If you've been following the explosion in size and influence ofthe U.S. Hispanic market, the latest prediction about this criticalconsumer segment may not surprise you. According to new findings,the average Hispanic household is projected to spend more in theirlifetimes than non-Hispanic white households, and by a significantamount – $400,000.

While Hispanic families tend to be larger than others in theU.S., they are also younger, providing them more opportunity tomake major life purchases, such as weddings, cars and homes. And,regardless of their household income, Hispanics' spending is on par– and according to some research, slightly more – than the totalU.S. population.

Hispanic consumer spending for 2012 reached more than $560billion, with transportation and insurance making up the largestspending categories. Included in this spending were products likemortgages, home equity lines, new and used auto loans and home andauto insurance.

What's more, the disposable income of Hispanics is projected tomore than double by 2020. When you view recent Hispanic consumerconfidence surveys, this prediction seems fairly plausible, as moreHispanics indicated they expected an increase in their householdincomes than other U.S. consumers.

All of this information provides yet another reason creditunions should be giving serious attention to the needs and wants ofthis fast-growing demographic. The benefit of serving Hispanics isabout more than profitability through meeting growth goals; it'salso about helping cooperatives fulfill their missions of peoplehelping people.

That is not to say that the attraction of and service toHispanic members will happen overnight. For those credit unionsserious about investing in the adaption of their programs for thismarket, establishing trust is an important prerequisite.

Although their spending power is immense, Hispanics remaindisproportionately underserved. This is often because of lingeringmisconceptions either passed from generation to generation orbrought to America from home countries.

The idea that U.S. financial institutions are untrustworthy orwill take advantage of their inexperience remains prominent amongboth U.S.-born and immigrant Hispanics.

As trust is being built – through community partnerships,individual outreach and financial education – credit unions can bebuilding out their Hispanic product roadmaps. What are the productsand services that will add value to the fastest-growing, youngestand most underserved market in the U.S.? And what will it take toget these products tested and out into the communities that willrespond?

The value of digital communication to Hispanic consumers issomething credit unions looking to service this important segmentcan't ignore. One recent survey found 14% of Hispanics use theircomputers or smartphones to compare prices of specific products, ascompared to just 9% of the general population. For this reason, acredit union looking to serve Hispanic members may need to payequal or more attention to its online and mobile strategies as toits offline tactics.

According to Filene Research, Hispanics, “like most consumers,nd the world of nancial services extremely confusing.” Therefore,it is not only important to consider the medium for your messagebut also the clarity.

Are you promoting your products and services in clear andconcise ways? Are your products simple, your fee schedulesuncomplicated, your sales and front-line staff trained in bilingualand bicultural communication?

Data, research, and the experience of the credit unions in ourstate alone that have successfully adopted their programs andservices to the Hispanic market have taught us much about thisinfluential consumer group. Yet, there is plenty to more to learn,particularly on an individual member level.

As with any cultural or demographic group, it remains importantto practice sound segmentation strategies. Individuals who share aparticular language or culture are still likely to be at differentlife stages, or within a credit union membership, at differentstages in their member journeys.

Firms such as Coopera staffed with experts on the Hispanicmarketplace can be a great resource for learning more aboutculturally specific segmentation strategies. These professionalsunderstand how to group members and prospective members based onimportant characteristics, such as acculturation levels.

By better understanding the socioeconomic, language andgenerational nuances of a particular community, credit unionmarketers will have a leg up when strategizing customized andpersonal communication plans for their own local Hispanicmarkets.

Patrick S. Jury is president/CEO of the Iowa CreditUnion League.