Page 12 - Synchrony US Hispanic Market Playbook

BANKING HABITS

In 2019, 87.8% of Hispanic households were banked, and while that was an increase
versus 2015 (83.7%), the unbanked percentage of 12.2% is still significantly higher than
White households (2.5%).

With respect to specific banking services, Hispanic households are more likely to use
money orders (20.8%), check cashing (10.6%), international remittances (20.2%), and
bill payment services (such as those offered by Western Union and

MoneyGram; 10.6%).

They are also less likely to use bank credit (credit card, personal loan, line of credit

from a bank; 58.6%).

And in terms of bank channels used, in general, Hispanic banked households:

 20.9% went to a branch (i. e. bank teller)

 11.1% used online banking

 41.3% used mobile banking

Source: 2019 FDIC Survey of Household Use of Banking and Financial Services
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