How to connect with Hispanic consumers in 2021
POSTED on February 8, 2021 IN Coopera
In the era of social distancing, credit unions have been challenged to find new ways to connect with their members through digital platforms.
As first seen on CUInsight.com.
Credit unions used to depend on social events to connect with their Hispanic community – events such as Hispanic Heritage Month festivals, financial education seminars, etc. In the era of social distancing, credit unions have been challenged to find new ways to connect with their members through digital platforms. Here are three recommendations for ways to engage with the Hispanic market in 2021:
Get comfortable in front of the camera.
Today, one of the most engaging ways to promote a product or service is through short videos like TikToks and Reels. According to Clarita’s 2020 Hispanic Market Report, 23.4% of the U.S. millennial population is Hispanic. By 2025, 27% of the U.S. Gen Z population will be Hispanic. These two segments are in their prime borrowing years. Therefore, credit unions must go to where potential new members are consuming the most information, so consider joining TikTok or Instagram.
While the millennial and Gen Z populations may not be your target market at this moment, it would be beneficial to include them in your marketing strategy. These are two populations that need financial services. Gen Z for example, might not be attending your financial seminars on Zoom, but you could catch their attention with a minute-long video on one of their favorite social platforms.
Make online banking enrollment accessible.
One of the most common questions Coopera received from credit unions embarking on a Hispanic growth strategy is, “How tech savvy is this community?”. There is a misconception that Hispanics don’t use technology at similar rates as compared to other demographics. Contrary to belief, most technology reports suggest otherwise. Claritas found that Hispanic consumers are more likely to carry out day-to-day banking transactions online. This is not surprising to me, as I have witness members of my own family utilizing their smartphones to stay connected with our family in El Salvador and to make everyday purchases.
When Hispanic members have low online banking and mobile app penetrations, I attribute the lack of engagement to communication issues in regard to the availability of those digital options. Spanish-speaking members may not be aware that they can enroll in online banking, or that their credit union has a mobile app for members. Consider these questions:
- Do you have an online banking enrollment guide?
- Is this guide available in Spanish?
- Do you have a Spanish microsite available to members?
- How have you promoted your Spanish content online?
- Do you post in Spanish on social media?
- What would be the investment to translate your online and mobile to Spanish?
Check out Valley Strong Credit Union, who took it a step further by creating a Spanish Facebook page to ensure their information was accessible to a Spanish speaking audience.
Prepare for potential members’ due diligence.
It is important that your online messages align with how you want to be known among the Hispanic community. Whiles Hispanics are loyal to brands, it takes some time to earn their trust. For a long time, Hispanics have relied on word of mouth to learn about resources in their community. Without social gatherings, it is important that you spread positive messages about the credit union online. Encourage members to leave a review online about their experience with the credit union, especially reviews in Spanish. This would present the diversity of your membership and their satisfaction with the credit union.
Don’t let COVID-19 hold your credit union back from engaging with Hispanic consumers. Use this time as an opportunity to enhance your digital channels to welcome new users. Online outreach and engagement can drive membership growth and product penetration if done from an inclusion mindset.
This article was written by Coopera Client Relations Director Kenia Calderon Ceron.