Creditnet News Story
Asian-Americans more likely to bank online
Monday, December 21, 2009
By Sam Lee
Nielsen Claritas study shows income also plays a role.
Consumers may turn to online banking when looking for a more convenient way to manage their finances, though recent research shows one demographic seems to be more attracted to it than others.
According to a report from Nielsen Claritas, Asian-Americans are more likely than other groups to use online banking. The firm's study shows that 75.3 percent of Asian-American households turn to the internet for their banking, while 67.4 percent of non-Asians do.
However, Nielsen Claritas also showed that income is a factor when it comes to whether people bank online. The report stated that 84 percent of households with a head who is under 35 and have an income over $100,000 were as likely to use online banking, regardless of whether they are Asian.
The difference comes in that as incomes decrease, more Asian-Americans will still bank online compared to their counterparts.
"With competition for new customers increasingly fierce, financial institutions would be well-served in targeting Asian families," the Nielsen Claritas report stated.
With banks trying to find new sources of income, yet another source of potential clients is in the unbanked and underbanked communities. Studies have shown that because lower-income areas may have fewer banks, customers located there may turn to other avenues for their financial needs, including prepaid credit cards.
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