For the first time in our country’s history, minority births reached 50.4 percent of total births in the U.S. from July 2010 to July 2011, according to the Census Bureau. Of the total births in that year, the Census reveals that nearly 26 percent were Hispanic.
Looking at numbers, it’s easy to see the question isn’t will Hispanic members be a part of your future, but how soon. By providing dignified financial services to Hispanics, your credit union will not only achieve successful growth for your cooperative; you’ll also make a difference in the lives of your neighbors.
Competition for this growing segment is heating up. This is why it is incredibly important for your credit union to offer prepaid products that focus their marketing power on differentiation, and understanding how Hispanic cardholders will use your prepaid card products is key.
Hispanic cardholders may want to use their prepaid card as an affordable way to share funds with family members abroad so it’s important that your prepaid card offering does not limit the amount of cardholders on the account to two persons. Prepaid cards like the Coopera Card, which not only offer cardholders cash loads via in-branch, online, direct deposit and Visa ReadyLink merchants, also allow cardholders to request up to six additional cards for family, whether stateside or outside the country.
For cardholders looking to use prepaid cards as an alternative to money transfers, presenting an option that charges less in foreign exchange rates, like the Coopera Card that currently offers a foreign exchange rate of one percent compared to the two percent other cards charge, can go a long way toward attracting cardholders to your credit union.
Also, do not underestimate the strong need for language and cultural relevance with your prepaid card offering. Consult with a specialist who can double check the cardholder’s entire user experience, as well as your credit union’s marketing approach and message to be sure they are relevant. Prepaid cards configured to support the cultural and lifestyle nuances of your target membership, can be incredibly influential in developing long-term members for your credit union.
Now is the perfect time to begin outreach to the Hispanic community, and prepaid cards can be just the door-opener you need to begin courting this market.
The content of this blog is based on the Coopera white paper “Prepaid Cards Are Not Created Equal.” Download the paper for free today.Leave a comment