Hispanics Can Come From 20-Plus Countries in Latin America
POSTED on October 9, 2019 IN Coopera
Credit unions also need to realize the Hispanic community is not a monolithic entity, and that serving this community requires more than a one-size-fits-all approach.
As first seen on news.cuna.org.
The Hispanic immigrant population consists of many individuals who are unbanked or underbanked. But as a group, Hispanics are gaining economic traction in the U.S., according to the Hispanic Wealth Project.
“Credit unions need to recognize the business case and generate the buy-in internally,” says Victor Miguel Corro, CEO of Coopera, a Hispanic market solutions company that enables credit unions to assess needs and create growth strategies to increase Hispanic membership.
“When they get that buy-in and recognize the imperative to serve the market, they need a solid strategic plan to serve, grow, attract, and understand the Hispanic community around them,” he says.
Credit unions also need to realize the Hispanic community is not a monolithic entity, and that serving this community requires more than a one-size-fits-all approach, says Corro.
“Hispanics can come from 20-plus countries in Latin America, each with its own history, cultural nuance, and flavor of the Spanish language. Those data points are important for credit unions to know,” Corro says. “You’re not targeting a general market but really two or three key markets so you can make a difference.”
Each of those markets has generational differences and variations in how long they’ve been in the U.S.
Once you have a handle on the demographics and target markets, Coopera—Spanish for “cooperate”—establishes what it calls the “four P's:” personnel, processes, products, and promotion.
Reaching the Hispanic market requires more than simple translation of marketing materials, Corro says.
“Are you welcoming members in language? Are you accepting documents they may have to prove their identity? Are your products and services responding to the needs of that community?”
Victor Miguel Corro, CUDE, is CEO of Coopera.