How to engage multicultural consumers with payments strategies
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.
Debit Cards
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.
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