• page_01
  • page_02
  • page_03
  • page_04
  • page_05
  • page_06
  • page_07
  • page_08
  • page_09
  • page_10
  • page_11
  • page_12
  • page_13
  • page_14
  • page_15
  • page_16
  • page_17
  • page_18
  • page_19
  • page_20
  • tags_01
  • tags_02
  • tags_03
  • tags_04
  • tags_05
  • tags_06
  • tags_07
  • tags_08
  • tags_09
  • tags_10
  • tags_11
  • tags_12
  • tags_13
  • tags_14
  • tags_15
  • tags_16
  • tags_17
  • tags_18
  • tags_19
  • tags_20
  • news_01
  • news_02
  • news_03
  • news_04
  • news_05
  • news_06
  • news_07
  • news_08
  • news_09
  • news_10
  • news_11
  • news_12
  • news_13
  • news_14
  • news_15
  • news_16
  • news_17
  • news_18
  • news_19
  • news_20
  • news_21
  • news_22
  • news_23
  • news_24
  • news_25
  • news_26
  • news_27
  • news_28
  • news_29
  • news_30
  • news_31
  • What These Three Credit Unions Know about YouTube

    Posted by on February 6, 2018

    A recent PwC report, “Always connected: U.S.-based Hispanic consumers dominate mobile, entertainment and beyond,” found that an astonishing 90 percent of Hispanic consumers stream video on their mobile devices. When it comes to their video channel of choice, YouTube reigns. Seven in 10 Hispanics regularly use YouTube (compared to six in 10 non-Hispanics).

    “Hispanic consumers spend a disproportionate amount of their day on the phone—most notably, streaming videos,” write the report’s authors. “Mobile video and, in particular, YouTube, are at the heart of Hispanic consumers. In response, brands looking to win over this mobile-dominant consumer should position the phone, and video, at the epicenter of their marketing plan.”

    Credit unions looking to develop and deepen relationships with this young, fast-growing and often underserved segment, should pay close attention to these findings, as well as to how some of their colleagues are having success with video. Below are three ways credit unions have integrated YouTube into their Hispanic marketing and engagement efforts.

    Financial Education

    YouTube is a great channel for educating consumers on financial wellness topics. Here are just a few ideas:

    • The credit union difference
    • Budgeting
    • Building credit
    • Phishing scams
    • Identify theft
    • Scholarships
    • Home equity loans
    • Rewards programs
    • Debt collection
    • Car-buying process
    • Home-selling tips
    • Tax returns
    • Money-savvy traveling
    • Back-to-school shopping

    Ascentra Credit Union in Bettendorf, Iowa, has leveraged YouTube to educate consumers, specifically through a monthly video series called Ascentra Making Cents. In addition to YouTube, Ascentra also provides the videos directly to its community partners to share through their own networks. The credit union is currently in the process of adding Spanish subtitles to the videos using funds it received from the 2017 Warren Morrow Hispanic Growth Fund Grant for Hispanic Outreach.

     

     

    Member Testimonials

    Consumers – particularly those unfamiliar or uncomfortable with traditional financial institutions – want to see certain things from any credit union attempting to make a connection with them. Employees and members who look like them, communications that speak to them and experiences that feel real to them are crucial to encouraging underserved individuals to give credit union membership real consideration. Videos of real members sharing why they chose the credit union and how it’s impacted them can benefit the credit union in many ways, including:

    • Building credibility and trust
    • Highlighting success stories
    • Showcasing community impact
    • Encouraging viewers to take action

    Community 1st Credit Union in Ottumwa, Iowa, has several member testimonial videos on its YouTube channel. One example tells the story (in both Spanish and English) of how Community 1st helped members who immigrated to the U.S. from Mexico open a restaurant and buy house.

