Credit unions can benefit immensely by serving Hispanic markets. A recent study by the NCUA showed more than 30 million Hispanics who are members of credit unions of a total 60.5 million living in the U.S., according to the Department of Health and Human Services. This burgeoning demographic makes up just 26% of total credit union members, which represents great opportunities for your credit union.
So, what can your credit union do to boost its success?
For credit union marketing to earn the trust of the Hispanic community, keep in mind the myth that Hispanics, particularly Latinos, are similar in their views and experiences politically, socioeconomically and in numerous other ways: This is not the case. Latinos are incredibly diverse, from South to Central America. Our foods, music, sports, culture, and idioms vary from country to country, and it’s important to understand each of our intricacies to help meet our financial needs.
Aside from understanding the diversity of Hispanic culture, Hispanic marketing experts can help your credit union confidently build a strategic plan to help your credit union effectively engage with Hispanic people in your field of membership, implementing productive campaigns through the proper marketing channels.