.

What is a Culture Code?

A culture code is the representation of our cultural understanding of a physical or abstract object. A full set of culture codes form the cultural unconscious, which is hidden from our own understanding, but is seen in our actions.

These culture codes or mental structures are formed at an early age and these strong imprints placed in people’s subconscious are determined by the culture in which they are raised. This is why people from different cultures have such different reactions to the same things.

American Culture Code for Money

First, let’s cover the definition of the culture code for money.

Dr. Clotaire Rapaille, the renowned anthropologist states that “the notion that we “come from nothing” pervades America. In a sense, we have the poorest rich people in the world, because even those who accumulate huge sums of money think like poor people. They continue to work hard, they continue to focus on cash flow and expenses, and they continue to struggle to earn more.”

But thinking of Americans as worried only about money is a misconception. To Americans money isn’t a goal in and of itself. It symbolizes a measure of how far they’ve come and how much was achieved. Money show us who the big winners are, therefore, the American Culture Code for money is PROOF.

Hispanic Culture Code for Money

Hispanics are risk averse. This changes with new generations being born in the U.S. You don’t talk about money and the risks associated with financial instruments and unstable economies.

Let’s examine the Latino culture in Latin America, where money is not proof of achievements or self-worth but a taboo. In Latin America, just like in Europe, there’s very little movement between economic classes. The children of professionals become professionals, the children of business owners become business owners and, for the most part, people stay within their class. Therefore money stops being proof to become something unpleasant you do not speak about.

In the United States speaking about money does not carry the same negative connotation than in Latin America, where doing so (speaking about money) in front of others or with others of same, higher or lower means is considered vulgar.

There is a also belief in Latin American culture that you can strike it rich with a fabulous (and easy to implement) idea. This notion is very much in line with the Hispanic fatalistic outlook in life where the belief is that things are predestined to be or to happen. The idea being that no matter what my origin or inherited resources, one can achieve financial success, not by hard work but by serendipitous means.

Therefore, the Latino culture code for money is LUCK. You got lucky to have been born into money, or lucky to have struck gold. Maybe you got lucky because you married somebody with money.

Among Latinos, the culturally accepted way to indicate wealth and material success is by owning the latest technology, wearing the latest fashion (designer, of course) or a high end luxury car. These are all symbols that enable people to demonstrate their wealth without having to talk about it. This is the exact opposite to the U.S. culture, where comfort rules and people wear what they prefer without worrying about being judged as successful or not for it.

US-born Hispanics Culture Code for Money

Let’s analyze the impact of both culture codes on U.S.-born Hispanics and highly acculturated ones. We will notice a dichotomy of thought that is accentuated the more the Latin and American culture codes are incorporated into their acculturation and enculturation process.

This process does not mean switching one cultural more for another. Changing mores would imply a process of assimilation whereas adopting and incorporating a new more implies a process of acculturation. What takes place inside of the bicultural persons’ brain is cultural frame-switching (CFS.) Cultural values switch, one taking prevalence over the other at different times to evaluate a message or situation. As a bicultural person, one can feel more comfortable speaking about money while looking at the situation from one’s culture perspective or feel less comfortable when perceiving and interpreting through the other culture, all thanks to cultural frame-switching.

The concept of cultural frame switching (CFS) or double consciousness was made popular by W.E.B Du Bois and focuses on how an individual switches between cultural frames of reference in response to a stimuli or to their environment.

“Individuals who integrate two cultures into their identity often attach cultural meaning systems to a framework that can be elicited by the language, icons, or stereotypes of that culture. Bilingual biculturals, when primed for a framework, may switch compatibly or incompatibly with the cultural frame elicited.” — Cultural frame switching and cognitive performance by Miriam Walsh, Ed.S., California Sate University, Fresno, 2011, 104 pages; 3458356

A good way to measure acculturation level for Latinos is how comfortable they become about speaking about money and less comfortably about sex.

