SoapBox

We've got great ideas and insight to share!

Our staff sounds off with words of wisdom.

Can Credit Unions Find The Right Fit For Hispanics?

With Hispanics now making up the second largest ethnic group in the United States, credit unions have a great opportunity to grow their organizations. Almost 25% of births in the U.S. last year were to Hispanic women—and with a family-oriented culture, the Hispanic community is the ideal setting for the household membership model of most credit unions.

Financial institutions may not realize that even though a percentage of Hispanics remain outside of the mainstream banking industry, they are a worthwhile group to pursue. As with any opportunity, the key is to determine how you can serve and retain them as loyal customers. And when it comes to developing a strategy for any segment, one size does not fit all.

Three categories that exist among this group are second generation, small-business owners, as well as the underserved.* Each has their own unique characteristics and value as consumers. Some of the services your credit union can promote to win them as members include:

• Funds transfers

• Money management

• Business Loans

• Citizenship-expense loans

• Bilingual services

Take a look at your local community to see how it can benefit from your support. And with the right planning, your credit union can grow from these new relationships for years to come.

*For more information about the demographics of Hispanic consumers, download the Coopera white paper 'The Multifaceted Hispanic Market” at http://tinyurl.com/c8jwf45.