The Hispanic population is very young as compared to other U.S. ethnic groups. The best potential for lowering the average age of a credit union’s membership is by bringing Hispanic members into the fold. Because it is a largely underserved group, helping Hispanic members navigate the U.S. financial system is an important part of the overall credit union mission.
Hispanic outreach is an indispensable investment in a credit union’s future. But, seeing the benefit of serving the Hispanic population is one thing. Truly understanding what it takes to do so is quite another.
To gain that understanding, credit unions must begin by fully examining their current outreach and potential for growth. This places the credit union in a much better position for defining success and for developing a strategic plan for achieving that success.
By asking these questions, credit unions can develop a customized strategy for achieving their goals:
• Is the credit union well-positioned to target and serve the Hispanic market?
• How many Hispanic members is the credit union currently serving?
• What milestones has the credit union already achieved?
• How many Hispanic members could the credit union serve and what is the income potential?
• What are the opportunities and challenges faced by the credit union?
• What are the best-practice strategies that will attract and retain Hispanic members?
To learn more about how asking the right questions can help grow your credit union’s Hispanic membership, download Coopera’s white paper “Asking the Right Questions.”Leave a comment
Hispanic outreach is an indispensable investment in the future. Yet having a Hispanic growth strategy on its own will not generate the kind of success a credit union needs. It is the integration of a Hispanic growth strategy with the credit union’s overall strategic future that will ultimately create sustainable success.
One way for credit unions to pursue their membership growth strategy with their local Hispanic community is through the use of Coopera’s Hispanic Opportunity Navigator (HON), an industry-accepted assessment that Coopera has completed for more than 50 credit unions across the country.
Designed to make strategic planning for a Hispanic growth strategy simple, the HON provides a measurement of a credit union’s Hispanic membership baseline.
In addition, the program evaluates a credit union’s cultural disposition to serving a new market. As a third assessment, the HON analyzes the credit union’s tactical progress to understand what has already been accomplished toward becoming what Coopera calls a “Best Practice Credit Union.”
The HON supplies a road map to follow utilizing three Hispanic growth stages: Discovery, Emerging and Best Practice. By asking the right questions during these phases, the HON gives credit unions a customized strategy for achieving their goals.
One Coopera customer, Arna Reynolds, CEO of Amarillo Community Federal Credit Union, says, “The HON has been an invaluable tool for our Hispanic programs. It has given us the ability to adapt our strategic plan to include target marketing with customized messages to the appropriate age groups. Now with a defined roadmap, we understand exactly which direction to take next.”
For more information about how the HON can help your credit union’s Hispanic outreach programs, download the white paper “Asking the Right Questions.”Leave a comment
Smart credit union executives realize that the face of the American consumer is changing, and that to grow membership, they must adapt to their new consumers.
One way for credit unions to pursue their membership growth strategy with their local Hispanic community is by asking the right questions to develop a customized strategy for achieving their membership growth goals:
Is the credit union well-positioned to target and serve the Hispanic market?
How many Hispanic members is the credit union currently serving?
What milestones has the credit union already achieved?
How many Hispanic members could the credit union serve and what is the income potential?
What are the opportunities and challenges faced by the credit union?
What are the best-practice strategies that will attract and retain Hispanic members?
The white paper “Asking the Right Questions” can be downloaded at: http://tinyurl.com/7ovghlu.Leave a comment
I recently appeared on an episode of the CU Broadcast to discuss the Hispanic market opportunity for credit unions. The host, Mike Lawson, and I talked through quite a few topics, most notably how credit unions can earn the trust of young, unbanked Hispanics.
The video is also archived at CUBroadcast.com, along with many other insightful episodes of the show. If you get a free minutes, visit the site and watch a few…Leave a comment
By Guest Blogger Michael Adams, Vice President of Marketing and Public Relations at Greater Iowa Credit Union
In working with Coopera, we have found it important to get the structural components in place before launching any significant outreach to the Hispanic community. This includes things like laying a solid foundation complete with Hispanic-friendly membership policies, as well as securing employee, leadership and board support. Only after this can you begin to do the fun stuff, like product development or marketing.
Not everyone on a credit union’s leadership team or board of directors may be fully supportive of an Hispanic outreach program, and some products, such as ITIN loans, for example, may be downright scary to them. A vocal board member who is not on board can create barriers to any proposal. We discovered early on that some credit union administrators and board members can have a knee-jerk reaction to the creation of an aggressive Hispanic initiative.
More often than not, education regarding the needs of this community is necessary. Once you do get a good customer identification program in place and board support, you can begin the rewarding work of reaching out to the Hispanic community with products and services that are useful to them, such as remittance services, free checking, reloadable debit cards, ITIN and other culturally relevant loans.Leave a comment