American Hispanic Market Segments for the Financial Industry

While understanding the culture code for money pertaining to any culture is key for the marketing of any product and service, this need becomes heightened when we talk about the Financial and Banking industry.

We have identified 5 Hispanic market segments for Hispanics over 18 years of age who reside in the United States and are bicultural. It is important to highlight that biculturalism does not go hand in hand with bilingualism. Different strategies may have to be developed for these segments and for specific financial products or services these segments may have to be merged or split even further.

“Although the terms “bicultural” and “bilingual” are often seen together in the same text, there is very little work that attempts to encompass them into one reality, bicultural bilinguals. This paper takes up a number of themes that pertain to bicultural bilinguals, most notably how they are described in the literature, how they become both bilingual and bicultural, and how their languages and cultures wax and wane over time. Other aspects discussed are their linguistic and cultural behaviour as bicultural bilinguals, how they identify themselves both linguistically and culturally, as well as their personality as bicultural bilinguals. An effort is made whenever possible to bridge the gap between the two components that make up bicultural bilinguals – the linguistic and the cultural – and to show how the questions that interest linguists when studying bilinguals can be taken up and adapted by researchers examining cultural issues, and vice versa.” — François Grosjean, Université de Neuchâtel, Avenue du Premier-Mars 26, 2000 Neuchâtel, Switzerland.

These segments range from low-income Hispanics who can only access second-chance lending mortgages, prepaid or debit cards and basic savings accounts to high-income Hispanic Americans interested in more complex investments, mortgages and home equity loans.

In addition, language becomes a key factor in communicating and engaging with each segment. A large number  of Hispanics prefer to do business in English, particularly since the Spanish version of most financial literature existent in the U.S. misses out on detail and key disclosures that directly affect the financial transaction. Some companies make the horrible mistake of sending translated information to prospects and/or customers based only on whether their last name seems to be “Hispanic-like.”

Financial Industry Hispanic market Segments

Financial Industry Hispanic market Segments

To give you an idea of how attractive this market is, we think it’s worth mentioning the Underserved market. The “underserved” market represents more than 88 million individuals and nearly $1.3 trillion in wages.

Financial Industry Hispanic market segments characteristics and size

Financial Industry Hispanic market segments characteristics and size

It is important to highlight that biculturalism does not go hand in hand with bilingualism. Different strategies may have to be developed for the segments presented and, for specific financial products or services, these segments may have to be merged or split even further.

More about Hispanic Market Segmentation

————————————————

Target Latino has studied the U.S. Hispanic population, the Latin American and U.S. non-Hispanic, their online and offline behavior, for over 30 years, even before the Hispanic market was first “discovered.” As a result, we’ve developed proprietary methodologies that enable us to identify and segment Hispanics, online or offline, by age, gender, country and region of origin. We specialize in the identification of culture codes for the Hispanic market.

Cultural Insights & Cultural Differences


Uncovered Facts About Online Hispanic Women and their Media Usage
Hispanic Millennials
When it comes to a kid's television-viewing habits, the mom's language can matter.
Six out of 10 Hispanics are U.S.-born
Fannie Mae Launches New HomePath.com in Spanish Aimed at Helping More Hispanics Buy Homes

Be yourself. Sometimes it's easy to lose who we are... Once you get the real "you" back, happiness follows.

Be yourself. Sometimes it’s easy to lose who we are… Once you get the real “you” back, happiness follows.

Next Quote? funny inspirational quotes on every post!

Culture Code for Money: The Insider’s Guide

Hispanics represent over $1 trillion in household disposable income. It’s time to understand their culture code for Money. This article covers: the definition of culture codes and biculturalism; the code for money for American, Latin American and Hispanic American markets, its affect on marketing to financial and banking industry products; and a suggested segmentation of the U.S. Hispanic market for this particular industry.

