Hispanic member growth not just for ‘gateway states’ anymore
Fewer people today are surprised when they hear statistics on the growth of the U.S. Hispanic population. It’s been a hot topic of conversation for years. What does surprise them, however, is where in America much of this growth is occurring.
Texas, New Mexico, Arizona, California – these are states that come to mind when most people think of large Hispanic populations. Yet, states such as North Dakota, Kentucky, Louisiana, Delaware and Maryland actually saw the largest Hispanic population growth between 2007 and 2014.
Midwestern states, too, are discovering just as many opportunities for engagement with their own growing numbers of Hispanic residents. Iowa and Wisconsin, for instance, have each experienced explosive growth rates and now count Hispanics among one of the largest, fastest-growing and youngest groups in the states.
With a comprehensive and strategic approach to Hispanic membership growth, credit unions in unexpected places can become the preferred financial institution for this important segment. That’s because a great number of Hispanics in the U.S. are not tethered to an existing financial relationship.
Throughout the country, forward-thinking credit unions are embracing the opportunities of a changing member profile. The community-centric strategies each is executing are not only stimulating growth of the cooperative; they are also making a difference in the lives of the Hispanic members who have discovered financial freedom with the help of credit union membership.
When credit union leaders realize serving Hispanics is not only an investment in the cooperative but also the right thing to do, the results can be incredible. Keep an eye on cooperaconsulting.com for an upcoming white paper detailing the stories of two credit unions experiencing exactly that.