Coopera issues white paper for credit unions on big data and reaching influential Hispanic markets
DES MOINES, IA (February 16, 2015) – In a newly published white paper, Coopera outlines the benefits of analyzing member data to inform future marketing decisions targeting the Hispanic community.
“Every day, at least 2.5 quintillion bytes of data are created,” writes Coopera CEO Miriam De Dios. “Each time we swipe a credit card, activate a GPS or “Like” a post on Facebook, our movements are cataloged.”
De Dios notes this “unfathomable amount of data” has created a resource and opportunity for credit unions to build a better understanding of their members – by reviewing past behavior to develop predictive analytics. Using this strategy can provide a real competitive advantage.
The paper goes on to review the stories of two data-driven credit unions, Bethpage Federal Credit Union and San Francisco Federal Credit Union. Each has recently applied data analytics to their individual Hispanic outreach strategies. Both institutions are set in diverse communities with large Hispanic populations.
“The Latino community is the fastest growing on Long Island,” said Bob Hoppenstedt, senior vice president for Bethpage Federal Credit Union on Long Island in New York. Coopera analysts predict Bethpage’s Hispanic membership will reach more than 43,000 in five years, achieving 14.6 percent of the credit union’s total membership. Hoppenstedt believes the keys to even greater success for his $5.7 billion cooperative are buried in Big Data.
Forty two percent of Hispanics in California are unbanked or underserved, according to the 2013 FDIC Economic Inclusion Survey. “Hispanics represent an important demographic for us because of the group’s size but also because its members are disproportionately underserved. So we wanted to start there,” said Steven Stapp, CEO of San Francisco Federal Credit Union. “From the outset, it has been our intention to apply some of the same data- and intelligence-gathering strategies to [other] communities…”
The white paper, “Big Data Analytics Helps Credit Unions Reach Influential Hispanic Market,” can be downloaded at http://bit.ly/cooperabigdatawp.
Coopera (ko-pair-a) is a full-service Hispanic market solutions company with specific focus on credit unions nationwide. Coopera’s dedicated bicultural and bilingual personnel work closely with clients to assess their needs and create growth strategies designed to increase Hispanic membership, revenue growth and loan volume. Coopera specializes in developing long-term partnerships with clients as they transition from the early stages of discovery to a best practice
credit union. Founded by the late Hispanic community activist Warren Morrow, Coopera is owned by Affiliates Management Company, the holding company of the Iowa Credit Union League and is an exclusive strategic alliance partner of the Credit Union National Association. For more information, visit www.CooperaConsulting.com.