DES MOINES, IA (May 1, 2013) In a newly published white paper, Coopera Client Account Coordinator Anna Peña advises credit unions that now is the time to understand the specific needs of local Hispanic consumers. In this paper, “The Multifaceted Hispanic Market,” Peña suggests that credit unions need to go beyond simply making available a popular or emerging product to attract Hispanic consumers.
“Because there are so many facets to the Hispanic community, it’s important for credit unions to understand the makeup of their local Hispanic community,” says Peña. “After determining which of the Hispanic market segments exist within a credit union’s field of membership, they can better define their target market and understand how service to these consumers aligns with the credit union’s growth strategies.”
In the paper, Peña notes that like most cultural groups, the Hispanic market is made up of several segments, many of which represent great opportunity for credit unions. She goes on to outline three segments of Hispanic members who need credit unions as much as credit unions need them:
- Second Generation and Generation Y
- Small-Business Owners
- Underserved
Peña explores each of the three segments, detailing what is known about the members in these segments and how that translates to opportunities for U.S. credit unions.
“The U.S. Hispanic market’s sheer size, youth and rate of growth has many in the financial services market understanding now is the time to adapt for service to these critical consumer segments,” writes Peña. “Catering to the Hispanic consumer requires an appreciation of the many nuances that exist inside this fast-growing market. Where you will start depends on the special opportunities unique to the Hispanic consumers in your local communities.”
The free white paper, “The Multifaceted Hispanic Market,” is available for download at http://tinyurl.com/c8jwf45
About Coopera
Coopera (ko-pair-a) is a full-service Hispanic market solutions company with specific focus on credit unions nationwide. Coopera’s dedicated bicultural and bilingual personnel work closely with clients to assess their needs and create growth strategies designed to increase Hispanic membership, revenue growth and loan volume. Coopera specializes in developing long-term partnerships with clients as they transition from the early stages of discovery to a best practice credit union. Founded by the late Hispanic community activist Warren Morrow, Coopera is owned by Affiliates Management Company, the holding company of the Iowa Credit Union League and is an exclusive strategic growth partner of the Credit Union National Association. For more information, visit www.CooperaConsulting.com.