Culture Code for Money - The Insider’s Guide

Culture Code for Money – The Insider’s Guide

Besides their sheer numbers and outstanding growth, the Hispanics’ over $1 trillion in household disposable income make them extremely appealing to Financial institutions. 14.5% of U.S. Hispanics can be considered affluent with incomes over $75,000. Still, many may perceive Hispanics to be mainly lower income even though approximately one in five Hispanics live in poverty. Hispanics bear noticeable differences from their non‐Hispanic white counterparts for financial products preferences. Further, Hispanic Americans lag behind with regard to breadth and depth of financial assets, particularly riskier but usually higher return asset classes. By the same token, the preferences for different financial products and services vary for Hispanic Americans based on their income level, education, country of origin, and number of years that they or their families have been in the U.S.

It’s time to understand their culture code for Money.

What is a Culture Code?

A culture code is the representation of our cultural understanding of a physical or abstract object. A full set of culture codes form the cultural unconscious, which is hidden from our own understanding, but is seen in our actions.

These culture codes or mental structures are formed at an early age and these strong imprints placed in people’s subconscious are determined by the culture in which they are raised. This is why people from different cultures have such different reactions to the same things.

American Culture Code for Money

First, let’s cover the definition of the culture code for money.

Dr. Clotaire Rapaille, the renowned anthropologist states that “the notion that we “come from nothing” pervades America. In a sense, we have the poorest rich people in the world, because even those who accumulate huge sums of money think like poor people. They continue to work hard, they continue to focus on cash flow and expenses, and they continue to struggle to earn more.”

But thinking of Americans as worried only about money is a misconception. To Americans money isn’t a goal in and of itself. It symbolizes a measure of how far they’ve come and how much was achieved. Money show us who the big winners are, therefore, the American Culture Code for money is PROOF.

Hispanic Culture Code for Money

Hispanics are risk averse. This changes with new generations being born in the U.S. You don’t talk about money and the risks associated with financial instruments and unstable economies.

Let’s examine the Latino culture in Latin America, where money is not proof of achievements or self-worth but a taboo. In Latin America, just like in Europe, there’s very little movement between economic classes. The children of professionals become professionals, the children of business owners become business owners and, for the most part, people stay within their class. Therefore money stops being proof to become something unpleasant you do not speak about.

In the United States speaking about money does not carry the same negative connotation than in Latin America, where doing so (speaking about money) in front of others or with others of same, higher or lower means is considered vulgar.

There is a also belief in Latin American culture that you can strike it rich with a fabulous (and easy to implement) idea. This notion is very much in line with the Hispanic fatalistic outlook in life where the belief is that things are predestined to be or to happen. The idea being that no matter what my origin or inherited resources, one can achieve financial success, not by hard work but by serendipitous means.

Therefore, the Latino culture code for money is LUCK. You got lucky to have been born into money, or lucky to have struck gold. Maybe you got lucky because you married somebody with money.

Among Latinos, the culturally accepted way to indicate wealth and material success is by owning the latest technology, wearing the latest fashion (designer, of course) or a high end luxury car. These are all symbols that enable people to demonstrate their wealth without having to talk about it. This is the exact opposite to the U.S. culture, where comfort rules and people wear what they prefer without worrying about being judged as successful or not for it.

US-born Hispanics Culture Code for Money

Let’s analyze the impact of both culture codes on U.S.-born Hispanics and highly acculturated ones. We will notice a dichotomy of thought that is accentuated the more the Latin and American culture codes are incorporated into their acculturation and enculturation process.

This process does not mean switching one cultural more for another. Changing mores would imply a process of assimilation whereas adopting and incorporating a new more implies a process of acculturation. What takes place inside of the bicultural persons’ brain is cultural frame-switching (CFS.) Cultural values switch, one taking prevalence over the other at different times to evaluate a message or situation. As a bicultural person, one can feel more comfortable speaking about money while looking at the situation from one’s culture perspective or feel less comfortable when perceiving and interpreting through the other culture, all thanks to cultural frame-switching.

The concept of cultural frame switching (CFS) or double consciousness was made popular by W.E.B Du Bois and focuses on how an individual switches between cultural frames of reference in response to a stimuli or to their environment.