     

     

     

     

    Advertising Videos

    Because it’s free to host videos on YouTube, it can offer a much higher ROI than television advertising. Plus, a Google-commissioned Nielsen study found more Hispanics watch YouTube than any cable network in the U.S. Posting advertising videos on YouTube can help your credit union build brand awareness and share your commitment to the community.

    The videos don’t have to be overly complicated. Hapo Community Credit Union in Richland, Wash., has a series of short advertising videos on its YouTube channel. Each features a credit union employee sharing a benefit of banking with Hapo.

     

     

     

     

    When launching a YouTube strategy, it’s important to continually go back to your credit union’s strategic plan to ensure each of your video tactics aligns with your business goals. If you have goals to engage Hispanic consumers, educate your community or promote the benefits of membership, you may find YouTube the perfect place to be.

    Leave a comment

    Creating a More Inclusive Industry: Lessons for Credit Unions

    Posted by on January 22, 2018

    In its 2017 Diversity Report, Financial Solutions Lab (FinLab) provided an update on its efforts to create a more inclusive financial services industry. Managed by the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co., FinLab seeks to identify, test and bring to scale promising innovations to improve financial health in America. The program is dedicated to supporting and encouraging diversity within the early-stage fintech space.

    “As an investor and supporter of early-stage startups, we believe that diverse teams simply build better products,” writes CFSI FinLab Senior Manager Maria Lajewski in the report. “By having a more comprehensive understanding of the market, diverse teams are more likely to build products that address the needs of a broad swath of consumers, including those who are historically underserved. And it’s those companies that are much more likely to grow and scale to reach millions of customers.”

    Below are a couple interesting findings Lajewski shares in the report:

    Of the 57 percent of Americans who struggle with their financial health, some segments of the population – including low-income women and people of color – struggle disproportionately.

    Of the 78 FinLab applicants who self-identified as targeting at least one underserved community, 32 had not yet raised any capital and 22 had raised less than $500,000. However, the average amount of capital raised across the total applicant pool was $630,000.

    LESSONS FOR CREDIT UNIONS

    FinLab’s findings and work to create a more inclusive industry are relevant to credit unions in several ways. Here are a few key takeaways:

    Consider extending credit to startups. The FinLab report reveals many early-stage companies, especially those serving underserved communities, struggle securing investment capital. With their community focus and “people helping people” philosophy, credit unions are well-suited to help meet that need. As reported in Inc., Apple may exist today because co-founder Steve Wozniak was able to get a loan from his credit union while the company was still based in a garage. Talk about a feather in that credit union’s cap.

    Educate staff and community. Throughout FinLab’s eight-month program, the organization brings in a wide range of people and experiences to help founders deepen their understanding of the financial challenges low-income and underserved consumers face. FinLab also organizes dinners to discuss how to build diverse organizational teams and culturally relevant products for underserved communities. Credit unions could easily adopt similar models to educate their employees and community members.

    Host “day-in-the-life” events. During a workshop called FinX, FinLab participants go into a local community to perform a series of real-time financial transactions, such as cashing a check, buying and loading a prepaid card and sending a money order. Here again, credit unions could organize similar activities to help their staff better understand the challenges faced by the underserved in their communities. Coopera coordinates similar activities through its Coopera Immersion Program. Our staff guide credit union team members through a series of exercises designed to give them a better idea of what life is like for the underserved in their communities.

    “While we understand these issues are multifaceted and will never be solved in a single conversation over dinner, creating a safe space and the opportunity to have these discussions is one way that we can regularly check our individual and collective blind spots,” writes Lajewski. “Where are the missed partnership opportunities or design decisions that could open up your customer base to those who have the most to gain from your product? It takes a little extra effort to make sure we’re creating a safe space to discuss these kinds of questions, but it’s an investment we’re willing to make.”

    Leave a comment

    5 Trends Driving Credit Union Investment in Underserved Markets

    Posted by on January 8, 2018

    The annual Financially Underserved Market Size Study, conducted by the Center for Financial Services Innovation (CFSI), illustrates the tremendous opportunity that exists to address the needs of financially underserved consumers. The study measures the size, composition and opportunity for products and services underserved individuals use to save, spend, borrow and plan.

