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  • Embracing a New Era of Success for Coopera

    Posted by on October 15, 2018

    It was barely 10 months ago that I joined Coopera as client relations director, having just spent 20 years working with the global credit union movement as part of World Council of Credit Union’s executive staff. Today, I begin my tenure as Coopera’s CEO.

    I’m still reeling at the tremendous opportunity I have been given.  I’m thrilled to be leading the only organization devoted to helping improve financial services delivery through credit unions for U.S. Hispanic population members nationwide. What an honor!

    I am thankful for the remarkable work former CEO Miriam De Dios Woodward has done building this organization. I’m pleased she has taken over the role of CEO of PolicyWorks LLC, Coopera’s sister organization that provides compliance solutions to more than 1,200 credit unions across the country.

    Victor Corro is the new CEO of Coopera.

    As CEO, I plan to carry on the work Miriam started to increase services to a growing number of credit unions and other organizations seeking to effectively serve Hispanic communities and individuals.  The market has never been larger, and the need for those services never greater.

    Many people don’t realize that there are currently about 55 million Hispanics living in the United States. That makes the U.S. the world’s second-largest Spanish-speaking country after Mexico.

    Hispanics also are the largest ethnic minority in the United States, and one that credit unions can most effectively serve through their cooperative structure and wide array of financial products and services.

    As a native of Panama and first-generation immigrant, I have lived the American immigrant journey. I had the good fortune to come to the U.S. as a teenager on a Fulbright scholarship to pursue degrees in economics and Latin American studies at the University of Wisconsin-Eau Claire and I have been here ever since. I also have devoted my professional life to credit unions and have long promoted their ability to serve the Hispanic population.

    The key factor many credit unions forget, however, is that an effective service profile is at no time found in a one-size-fits-all strategy.

    Spanish may be our shared language, but each of us comes from a different culture. The culture in the Dominican Republic is different from that of Colombia, and Mexico is not the same as Cuba. Credit unions must first recognize the origins of their Hispanic members, then find ways to connect with their communities in order to gain the trust necessary to create a trust relationship with those members.

    Helping credit unions do just that through analytical tools and strategic planning is part and parcel of Coopera’s mission. Credit unions that understand their current and potential Hispanic membership base can better develop the proper strategic approach to serve those members. Supporting that understanding lies at the core of Coopera’s services.

    Given the current politics of immigration, the parameters for serving Hispanic members may seem very different from serving other member groups. Credit unions must be prepared to accept different forms of identification, for example, and be willing to partner with different community organizations to make sure Hispanics receive the financial and social support they need.

    For credit unions, it becomes a case of self-examination. Does the credit union truly represent the field of membership that it’s serving? Are there Spanish-speaking employees, executives and maybe even board members who represent what has the potential to become a key constituency?”

    For credit unions, effectively serving Hispanic members is much more than a case of just doing the right thing socially and politically. In a marketplace where competition increases while service opportunities decrease, building a strong Hispanic base can be the key to stability, relevancy and increased growth.

    Credit unions with significant Hispanic membership often see both loan and deposit growth at rates higher than industry norms, while the average member age has decreased by about 10 years. There is a positive business case for serving the Hispanic market, one that shows the market’s relevancy and sustainability over the long run.

    In the end, Coopera’s goal is to help credit unions succeed by understanding and creating empathy for people on the immigrant journey, much like the one I took.

    Our industry really can’t ignore a group that in just a couple of decades will comprise one-third of the U.S. population. At Coopera, we’d like to help more credit unions meet their own goals, and successfully serving Hispanic members is an important part of that equation.

    Speaking on behalf of Coopera’s excellent staff and myself, we’re all ready to work with partners both veteran and new in embracing a new era of success in serving Hispanic members nationwide.

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