Asian Americans are significantly more likely to bank online compare to non-Asian households, with 75.3 percent banking online compared to 67.4 percent of non-Asians. But it is income rather than age or ethnicity that appears to be driving online banking usage:
- affluent households with incomes of $100,000 and up and with heads-of-households aged 35 or younger were just as likely to bank online whether they were Asian or not (84%).
- As affluence levels decrease, more Asians tend to bank online compared to non-Asian households.With competition for new customers increasingly fierce, financial institutions would be well-served in targeting Asian families.
- The average Asian-American household has a mean income of $84,000 compared to $62,000 in non-Asian households. In addition, they tend to hold very high deposit levels with much of their assets in savings, money market, CDs or mutual funds accounts.
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