“Individuals who integrate two cultures into their identity often attach cultural meaning systems to a framework that can be elicited by the language, icons, or stereotypes of that culture. Bilingual biculturals, when primed for a framework, may switch compatibly or incompatibly with the cultural frame elicited.” — Cultural frame switching and cognitive performance by Miriam Walsh, Ed.S., California Sate University, Fresno, 2011, 104 pages; 3458356

A good way to measure acculturation level for Latinos is how comfortable they become about speaking about money and less comfortably about sex.

American Hispanic Market Segments for the Financial Industry

While understanding the culture code for money pertaining to any culture is key for the marketing of any product and service, this need becomes heightened when we talk about the Financial and Banking industry.

We have identified 5 Hispanic market segments for Hispanics over 18 years of age who reside in the United States and are bicultural. It is important to highlight that biculturalism does not go hand in hand with bilingualism. Different strategies may have to be developed for these segments and for specific financial products or services these segments may have to be merged or split even further.

“Although the terms “bicultural” and “bilingual” are often seen together in the same text, there is very little work that attempts to encompass them into one reality, bicultural bilinguals. This paper takes up a number of themes that pertain to bicultural bilinguals, most notably how they are described in the literature, how they become both bilingual and bicultural, and how their languages and cultures wax and wane over time. Other aspects discussed are their linguistic and cultural behaviour as bicultural bilinguals, how they identify themselves both linguistically and culturally, as well as their personality as bicultural bilinguals. An effort is made whenever possible to bridge the gap between the two components that make up bicultural bilinguals – the linguistic and the cultural – and to show how the questions that interest linguists when studying bilinguals can be taken up and adapted by researchers examining cultural issues, and vice versa.” — François Grosjean, Université de Neuchâtel, Avenue du Premier-Mars 26, 2000 Neuchâtel, Switzerland.

These segments range from low-income Hispanics who can only access second-chance lending mortgages, prepaid or debit cards and basic savings accounts to high-income Hispanic Americans interested in more complex investments, mortgages and home equity loans.

In addition, language becomes a key factor in communicating and engaging with each segment. A large number  of Hispanics prefer to do business in English, particularly since the Spanish version of most financial literature existent in the U.S. misses out on detail and key disclosures that directly affect the financial transaction. Some companies make the horrible mistake of sending translated information to prospects and/or customers based only on whether their last name seems to be “Hispanic-like.”

Financial Industry Hispanic market Segments

Financial Industry Hispanic market Segments

To give you an idea of how attractive this market is, we think it’s worth mentioning the Underserved market. The “underserved” market represents more than 88 million individuals and nearly $1.3 trillion in wages.

Financial Industry Hispanic market segments characteristics and size

Financial Industry Hispanic market segments characteristics and size

It is important to highlight that biculturalism does not go hand in hand with bilingualism. Different strategies may have to be developed for the segments presented and, for specific financial products or services, these segments may have to be merged or split even further.

More about Hispanic Market Segmentation

————————————————

Target Latino has studied the U.S. Hispanic population, the Latin American and U.S. non-Hispanic, their online and offline behavior, for over 30 years, even before the Hispanic market was first “discovered.” As a result, we’ve developed proprietary methodologies that enable us to identify and segment Hispanics, online or offline, by age, gender, country and region of origin. We specialize in the identification of culture codes for the Hispanic market.

Cultural Insights & Cultural Differences


Uncovered Facts About Online Hispanic Women and their Media Usage
Hispanic Millennials
When it comes to a kid's television-viewing habits, the mom's language can matter.
Six out of 10 Hispanics are U.S.-born
Fannie Mae Launches New HomePath.com in Spanish Aimed at Helping More Hispanics Buy Homes

Be yourself. Sometimes it's easy to lose who we are... Once you get the real "you" back, happiness follows.

Be yourself. Sometimes it’s easy to lose who we are… Once you get the real “you” back, happiness follows.

