Financial institutions build lifelong customers by marketing to Gen Y Hispanic consumers
by. Georgann Smith
With a population estimated at roughly 80 million, Generation Y is the most educated, diverse, tech-proficient and soon-to-be largest American generation ever. Many of these individuals are Hispanic, and therefore belong to two groups very important to the growth and sustainability of community financial institutions (FIs).
The FDIC estimates, over the next 10 years, more than 50 percent of retail banking growth in this country will come from the Hispanic population. According to a white paper by TMG’s sister company Coopera, the Hispanic market is “…the largest, fastest-growing and most underserved community…” It’s also one of the youngest.
During a recent TMG podcast episode titled “The Multifaceted Hispanic Market,” Miriam De Dios, CEO of Coopera, spoke about the specific benefits FIs realize by adapting to the needs of the Gen Y Hispanic population.
According to De Dios, for FIs that support these individuals from the outset of their adulthood, the potential for life-long loyalty is huge.
The Coopera white paper points out that FIs looking to attract individuals from the Hispanic population should keep a few key facts in mind.continue reading »