Commissioned by the California and Nevada Credit Union Leagues, a new report from Coopera highlights opportunities for credit unions in California and Nevada to grow their membership and increase their revenue through service to local Hispanic populations.
Coopera’s Hispanic Opportunity Report will be available to California and Nevada Credit Union League Applied Research Institute members first, and then it will be available to the general public following these webinars:
As the influence and impact of Hispanic consumers continues to grow in the U.S., the Coopera Hispanic Opportunity Report discusses what serving Hispanics means for California and Nevada; which credit unions are best positioned to serve the Hispanic community; and characteristics of the local communities that must be considered to successfully serve Hispanic residents.
According to the report, local credit unions’ biggest growth opportunity right now is Hispanics.
In California, the report uncovers:
For the report, the Coopera team calculated if 10 percent of California’s Hispanic adults were members of a credit union, they would contribute an estimated $2.1 billion in loan balances and $592 million to annual income.
In Nevada, the report reveals:
A similar calculation done for Nevada, based on an assumption of 10 percent of the Hispanic community joining a credit union, found Nevada’s Hispanic adults would contribute an estimated $82 million in loan balances and $28 million to annual income.
The Hispanic Opportunity Report also debunks common myths businesses have about the Hispanic community and shares case studies of credit unions with successful Hispanic outreach efforts, including:
For more information about this report, contact Coopera at: http://www.cooperaconsulting.com/contact-us.cfmLeave a comment
With close to 50 percent of our local population claiming Hispanic heritage, many of them second and third generation U.S. residents, efforts to grow our Hispanic member base have become an important part of our credit union’s initiatives throughout the years.
We have found many of the Hispanic residents in our local community already have a basic understanding of the U.S. financial system, yet they struggle with money management and building credit for loans. To help this crucially important group better understand our credit union’s products and services, as well as general principles of financial health, we use a mix of external outreach efforts and internal marketing programs.
An important aspect of our outreach efforts is building awareness about our credit union in the community. One of the ways we achieve this is through advertising in the local Hispanic newspaper, Que Pasa — a monthly supplement of the Lexington Clipper-Herald.
We also work closely with the local meat packing plant, where many of our Hispanic residents are employed, to help employees who are having trouble with their finances.
We are also working with Central Community College in Lexington to host workshops using CUNA and Coopera’s Spanish seminar-in-a-box series. The ultimate goal here is to educate Hispanics on personal finance topics, like how to:
– build credit
As with many organizations, our best marketing comes from word-of-mouth referrals. The Hispanic culture relies heavily on the experiences of friends and family members to guide decisions and choices. So when we serve one Hispanic member, we get opportunities to talk with at times several walk-ins who have heard about what we’ve done to help friends or family members.
Once inside our credit union, we work to make sure the Hispanic community understands we cater to individual needs. For example, we have worked with Coopera to make our existing products and services, like our credit-builder program, more geared toward the Hispanic culture. This has included offering our materials in both English and Spanish, as well as offering one-on-one and group educational sessions.
As part of targeted marketing programs, we have also introduced new products, like the Coopera Card, to be able to work with Hispanics in our community who may not be ready for more traditional products and services.
All of these efforts combined have proven to be successful. We continue to serve a large and growing population of Hispanic members, and our opportunities for revenue and membership growth continue to grow alongside this important segment of our membership base.Leave a comment
Building on their five-year partnership, the Credit Union Association of New York (CUANY) and Coopera have signed four credit unions to take part in the inaugural Hispanic Member Growth Strategy Program. Spots for four additional mid-sized credit unions to participate in the outreach program are still available.
Demographics show the importance of helping New York credit unions grow by serving the Hispanic market. In New York:
– Hispanics are the largest, fastest-growing, youngest and most underserved group in the U.S.
As part of the Hispanic Member Growth Program, Coopera provides valuable resources and counseling to three small (assets under $25M) and five mid-sized ($25M-$500M in assets) New York credit unions, helping them identify Hispanic outreach opportunities within their neighborhoods and create affordable banking alternatives to meet the needs of this community.
To date, four credit unions are participating in the CUANY and Coopera program:
– Cooperative Federal Credit Union of Syracuse
More information on the 2012 Hispanic Member Growth Strategy program is available via archived webinar at http://diigo.com/0pzxe.
New York credit unions interested in participating in this program should contact Coopera at 866.518.0214 or www.cooperaconsulting.com for additional details.Leave a comment