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  • Make Strategic Planning For Hispanic Growth Simple

    Posted by on June 5, 2012

    While it’s true the Hispanic market is the largest, fastest-growing group in the United States, that’s not the only reason the country’s credit unions are working hard to learn more about this community.

    To gain that understanding of the Hispanic community, credit unions must begin by fully examining their current outreach and potential for growth. One way credit unions are pursuing this strategy is through the use of Coopera’s Hispanic Opportunity Navigator (HON).

    By asking the right questions the HON will uncover a credit union’s readiness to reach a new market or to take the efforts to the next level. The HON also sets forth a plan of action for credit union staff to follow on its path to growth through the Hispanic market.

    With this plan, credit unions will be encouraged to implement new tactics to grow its Hispanic membership, such as:
    • Developing a strategic plan with milestones and goals for serving Hispanic populations
    • Training employees on the business case for serving Hispanics and on issues related to reaching Hispanic populations
    • Providing basic introductory financial services, including international non-wire remittance services and low or no-cost check-cashing in a way relevant to Hispanics.
    • Tracking Hispanic ethnicity and analyzing data to examine Hispanic contribution to the bottom line
    • Establishing long-term relationships with community organization partners trusted by the Hispanic community

    When implemented in the proper sequence, these tactics will ultimately achieve results much faster and much more cost-effectively for a credit union than if they had gone without a charted course.

    The HON is quickly becoming a standard in the industry. In fact, Texas credit unions hoping to attain the Juntos Avanzamos designation* are strongly encouraged to perform a HON analysis.

    *The Juntos Avanzamos designation, which translates to “Together We Advance,” is an indicator to consumers that the designated financial institution is not only welcoming, but prepared to handle the financial needs of the Hispanic community

    For more information about how the HON can help your credit union’s Hispanic outreach programs, download the white paper “Asking the Right Questions.”

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