Hispanics’ use of a variety of financial products and services—such as credit cards, auto loans, and mortgages—has outpaced that of non-Hispanics in recent years.
And their expenditures continue to grow, reaching $1.4 trillion in 2016, according to Miriam De Dios Woodward, CEO of Coopera.
Yet 46% of Hispanics remain unbanked or underbanked, according to the FDIC.
“This illustrates a tremendous opportunity for financial institutions, and specifically for credit unions, to serve this largely untapped market,” De Dios Woodward says. “Credit unions have a chance to help nearly 60 million Hispanic individuals in the U.S. access financial services.”
As technology continues to improve, the way Hispanics access information and conduct financial transactions continues to evolve, says De Dios Woodward.
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