    Here are some of the 2017 study’s highlights:

    • Underserved consumers spent $173 billion in fees and interest to use $1.94 trillion in financial services in 2016.

    • Spending by financially underserved consumers increased 6.6 percent, or $10.7 billion, in 2016.

    • The market has grown an average of four percent each year since 2009.

    The report also identifies five trends driving opportunities for financial services providers. What follows are a few ways credit unions may consider leveraging these trends to improve the financial lives of underserved consumers in their communities.

    Credit Cards
    Credit card spending among underserved consumers has grown rapidly for several consecutive years. CFSI estimates underserved consumers will spend $37.6 billion on retail credit cards, $8.3 billion on subprime credit cards and $0.4 billion on secured credit cards. Retail credit cards resemble subprime credit cards in terms of average balance and interest rates, but promotional features, like product discounts and no-interest startup periods, drive many account openings. Consumers who don’t pay off their balances quickly enough may see the cost of credit increase rapidly. The average retail credit card APR is 24 percent, and 72 percent of retail credit cards do not base APR on cardholder creditworthiness.

    How Credit Unions Can Help
    Consider mapping out a strategy to evolve your credit card offerings in a way most likely to benefit the unique underserved populations in your market. Start by identifying your existing members and prospects who fall into the underserved segment. Finding success with a credit-builder product like a secured card isn’t a quick fix. Issuers must take the necessary steps to comply with several regulations, including Ability to Repay rules. Cards and marketing teams will need to collaborate closely to execute sales, communication and, importantly, cardmember education plans. There must also be a good program in place for graduating cardmembers into appropriate products as their improving credit profiles warrant.

    Frequent Overdrafts
    Nearly 75 percent of overdraft revenue comes from a relatively small number of consumers. The Consumer Financial Protection Bureau (CFPB) reports 8.3 percent of all checking accounts experience more than 10 overdrafts in a year. In 2016, this subset of frequent overdrafters spent $24.5 billion on overdraft fees. Of consumers whose overdraft frequency is in the top 20 percent, 23.4 percent close their accounts within 15 months. Of those, 86.3 percent see their accounts closed involuntarily.

    How Credit Unions Can Help
    Educate your members on how to avoid overdraft fees, including opting out of overdraft protection, keeping closer tabs on checking account balances, direct depositing paychecks, signing up for automatic notifications if the balance drops below a certain level and setting up a linked account as a backup.

    Credit Pricing
    There are approximately 91 million U.S. adults who are credit-challenged, meaning they have subprime credit scores below 600 or are unscorable due to a lack of sufficient credit file information. Many credit products accessible to underserved consumers feature one-size-fits-all rates and fees, which means they aren’t priced according to risk.

    How Credit Unions Can Help
    Many credit-challenged consumers may benefit from alternative measurements of borrower risk to increase their access to credit. Big data makes it possible to develop much more nuanced underwriting and rate-setting techniques. Setting custom-tailored rates to fit an applicant’s credit history does require specialized expertise, but the return is worth the extra effort. This is true not just for the credit union but also for members of the local community who may be turned down for credit with traditional underwriting. Risk-based pricing allows issuers to lend to consumers of higher risk and still be profitable.

    Small Business Finance
    An annual Federal Reserve survey found between 56 percent and 71 percent of small businesses with revenues of less than $1 million failed to receive the full amount of credit requested on loan applications over the past three years. Forty-four percent of small businesses surveyed reported securing financing as a top challenge. Small businesses are increasingly seeking out non-financial institution online lenders as a source of credit. These online lenders were preferred by 26 percent of small businesses in 2016, up from 18 percent in 2014.

    How Credit Unions Can Help
    While credit access is extremely important, it represents only one piece of a small business’s overall financial health. Broader opportunity exists for credit unions to help address the full range of small business financial challenges, such as limited time for financial management, cash flow volatility and barriers to startup funding.

