Thursday, September 15, 2011
#76: Targeting the growing Hispanic market with Coopera's Miriam De Dios...
Please pardon my "tried" Spanish intro, but I felt compelled to do so to help celebrate Hispanic Heritage Month, which starts today (Sept. 15). Commemorating this event, we invited Coopera Consulting's Miriam De Dios on the program to provide us with her expert insight on how credit unions can better target this growing demographic. Amazingly, she says that 50% of Hispanics in the US are unbanked. So it's no secret that this market boasts a great opportunity for credit unions to increase their memberships. Miriam also gives us some advice on how to break down cultural barriers, what products to offer, and how to build trust to gain their business. Miriam was also kind enough to provide us with a couple of credit union examples, too. So take a few minutes and enjoy the program. Muchas gracias!
How have you marketed to this growing group?
1. Why is the Hispanic demographic so important to credit unions?
2. You wrote a white paper stating that nearly 50% of Hispanics in the US are unbanked. What can credit unions do to reduce that number?
3. You mention that re-loadable, pre-paid cards are a good way to attract this audience -- Affinity and Seven Seventeen credit unions are good examples. Why?
4. Conversely, there are benefits to marketing pre-paid cards to the other 50% of Hispanics that are already tied to a financial institution. You point out 4 benefits. What are they?
5. You say that credit unions "mirror" the Hispanic culture, which is why they should be at the top of the list actively marketing to this group. How do credit unions mirror their culture?
6. You talk about credit unions first building trust with Hispanics prior to embarking on any type of outreach. How do credit unions build this trust?
National Hispanic Heritage Month