Next Quote? funny inspirational quotes on every post!

Hispanics Minding Money in Downturn No Sacrificing Pleasures

Tough times call for tough decisions, but Latinos are finding ways to mind their budgets while still spending on the small pleasures and privileges they consider vital to their happiness and well-being.

Hispanics Minding Money in Downturn Without Sacrificing Pleasures, Research Finds

Hispanics Minding Money in Downturn Without Sacrificing Pleasures, Research Finds

C&R Research recently polled its LatinoEyes panel to assess behaviors by the “majority minority” during the recession, and found that “the recession has forced Hispanics to rethink what’s luxury and what’s necessity,” explained Angelina Villarreal, a C&R vice president. “What we’re seeing is that while this group is budget-conscious, its members don’t want to give up their quality of life.”
C&R, in its sample of 825 panel participants, found that the most recession-impacted segments were Puerto Ricans, Dominicans, and Central Americans; 58 percent reported that the recession had a significant impact on their lives.

However, a majority of Hispanics, particularly the young, was unwilling to relinquish cell phones (69 percent), and 81 percent (notably Mexicans) couldn’t do without driving their cars. Paid television services remain important to 67 percent, mostly the older generation, and the home Internet connection, particularly among fluent bicultural Hispanics, is maintained by 65 percent.

While nearly half of those polled said they were clipping coupons and buying clearance clothing, over three-fourths of Latinos are still spending on dining out or ordering in and going out for entertainment or to the movies, but with less frequency. And nearly three-fourths of the women in this sector haven’t let the downturn affect their purchasing of personal care products.

“Hispanics are trying to make do — maybe better than make do — if they can without abandoning their favorite products, entertainment, restaurants, and services,” Villarreal said. “And it looks like they’re succeeding.”

Chicago-based C&R Research is one of the nation’s largest, independent full-service research firms. Since 1959, it has provided custom-designed qualitative and quantitative research for a wide variety of business-to-business and business-to-consumer clients. Their specialty research expertise includes youth, boomers, parents and shoppers. In addition,( )C&R’s consultancy division, LatinoEyes, specializes in the U.S. Hispanic and Latin American markets. Its research team has a deep understanding of both the U.S. and Latino cultures.

SOURCE C&R Research

‘Frente a la Crisis – Facing the Crisis’

Economy crisis impact on Latinos examined in new Radio Bilingue series

Families across the nation are feeling the dire effects of the current economic crisis but probably none more so than Latinos, who may be the hardest hit by job loss, home foreclosures, loss of health insurance and deeper poverty – topics that are the focus of a new national series by Radio Bilingue: “Frente a la Crisis/Facing the Crisis.”

Economy crisis impact on Latinos examined in new Radio Bilingue series

Economy crisis impact on Latinos examined in new Radio Bilingue series

This comprehensive, multimedia series is funded by the Corporation for Public Broadcasting and The California Endowment. “Frente a la Crisis/Facing the Crisis” takes an inside look at the effects of the economic crisis in the Latino community, and is airing on Satelite Radio Bilingue’s nationally-distributed news and talk services, Linea Abierta and Edicion Semanaria de Noticiero Latino.

Linea Abierta broadcasts daily at noon and Edicion Semanaria airs weekly on Fridays at 4 p.m. — each featuring weekly episodes of the series over a twelve month period that began in September.

Linea Abierta broadcasts weekly talk shows on the economy, featuring roundtable discussions and interviews with newsmakers, and Edicion Semanaria airs in-depth feature reports, on issues ranging from health insurance loss, to accessing food to green jobs.

In addition, the national coverage will include visits by the Linea Abierta team to the epicenters of the recession to broadcast stories from the communities hardest hit by the economy. The live broadcasts will portray on the national airwaves outstanding efforts at the local level, including community-organizing initiatives, citizen ideas and government programs to help workers and homeowners get out of the economic crisis. The network’s online platforms also are being used as part of the informational media campaign.

