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  • Enhance Your Service to the Hispanic Market by Learning Something New During Hispanic Heritage Month

    Posted by on September 24, 2018

    Hispanic Heritage MonthThe theme of this year’s Hispanic Heritage Month, celebrated from September 15 to October 15, is “Hispanics: One Endless Voice to Enhance our Traditions.” Hispanic Heritage Month is an ideal time to check in on your credit union’s plans to enhance its service to the increasingly influential Hispanic market.

    During Hispanic Heritage Month, make it a point to learn something new about the Hispanic members in your cooperative, as well as those who have yet to be exposed to the credit union difference.

    Below are a few questions you may consider asking consumers on your quest to learn more. 

    Is the immigration process part of your financial journey?

    Although most of the 58 million Hispanics living in the U.S. are native-born Americans — and nearly three in four are U.S. citizens — there are nearly 20 million foreign-born Hispanics living and working in the U.S.

    Many foreign-born Hispanic individuals have gone through the immigration process to obtain U.S. citizenship, and many others are working on adjusting their status. Others may not be eligible for U.S. immigration status at this time.

    The immigration process is a time-intensive and costly one, as well as a major part of the lives of many Hispanic immigrants. Credit unions are in an ideal position to help members going through this process with both financial tools and education.

    In addition, simply understanding how complicated the process is and welcoming individuals of all backgrounds at your credit union can go a long way toward building lasting relationships, establishing trust and making people feel welcome and comfortable becoming part of your cooperative.

    Although credit unions exist to serve, they must also be sustainable. And, as many are discovering, the immigrant Hispanic profile exemplifies the ideal credit union member. This is especially evident when you consider how Hispanics in the U.S. are driving economic growth.

    Which is your preferred language?

    Often, credit union leaders interested in adapting their programs for Hispanic consumers are overwhelmed by the misperception they have to begin by translating into Spanish every piece of communication, including websites and disclosures. Thankfully, this is not the case.

    It’s true many Hispanics, both U.S. and foreign born, prefer to speak Spanish. In fact, more than 37 million Hispanics speak Spanish at home. Yet, a strategic Hispanic growth plan begins by identifying the specific needs of the community and the particular target market a credit union is trying to reach. Initial Spanish-language materials (or better yet, bilingual materials) will only be required for those introductory products and services, and of course, member communications deemed essential to the strategic Hispanic member growth plan.

    Often, Spanish-speakers tend to be the foreign-born population, which is also the most untapped and unbanked group. There is a reason large financials like Wells Fargo and U.S. Bank offer Spanish-language services across all of their channels and even why the government continues to introduce more Spanish-language services and materials. Everyone is trying to reach the most untapped groups because they present the greatest growth opportunity for the majority of businesses.

    How can our products improve your financial life?

    Hispanic use of top financial products has grown by double-digits over the past five years and outpaced non-Hispanics. Mortgages have grown 30 percent among Hispanics (compared to 9 percent among non-Hispanics) and auto loans have grown 31 percent among Hispanics (compared to 1 percent among non-Hispanics).

    Hispanics are the only demographic in the U.S. to have increased their rate of homeownership for the last three consecutive years. What’s more, 9 percent of Hispanics are planning to buy a house in the next 12 months, compared to 6 percent of non-Hispanics.

    The number of cars purchased by Hispanics in the U.S. is projected to double in the period between 2010 and 2020. It’s estimated that new car sales to Hispanics will grow by 8 percent over the next five years, compared to a 2 percent decline among the total market.

    In short, there are many present and future needs among Hispanic communities for the types of products and services credit unions are uniquely positioned to provide. Understanding those needs can go a long way toward crafting an effective onboarding program.

    Being all things to all people is rarely a good strategy, particularly for credit unions that pride themselves on truly knowing their members and providing custom, personalized experiences. The key is to ensure your products and services are culturally relevant and meet the needs of the community. If products aren’t adapted to the market, they will not resonate. The good news is you only have to repackage what you have instead of starting from scratch

    To grow, credit unions must make a strategic effort to learn as much as possible about the youngest, fastest growing and most untapped consumer segment in the U.S. The celebration of Hispanic heritage going on right now presents the perfect opportunity to do precisely that.

