Hispanics account for the fastest and largest growing community in the United States according to Snapshot of the U.S. Immigration in 2019 by the National Conference of State Legislatures (NCSL). The Hispanic market has enormous untapped business potential and it represents one of the biggest opportunities for credit unions’ membership growth. Nevertheless, it has been overlooked by financial institutions as it is also one of the most underserved communities.
Companies that have strategies in place to connect and attract Hispanic consumers to utilize their products and/or services are seeing success. However, most credit unions are failing to reach this demographic due to lack of cultural knowledge, failing to build trust with members, and overlooking the need to hire bilingual staff in branches.
Many companies, including financial institutions, have seen potential in the Hispanic market and are looking for ways to serve this market while meeting their goals and grow. Companies that see this potential have made moves to translate marketing materials to increase their appeal to the Hispanic market. While this is a great start, your efforts could be for naught if you are simply translating material without a strategy to serve these new members. The resources you delegate to reach this market should meet the needs of the Hispanic community and be appropriate for their culture and diverse background. When not implemented correctly, Hispanics will drift away, and this could possibly generate a bad reputation for your credit union because you fail to understand their needs.
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