What multicultural members want

Knowing their unique needs will enable you to better serve your entire membership.

Over the past five years, multicultural consumers have accounted for a staggering 100 percent of U.S. population growth and 61 percent of credit union growth, too, according to December 2017 TruStage datafrom CUNA Mutual Group! That’s some serious buying power that represents a massive business opportunity for your credit union. To better reach and serve this segment, you first need to understand what they want from a financial institution. That’s where we can help.

Our report, “What Matters Now: Insights from Multicultural Consumers,” contains learnings from our own proprietary quantitative segmentation research as well as detailed qualitative research. From surveying more than 12,000 participants from across the country (with 38 of them completing in-depth online diaries), we found very important differences in what multicultural consumers want from financial services and how they use them. For example, multicultural consumers are more likely to apply for financial accounts and products online or through a mobile app. And, convenience and flexibility are very important to them–even if it means higher rates and fees!


continue reading »