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    Connect With Hispanic Members and Staff During National Hispanic Heritage Month

    Posted by on September 10, 2018

    National Hispanic Heritage Month (HHM), a celebration of Hispanic and Latino culture, heritage and contributions, begins September 15 and continues through October 15 each year.

    The celebration starts on September 15 because on that day in 1821, five Latin American countries declared their independence: Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. In addition, Mexico, Chile and Belize celebrate their independence days on September 16, September 18 and September 21, respectively.

    HHM presents a great opportunity for credit unions to connect with and support their Hispanic members and staff. Here are a few examples:

    • Altura Credit Union in Riverside, Calif., recognizes HHM by promoting a variety of community festivals, contest and events on its website. The credit union also made a $600,000 pledge to the Cheech Marin Center for Chicano Art, Culture & Industry at the Riverside Art Museum earlier this year.
    • Idaho Central Credit Union in Chubbuck, Idaho, sponsors several activities during HHM, including Fiestas Patrias (Mexico’s Independence Day celebration), an All About the Dress Expo and a Latino Expo.
    • 1st Bergen Federal Credit Union in Hackensack, N.J., hosted a HHM celebration where the credit union shared its commitment to serve and empower members of the Hispanic community. The event included music and dancing, refreshments and special promotions, including low-interest loans, savings accounts and checking accounts.

    Another way to celebrate HHM is to create a way for your Hispanic staff and members to share stories about their favorite traditions from their countries of origin. Along those lines, we thought it would be fun to share a bit about where the Coopera team came from and our favorite traditions from those countries.

    Kenia Calderon, Coopera’s Client Relationship Consultant

    El Salvador Peace Band

    El Salvador’s peace bands play during the Independence Day parades.

    What is your country of origin?
    I was born and raised in El Salvador.

    What is your favorite tradition?
    My favorite tradition from El Salvador is our Independence Day celebration.

    On September 15, K-12 students participate in the Independence Day marches/parades that take place across the country. People line up along the sidewalks to watch the parade. Each school has its own theme, uniform, music and acts. My siblings and I participated every year. The first time I participated, I was in charge of holding our national flower. The following year, I was a tambourine player. The marches typically take place downtown, and we probably marched more than five miles.

    What do you enjoy most about HHM?
    I miss El Salvador a great deal, so HHM is very important to me because I get to celebrate where I come from along with other Latin Americans. Every year, I learn something new from other countries’ traditions and history. HHM is also our opportunity to teach Hispanic Americans about their family’s culture to develop a sense of pride and celebrate their roots.

    Tania Perez, Coopera’s Client Support Specialist

    Mexico Bullfight

    The bullfight is one the main attractions at the traditional San Marcos National Fair.

    What is your country of origin?
    I am both Mexican and Salvadoran.

    What is your favorite tradition?
    It’s so difficult to choose one but La Feria de San Marcos has always piqued my interest.

    My father is from Aguascalientes, Mexico, host of the San Marcos National Fair. It started off as a cattle and harvest fair and is now an international event. There are many exhibitions to enjoy, including bullfighting, which has an important history in the city of Aguascalientes. The fair takes place in April and May. My family who owns a taco business in the city says that many businesses close earlier in the day or close for a couple days to celebrate the fair.

    What do you enjoy most about HHM?
    What I enjoy most is the simple fact that it is a month dedicated to all Latino cultures. We often forget to include representation of many Latin American countries. HHM is a time where you see celebrations with various countries being represented, either through food or dances.

    Victor Miguel Corro, Coopera’s Client Relations Director

    Panama Water Soak

    La Mojadera is a water hose soak during Los Carnavales in Panama.

    What is your country of origin?
    Panama

    What is your favorite tradition?
    Los Carnavales (Carnival)

    During the four days prior to the start of Lent, the Catholic holiday, the whole country comes to a complete stop for Los Carnavales. In many towns, large and small, there is is a full-throttle celebration with parades, floats, queens, music, dancing and costumes.

    Festivities include both traditional Spanish and Panamanian customs. The most distinct and fun tradition is “La Mojadera” – a water hose soak. Water tank trucks soak the crowd for hours, along with loud music, entertainment and plenty of Seco, a sugarcane-based spirit and Panama’s national drink. The tradition is undoubtedly inspired by the hot tropical weather. La Mojadera goes on until the early hours of the afternoon, when the crowds go home to take a short nap before preparing to dance the night away and start all over the next day.

