Tips for Success With Hispanic Consumers

If a credit union is looking to create a beachhead for the future, it could do worse than appealing to the largest, fastest-growing and youngest demographic group in the U.S. And yet, the figures don’t show that happening. The demographic group to which I’m referring is Hispanics, nearly half – 46.4% – of whom are either unbanked (17.9%) or underbanked (28.5%).

As credit unions, priding ourselves on our inclusiveness and commitment to helping average working people to get ahead, this should bother us. After all, we know that being underbanked or unbanked makes a person much more vulnerable to financial abuses and can keep them from enjoying the benefits and conveniences of mainstream financial services.

As business people, looking to stay relevant in the hotly-contested financial services space, we should all be having a palm-to-forehead moment about this enormous missed opportunity! So, in honor of Hispanic Heritage Month (Sept. 15 to Oct.15), I’d like to share a few basic principles that every credit union can employ to be more effective in appealing to and meeting the needs of a demographic group that is no longer concentrated solely in the West and Southwest, and could hold the keys to your success in the future.