The Hispanic population is very young as compared to other U.S. ethnic groups. The best potential for lowering the average age of a credit union’s membership is by bringing Hispanic members into the fold. Because it is a largely underserved group, helping Hispanic members navigate the U.S. financial system is an important part of the overall credit union mission.
Hispanic outreach is an indispensable investment in a credit union’s future. But, seeing the benefit of serving the Hispanic population is one thing. Truly understanding what it takes to do so is quite another.
To gain that understanding, credit unions must begin by fully examining their current outreach and potential for growth. This places the credit union in a much better position for defining success and for developing a strategic plan for achieving that success.
By asking these questions, credit unions can develop a customized strategy for achieving their goals:
• Is the credit union well-positioned to target and serve the Hispanic market?
• How many Hispanic members is the credit union currently serving?
• What milestones has the credit union already achieved?
• How many Hispanic members could the credit union serve and what is the income potential?
• What are the opportunities and challenges faced by the credit union?
• What are the best-practice strategies that will attract and retain Hispanic members?
To learn more about how asking the right questions can help grow your credit union’s Hispanic membership, download Coopera’s white paper “Asking the Right Questions.”Leave a comment