    Fintech Solutions
    Several product markets are feeling the impact of increased digitization. The rise of digital wire transfers and online tax filing points to the inroads new technologies are making into previously brick-and-mortar domains. Short-term credit products are primed for online channel growth that can enhance borrower control in the loan comparison and application process.

    How Credit Unions Can Help
    Ensure the digital experience your credit union offers is on par with the experience offered by your non-financial institution competitors. Many underserved populations use online and mobile devices as much or more than other segments. A recent Google study found U.S. Hispanics use online sources at a higher rate (54 percent) than the general population (46 percent) throughout the purchase journey.

    Clearly, there are many ways a credit union may be able to leverage the trends driving opportunities in underserved markets. Before embarking on a new initiative, however, a credit union should ensure the strategy aligns with its mission and target market. Doing it right requires a decent amount of work, and importantly, buy-in from executives and the board. But for credit unions looking to tap into the huge potential of the underserved opportunity and improve the financial lives of more consumers, it’s likely worth the effort.

    Leave a comment

    Finding Creative and Relevant Ways to Encourage Saving

    Posted by on December 18, 2017

    On a recent Freakonomics podcast episode, Is America Ready for a No-Lose Lottery, a professor at the Saïd School of Business specializing in consumer finance shared some interesting insights about consumers’ savings habits (or lack thereof). He surveyed nearly 10,000 people to see if they could come up with $2,000 in 30 days.

    “Why $2,000?” Tufano asked. “Because an auto transmission is about $1,500. Most estimates of everyday emergencies are about that order of magnitude… And then, why this language ‘come up with’ as opposed to ‘save?’ Because we wanted to see if people had access to resources between savings, credit, friends and family.

    What he found was that nearly half of Americans are not able to come up with $2,000 in 30 days. That means they are just one emergency or crisis away from dire circumstances.

    The study highlights the need for credit unions to encourage their members to save, really save. A number of financial services providers are finding creative ways to do just that by adapting to consumer behaviors, particularly those of low-income communities. Below are a couple examples.

    Prize-Linked Savings

    Twenty states currently allow prize-linked savings accounts as a way to encourage their residents to save. With this model, consumers deposit money in an account with an understanding they won’t receive interest on their deposits. Instead, the interest of all participants is pooled together and awarded as a large cash-based prize.

    This type of account appeals to certain segments of the population because of a phenomenon economists call “skewness.” Skewness is the idea that despite really poor odds, there is an almost irresistible appeal to the idea that with a low upfront investment, one big win could change your life. This phenomenon is illustrated by the nearly $60 billion Americans spend on lottery tickets every year.

    Prize-linked savings does carry a few roadblocks and concerns – namely, such a product is not yet legal in every state. Also, the product may be difficult for consumers to understand, particularly for underserved populations who may not even be familiar with the role of traditional financial institutions.

    However, if we can overcome those barriers, it may be an interesting product. As Freakonomics host Stephen Dubner said, “In a country where it’s easy to borrow your way to bankruptcy, where you can buy lottery tickets anytime you buy a loaf of bread, prize-linked savings is like a big neon billboard that turns a boring old savings account into an exaggeration of itself. Stick some money in here, it says, and you just might hit a big payday. And even if you don’t — well, your money still belongs to you.”

    Next-Generation Tandas

    Tanda is a Spanish term used to describe a savings and lending circle among family and friends that helps people reach financial goals. With more than 200 different names that vary from country to country, the concept of an “informal loan club” has been around for hundreds of years.

    Here’s an example of how it works: 10 friends and family members form a tanda. Each member gives $100 every week to the group’s organizer. At the end of 10 weeks, one participant gets the payout of $1,000. This continues until each member has received the payout. By working in a group in which others are counting on them, participants have motivation to stick with the plan. Tandas are particularly popular in Hispanic and immigrant communities in which a high level of value is placed on mutual trust among family and friends.

