In case you haven’t heard, during recent cultural immersion sessions facilitated by Travis trainers, about 140 Travis Credit Union employees took a series of trips to Mi Pueblo Food Center and El Tejaban restaurant in Vacaville. During these trips, employees at both businesses were instructed to speak only in Spanish, so Travis employees could get a first-hand experience in the challenges of trying to be understood in a foreign language.
This exercise was designed by Coopera and adapted for the credit union by Travis’s training staff to put Travis employees in the same situation as their Spanish-only speaking members might experience when visiting the credit union. By gaining a better understanding of their Hispanic members, Travis employees will now be able to help their leadership team develop better strategies to increase membership, grow revenue and boost loan volume with this important demographic.
For more information on how Coopera can help your credit union put together an employee cultural immersion program, contact us today.Leave a comment
The face of the American consumer is changing: The 2010 U.S. Census revealed that one in six U.S. residents is Hispanic, and among children, it’s one in four. By 2050, analysts predict that statistic will soar to one in three. And with nearly 50 percent of Hispanics in the U.S. being either unbanked or underserved, this demographic represents the biggest opportunity for your credit union to grow its business in 2013.
The question is no longer IF your credit union will have Hispanic members, it’s WHEN.
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 your credit union needs. Outreach and growth campaigns need to fit into your credit union’s overall strategic plan to create truly sustainable success.
This means your credit union needs to offer more than just products for Hispanic members, such as prepaid cards, loan builder programs and affordable checking and savings account. It involves challenging your staff to learn how the different aspects of the U.S. payments system affect Hispanic members and to provide educational opportunities for your staff to train on how to best serve this market.
It also includes developing relationships with local organizations (human services organizations, non-profits, colleges and universities) that are already doing a good job helping Hispanics build assets and wealth. Ultimately, this will help build your credit union’s awareness and reputation with this community.
Any courtship of Hispanic members — whether it’s based on product development, community outreach or best, both — will require a strong commitment by your credit union to be strategic. This means planning, budgeting, allocating time and human resources – all in the name of developing the tools and staff you will need to generate fee revenue and loyalty from this powerful market.
For more information about how to incorporate Hispanic outreach in your 2013 plans, download the Coopera white paper: Asking the Right Questions: How to reach – and best serve – the Hispanic market in your credit union.Leave a comment
The Coopera Prepaid Reloadable Visa® Card has been ranked by NerdWallet.com as one of the most affordable, cost-effective prepaid cards available to consumers. The online financial planning resource’s ranking is based on the Coopera Card’s low fees as compared to more than 70 other prepaid card options on the market, including two competing prepaid card products also specifically targeted to Hispanic cardholders.
The Coopera Card is also the only prepaid reloadable card in NerdWallet.com’s top five ranking that was specifically designed for the Hispanic cardholder and provides a seamless cardholder experience in the language of choice of the Hispanic cardholder.
Because no two prepaid card products are exactly the same, especially when it comes to fees, like monthly, ATM or transaction fees, NerdWallet.com built an interactive prepaid card comparison tool to help consumers standardize prepaid cards’ disclosures, fee structures and terms and conditions. The tool gives consumers a tailored, at-a-glance understanding of each card’s cost structure and ranks a prepaid card’s affordability based on:
One of the ways the Coopera Card keeps costs low, and its ranking on NerdWallet.com high, is by offering fee-free cash loads at the cardholder’s credit union, by direct deposit of payroll checks or through online transfers from an existing checking or savings account, as well as from other credit or prepaid cards. And for the cardholder’s convenience, Coopera Card cardholders can also load cash on their cards via Visa ReadyLink merchants for a fee.
To see how the Coopera Card compares to other prepaid cards, visit: http://www.nerdwallet.com/prepaidLeave a comment
Coopera is pleased to announce the newest member of its executive management team — Gustavo Grüber! A native of Caracas, Venezuela, Gustavo brings more than 20 years of multicultural experience in marketing, business development and operations to Coopera, making him the perfect fit for his new role as Coopera’s vice president.
We’re excited to welcome Gustavo to the Coopera team. In his past roles at RR Donnelley/Banta, PSA Directo, Russ Reid, Hispanic Direct and Alaniz, he pioneered innovative marketing techniques that helped his clients achieve their acquisition, retention and renewal goals. His insight and efforts will offer Coopera and our clients new opportunities for Hispanic community outreach efforts.
In addition to his corporate experience, Gustavo has also served as the Chair of the Direct Marketing Association (DMA) “Directo” Council for Hispanic Marketing and was the founder of the Multicultural Marketing Group in the Chicago Association of Direct Marketing (CADM). He has also been a featured speaker at multicultural marketing conferences and has published articles on Hispanic marketing in trade publications.
In his new role at Coopera, Gustavo will be responsible for leading the company’s business development and sales strategies, brand awareness, product presence and revenue generation, as well as will serve as a key touch point for the company’s existing partners and prospective clients.
Gustavo is a great fit for Coopera, both professional and personally. We look forward what he will help us accomplish as the company works to address the complex challenges associated with Hispanic marketing and develop effective solutions to reach and serve our target audience.Leave a comment
Prepaid card options are popping up all over the place. But with very little regulatory oversight, these cards’ disclosures, fee structures and terms and conditions are all different. This can make choosing the right card option difficult for your Hispanic members.
To differentiate your prepaid card from stand-alone options that are issued directly to Hispanics consumers, you need to do more than simply sell it. Hispanics, particularly non-English speaking or immigrant members, can find the U.S.’s financial services intimidating, confusing or culturally irrelevant. This is not an insurmountable hurdle for your credit union; it’s an opportunity. Take advantage of where your competitors may be falling short — offer an education component to your card’s services.
A major fear among many underserved, Hispanic and non-Hispanic alike, is that prepaid-card fees will rob them of their hard-earned money. Another fear is that a prepaid card may open them up to the risk of debt. Prepaid cards are designed to do the exact opposite, and it’s vital that your staff be prepared to confront these misconceptions by educating cardholders on the features and benefits of your prepaid card option. Not only do you want to make sure cardholders understand the terms and conditions of the card, but you also want to teach them how to connect the product to their daily financial habits.
Remember, your goal is to lead your Hispanic members down a path to financial responsibility, and ultimately, convert them into long-term, viable and contributing members of your credit union.
The content of this blog is based on the Coopera white paper “Prepaid Cards Are Not Created Equal.” Download the paper for free today.Leave a comment