Studies also show that only about 65% of Hispanics are banked, compared with 96% for the US non-Hispanic population.
Banks are moving into the market in similar ways. US banks with partners in Latin America are tapping their allies for market know-how and “huddling” to create products that appeal to Hispanics – especially Mexicans, who represent about 70% of the Hispanic population. This drive has spawned a growing list of so-called binational debit and credit cards: cards for US-based clients that can be used by their relatives in Mexico. The US client is ultimately responsible for managing the account and payment.
