With close to 50 percent of our local population claiming Hispanic heritage, many of them second and third generation U.S. residents, efforts to grow our Hispanic member base have become an important part of our credit union’s initiatives throughout the years.
We have found many of the Hispanic residents in our local community already have a basic understanding of the U.S. financial system, yet they struggle with money management and building credit for loans. To help this crucially important group better understand our credit union’s products and services, as well as general principles of financial health, we use a mix of external outreach efforts and internal marketing programs.
An important aspect of our outreach efforts is building awareness about our credit union in the community. One of the ways we achieve this is through advertising in the local Hispanic newspaper, Que Pasa — a monthly supplement of the Lexington Clipper-Herald.
We also work closely with the local meat packing plant, where many of our Hispanic residents are employed, to help employees who are having trouble with their finances.
We are also working with Central Community College in Lexington to host workshops using CUNA and Coopera’s Spanish seminar-in-a-box series. The ultimate goal here is to educate Hispanics on personal finance topics, like how to:
– build credit
As with many organizations, our best marketing comes from word-of-mouth referrals. The Hispanic culture relies heavily on the experiences of friends and family members to guide decisions and choices. So when we serve one Hispanic member, we get opportunities to talk with at times several walk-ins who have heard about what we’ve done to help friends or family members.
Once inside our credit union, we work to make sure the Hispanic community understands we cater to individual needs. For example, we have worked with Coopera to make our existing products and services, like our credit-builder program, more geared toward the Hispanic culture. This has included offering our materials in both English and Spanish, as well as offering one-on-one and group educational sessions.
As part of targeted marketing programs, we have also introduced new products, like the Coopera Card, to be able to work with Hispanics in our community who may not be ready for more traditional products and services.
All of these efforts combined have proven to be successful. We continue to serve a large and growing population of Hispanic members, and our opportunities for revenue and membership growth continue to grow alongside this important segment of our membership base.Leave a comment