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IMMIGRANT CUSTOMERSí BANKING BEHAVIOR IN THE TEXAS MEXICO BORDER REGION

Balaji Janamanchi1,

Texas A&M International University, U.S.A.

 

Tagi Sagafi-nejad2,

Texas A&M International University, U.S.A.

 

Leonel Prieto3,

Texas A&M International University, U.S.A.

 

ABSTRACT

This paper reports on a research project, conducted in Laredo, Texas, aimed at understanding the banking needs and habits of immigrants, specifically in the Texas-Mexico border region, as they acculturate to the host country, i.e. the United States. A secondary objective is to provide useful points or guidelines to the US banking community so that it might develop better ways of meeting these immigrantsí banking needs. Here we analyze and report some results of that project. They indicate that credit cards, checking accounts and personal loans are the most popular banking services. Quality of service speed of service, ATM availability and offering of free services are the top four reasons, in that order, which influence the choice of a bank.

ATM is the most popular method of banking, followed by in-person and online.

Key words: Banking behavior, preferred banking method, immigrant acculturation, Texas-Mexico border region

JEL Codes: G02, G21, J15