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  • Latinas Are the New U.S. Economic Driving Force

    Posted by on September 24, 2013

    Latinas aren’t just looking for any financial services. Dignified financial services are what we want — the type that credit unions are known for. Latinas are decision-makers, they are wage-earners and they are increasingly bi-cultural; all of which are nuances to make note of and integrate in a credit union’s overall Hispanic growth plan.

    One of the most notable nuances that credit unions looking to court this powerful consumer segment need to know is that Latinas aren’t assimilating.

    Perhaps one of the most revealing findings of Nielsen’s Latina Power Shift Report is that Latinas aren’t assimilating in the same way that past generations of U.S. immigrants did. What’s occurring is that we aren’t losing our Latino culture overtime to become more American, we’re actually adding the American culture to our Latino culture and are increasingly becoming ambicultural®, a term coined by Nielsen specifically to describe this phenomenon.

    What does this mean? It means we can switch back from the English language to the Spanish language without hesitation, we celebrate traditional American holidays and serve traditional Latin American foods at these events and we embrace our Latin American roots with our diverse group of both American and Latin American friends and family.

    While this can pose some unique challenges and opportunities for credit unions to communicate to us, it’s not an impossible feet, in fact it just means credit unions must have a marketing and product strategy that
    includes the right mix of communication. Blanket messaging in just English or just Spanish isn’t necessarily going to be as effective with this group. Multi-media channels, both English and Spanish communications and an appeal to both the American and Latino cultures are going to be essential to get us to act.

    These nuances will require a new way of looking at marketing and product strategies to effectively reach Latinas. And, if you really want to serve your Latino community, you need to be connecting with Latinas — the new U.S. economic driving force.

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