Attracting and retaining a diverse consumer group is vital to any community financial institution’s (FI’s) long-term strategy. The Hispanic market in particular offers a plethora of opportunities. Today, one in six consumers is Hispanic. FIs who strive to understand and appeal to this growing demographic will be able to tap into their $1.3 trillion of annual purchasing power.
As CEO of TMG’s sister company Coopera, I am often searching for new opportunities to help our FI clients better serve the Hispanic market. I’ve found that payments products lend themselves well to serving a multicultural market. In honor of Hispanic Heritage Month, I’d like to share an excerpt from a recent blog post I wrote about trending payment options and their prevalence among the Hispanic population.
The perception that “debit cards are dead” couldn’t be further from the truth among Hispanics. They are a prime target market for debit products. The preference for debit and prepaid cards applies whether Hispanics are banked, unbanked, native or foreign-born, Millennials or Generation Xers, consumers or business owners.