X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW ORLEANS – Credit unions that claim that multicultural members aren’t an issue at their credit union may be inadvertently turning away business from the $2 trillion spending multicultural market. According to EthnoConnect President Michael Lee, credit unions may subtly be sending the signal to people from other cultures that ” we don’t want you here” which is why they may not be going to the credit union branches. Lee says that he guarantees that minorities are the future face of credit union members. Branch environments that operate under an “ American-only perspective” of “why don’t they do as we do” are not welcoming and put off potential members. “Right now 33% of the U.S. is minorities, by 2050 they will be the majority and have more of an impact on the U.S.,” said Lee. “Those people are in the future of credit unions and the good news is that this group does not trust banks, which can be a huge opportunity for credit unions to step in and emphasize that credit union difference.” Lee adds that this untapped market makes for the perfect members because they represent a growing population of good savers that prefer and value smaller member-owned institutions. Building trust through financial literacy and community marketing efforts is vital to credit unions reaching this target market.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.