In Central California — ground zero for joblessness and foreclosures in the nation — the project includes a specialized look at the impact of unemployment on Latinos through live talk shows, promotional spots and educational messages on employment issues and services.

Radio Bilingue is working with community partners to connect Spanish-speaking Latinos with resources to navigate the unemployment insurance system, apply for benefits, learn about eligibility requirements, emergency compensation, extended benefits, reemployment services, self-employment and small business help.

Funds are provided by: The California Endowment, Evelyn and Walter Haas Jr. Fund, James Irvine Foundation, William and Flora Hewlett Foundation, and ZeroDivide Foundation.

www.radiobilingue.org

Source: Radio Bilingue

Hispanics Preparing for Retirement Face Significant Challenges

New Study Reveals Significant Challenges Hispanic Americans Face in Preparing for Retirement

New Study Reveals Significant Challenges Hispanic Americans Face in Preparing for Retirement

A new report released today demonstrates that Hispanic Americans face greater challenges in obtaining a secure retirement than the average population. The paper, prepared by the Hispanic Institute think-tank and the Americans for Secure Retirement (ASR) coalition, finds that the unique challenges include a general lack of retirement preparation, less access to employer-sponsored retirement plans, lower levels of personal savings and inadequate financial literacy.

The report concludes that Hispanic Americans need to consider multiple retirement vehicles to supplement Social Security and to bridge the gap in access to employer plans. Options such as lifetime annuities can minimize financial risks and provide the means to both build retirement savings and secure guaranteed income that will last as long as they live. Access to such a source of guaranteed lifetime income to supplement Social Security is a critical part of planning for a secure retirement.

“While our research found that Hispanics face greater challenges in preparing for retirement than the average population, with the right tools to properly prepare for retirement, these obstacles can be overcome,” said Gus West, Board of Directors Chair for Hispanic Institute.

Significant findings of the study include:

  • Only 41 percent of Hispanic workers say they have saved money for retirement.
  • Only 25.6 percent of Hispanics are covered by employer-sponsored retirement plans, compared to 42.5 percent of whites and 40 percent of African-Americans.
  • Of the Hispanics receiving Social Security benefits, almost 80 percent rely on these benefits for at least 50 percent of their retirement earnings.
  • Among people 65 and older receiving Social Security, on average Hispanics receive about $2,124 less in earnings than non-Hispanics.

Between 1979 and 1999, middle-class Hispanics households increased nearly 80 percent. In the same period, the group of Hispanic households earnings between $40,000 to $140,000 grew to include about one-third of the total Hispanic households nationwide.

Today, the U.S. Hispanic population makes up about 48 million people; by 2050 that number will increase to 132 million, accounting for nearly 30 percent of the total U.S. population. Due to the growing Hispanic population, an average longer life expectancy, and because only 16 percent of the population is in their pre-retirement years, Hispanics will make up a significant number of those entering retirement in the future.

“Since two-thirds of Hispanics are employed in the service-related field, which generally does not offer employer-sponsored retirement plans, many hard working Hispanic Americans may not have the proper nest egg to retire. It is imperative that their savings are managed and invested in a secure plan that assures income for life,” said Brent Wilkes, Executive Director of League of United Latin American Citizens.

Legislation currently being considered in Congress would create tax advantages for the purchase of an annuity and the conversion of a portion of an individual’s savings into a lifetime retirement income stream. The Retirement Security Needs Lifetime Pay Act, H.R. 2748, in the U.S. House and the Retirement Security for Life Act, S. 1297, in the U.S. Senate, would create a tax exclude from taxes a portion of the annual income received through an annuity, increasing accessibility to lifetime annuities as a retirement option and creating significant tax savings for middle-income Americans.

“Congress needs to pass this legislation to encourage the greatest accessibility possibility to multiple retirement savings vehicles that tackle the income side of the retirement problem,” said Bill Waldie, Chairman of ASR.

