This is a hard question as mobile devices and networks have changed quite a bit in the last five years. Our previous criteria wasn't latency as that could be all over the place for users. The focus was on response processing since mobile CPUs weren't that powerful. So we focused a lot on gzip'd response,s caching with ETags and long polling for async processing.
Nowadays, mobile CPUs and mobile networks have gotten way better. Now it's becoming more of a complexity issue, phones are fast enough. As our applications' feature set has grown, the number of API endpoints that are requested on initial launch just keeps growing. So we've started investigating different options like GraphQL or moving away from a resource based API to something like
http://philcalcado.com/2015/09/18/the_back_end_for_front_end_pattern_bff.html