    Miriam De Dios Woodward, Coopera’s CEO

    Jalisco Fair Queen

    The fair queen is crowned during the annual Fiestas in El Grullo, Jalisco.

    What is your country of origin?
    Mexico

    What is your favorite tradition?
    My favorite tradition is the annual Fiestas of my hometown of El Grullo, Jalisco. The festivities begin with a religious celebration on January 1 dedicated to Santa Maria de Guadalupe, followed by a two-week fair. The religious celebration includes a processional to the church at the top of the hill in town, singing “las mañanitas” to Santa Maria de Guadalupe, a parade with religious floats and other festivities.

    As the religious celebration draws to a close on January 12, a special pilgrimage is held to welcome back “los hijos ausentes” or the “absent children” who live away from town. That night, “la farola,” a cart with a lamp post symbolizing an old way of making public announcements is pushed down the streets of town with a live band and processional of people, announcing the start of the fair. The fair activities that follow include bull riding, concerts, enjoying a variety of food stands, carnival games, parades, traditional dances and the crowning of the fair queen.

    Las Fiestas represent a time for family and friends to gather from near and far to share in the tradition that was started many generations ago. To this day, my family continues the pilgrimage to El Grullo during the time of Las Fiestas.

    What do you enjoy most about HHM?
    I enjoy attending the various events that celebrate the diversity in the Hispanic culture and the opportunity to highlight the contributions of Hispanics/Latinos in the U.S.

    As you can see, Latin American countries are rich with culture and traditions. Finding ways to celebrate HHM and giving your members and staff an opportunity to share stories from their countries of origin are great ways to learn from each other to build a more inclusive community.

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    Connecting with Hispanics in Your Community This Holiday Season

    Posted by on December 2, 2017

    As in most cultures, shopping and gift-giving are important parts of the holiday season for many Hispanics. According to recent research by ThinkNow Retail, 33 percent of Hispanics say they will be spending more this holiday season than they did last year, compared to 30 percent across all markets. Some other interesting findings from the study include:

    –About 41 percent of Hispanics plan to pay for most of their holiday purchases with a debit card, higher than any other market. Cash and credit tie for second among Hispanics at 24 percent each.

    –Smartphones will be the most commonly used device for making online holiday purchases among Hispanics. About 62 percent of Hispanics will use a smartphone, compared to 50 percent across all markets. Laptops, on the other hand, will be the device used the most overall across all markets.

    –On average, Hispanics plan to buy about 35 percent of their holiday purchases online and about 46 percent in-store.

    For credit unions serving Hispanic communities, it’s important to understand holiday purchasing behaviors to better tailor marketing offers, as well as products and services. Even more important, however, is the understanding of specific motivations. That level of intelligence allows your teams to create a deeper connection between the credit union and its community.

    In the Hispanic culture, most holidays have their origins in religion, specifically Christianity. Approximately 77 percent of Hispanics are Christians, with the overwhelming majority identifying as Catholic.

    As such, Christmas is one of the most popular Hispanic holidays, and there are many traditions associated with it. Here are a few favorites:

    Tamale-making parties – Tamales are holiday staples in many parts of Latin America. Because making tamales is a time-consuming task, many people participate in tamaladas, where participants bond over recipe swaps and bulk prep of the holiday favorite.

    Christmas Eve feastNochebuena is a very special celebration shared with family and close friends on Christmas Eve. Food plays an important role during this celebration. Each country, and even certain regions within a specific Latin American country, has a special dish.

    Re-enactments and plays – Posadas are re-enactments of Mary and Joseph looking for a place to stay before Jesus was born. Many posadas start at church services. Las pastorelas are plays that retell the Christmas story.

    It’s clear religion and family are at the heart of the Hispanic holiday experience. Whether it’s partnering with a local community center or church to support a tamalada or posada, having a drawing for a pork roast, a common centerpiece of the Nochebuena meal, or simply sharing holiday family fun ideas on your website and social media channels, there are a variety of ways credit unions can connect with Hispanics in their communities this holiday season.

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