The Hispanic Institute nonprofit organization formed in 2005 to provide an effective education forum for an informed and empowered Hispanic America. Americans for Secure Retirement is a broad-based coalition of more than 50 organizations who are united in their commitment to raise awareness of the retirement challenge facing all Americans.

To view the complete Hispanic and Retirement: Challenges and Opportunities report, please visit www.paycheckforlife.org.

SOURCE Americans for Secure Retirement

First major U.S. bank to offer mobile banking in Spanish

Hispanic consumers now have even more options when it comes to their everyday banking. Citibank has just launched Citi Mobile en Espanol to enable customers who prefer to bank in Spanish to do so from their smartphones. The Spanish-language service lets customers manage their accounts, pay bills, locate Citibank branches and more – all from the convenience of their cell phones. Citibank is the first major U.S. bank to offer mobile banking in Spanish.

“Citi Mobile en Espanol offers our Spanish speaking customers the ability to bank anywhere, anytime on their smartphones,” said Liza Landsman, Executive Vice President, North America Internet & Mobile, Citi. “With Hispanic customers making up almost one-quarter of our customer base, the service makes banking even easier for this important and growing audience.”

Hispanics are among the most active mobile Web users in the United States. According to a recent independent report on Wireless Internet Use from Pew Research, nearly one-half of English-speaking Hispanic consumers reported accessing the Internet via a handheld device in 2009.(i) Of these consumers, about 29 percent reported going online “on a typical day” through a mobile device.(ii)

Citi Mobile en Espanol mirrors the functionality of the English-language Citi Mobile for Smartphones. It is accessed via the same convenient URL as the English version, www.citi.com, from any mobile device. Using Citi Mobile en Espanol, users of web-enabled mobile devices including BlackBerry® smartphones, Palm® devices and iPhone(TM) devices can easily do all of the following in Spanish:

  • View Citi account balances and account activity
  • Pay bills and set up recurring payments
  • Make transfers between Citi accounts
  • Locate Citi branches and ATMs
  • Connect to Customer Service

Citi Mobile en Espanol provides easy navigation on virtually any recent device that has a mobile browser and an internet connection. And signing in is easy — customers enter the same personal User ID and password they would use on their home computer.

Citibank was also the first major U.S. bank to offer Spanish-language online banking, in 2004. Today, with the introduction of Citi Mobile for Smartphones en Espanol, Citibank’s fastest-growing customer segment gains even greater access to quick, easy and highly secure banking.

(i) Horrigan, John, Wireless Internet Use, Pew Internet & American Life Project, July 2009,http://www.pewinternet.org/~/media//Files/Reports/2009/Wireless-Internet-Use.pdf., accessed Sept. 30, 2009. Page 14.

(ii) Horrigan, John, “Going online with a handheld by race,” Wireless Internet Use, Pew Internet & American Life Project, July 2009, http://www.pewinternet.org/~/media//Files/Reports/2009/Wireless-Internet-Use.pdf., accessed Sept. 30, 2009. Page 18.

Culture Code for Money - The Insider’s Guide
Economy crisis impact on Latinos examined in new Radio Bilingue series
New Study Reveals Significant Challenges Hispanic Americans Face in Preparing for Retirement
First major U.S. bank to offer mobile banking in Spanish

About Citi Mobile and Citibank

Citi Mobile for Smartphones is a mobile banking application built by Citibank with support from Mobile Money Ventures, a joint venture of Citi and SK Telecom that provides mobile financial services applications globally. Citibank was the first major U.S. bank to launch a downloadable mobile banking application in 2007.

Citibank is a member of Citi, the leading global financial services company, which has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Citi, Citibank and Citi Mobile are registered service marks of Citigroup Inc.

Palm is among the trademarks or registered trademarks owned by Palm, Inc. The Trademark BlackBerry is owned by Research In Motion Limited and is registered in the United States and may be pending or registered in other countries. Citibank is not endorsed, sponsored, affiliated with or otherwise authorized by Research in Motion Limited. iPhone is a trademark of Apple Inc.

SOURCE Citibank