    To appeal to today’s increasing digital consumers, organizations such as eMoneyPool and PayPal are bringing the concept of a tanda into the digital world.

    eMoneyPool is a sharing community that operates much like a tanda except anyone can join in less than five minutes using a connected device. Unlike a traditional tanda that only includes family members and close friends, eMoneyPool offers a marketplace where participants can take part in a pool anytime with people from across the country. This means there will always be a pool available to meet their needs. With PayPal Money Pools, participants can create a page that lets others easily chip in for group gifts, special events and more.

    Whether prize-linked savings or next-generation tandas are the right path forward for your credit union, one thing is clear: There exists a real need among consumers, and particularly among Hispanics and other underserved communities, for creative and relevant savings options.

    Leave a comment

    Get to Know Tania Perez

    Posted by on December 11, 2017

    Continuing our get-to-know series, this blog post features Tania Perez, client support specialist for Coopera.

    How did you end up working for a company focused on helping credit unions serve the Hispanic market?

    As a Latina, I have always wanted to work in a position where I would be able to help my community. When my friend reached out to me about this position, I didn’t hesitate to apply. Credit unions care about their members, and working for a company that works with credit unions to serve the Hispanic community is not only remarkable; it’s something that really stood out to me.

    What gets you out of bed in the morning?

    My family. I have always strived to make my parents proud. They have done so much for me, more than I will ever be able to repay them for. I also want to be a good role model for my younger brother. I want to show him that happiness comes in the form of doing what you love and that anything is possible.

    What does your typical day look like?

    In my role, I ensure Coopera’s products and services are properly delivered and fulfilled. This includes assessing and reporting, consulting, training, marketing and translating. Still being new to the Coopera family, I am learning a lot about the company, our clients… and plenty of acronyms!

    What’s the best business advice you’ve ever received?

    Never be afraid to speak up. Communication is key to making sure everything runs smoothly in a workplace. Whether it’s a complaint or an idea you have to improve something, always speak up and express yourself.

    What excites you the most about the future of financial services in the Hispanic market?

    Everything! With the Hispanic market growing, I see a lot of opportunity for the community to have more access to products and services that would help them financially. These are complex topics, and knowing that things will be more accessible to the community is exciting.

    Where do you go/what do you do to get inspiration?

    I’m proud to say I tend to get my inspiration from friends and mentors. I am lucky to be surrounded by individuals who are striving to be the best they can be. I have friends who are in the process of taking the LSAT, applying to the Peace Corps, studying to be nurses and serving as activists for the community. Mentors from school or previous employers have also been extremely helpful and continue to show they care about my future. All these individuals inspire and truly motivate me to be the best I can be every day.

    What is something unique about you most people wouldn’t know?

    I love doing activities that involve a huge amount of adrenaline. For example, I have participated in bungee jumping, canyon swinging, zip-lining and rappelling. My parents tell me I was never afraid of heights as a child, so they think that’s where it comes from. Paragliding is next on my list!

    Leave a comment

    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.

    Leave a comment

    4 Credit Unions Apply Grant Funds to People, Partners & Education

    Posted by on November 27, 2017

    In October, I shared the plans of three Warren Morrow Hispanic Growth Fund Grant recipients specific to how they will use the funds earned. This post will take a look at four additional recipients of the grant, which is made possible by Coopera, CUNA and the National Credit Union Foundation. Each of the recipients is a Juntos Avanzamos-designated cooperative, a program taken to the national stage by the Federation.

    Ascentra Credit Union
    Ascentra will use the grant funds to continue growing and evolving its Hispanic outreach program and building community partnerships. This includes translating materials needed for upcoming presentations that will benefit the Esperanza Legal Assistance Center, a low-cost immigration services provider.

    “We have been building and evolving our program to accommodate our successful growth of Hispanic members,” said Alvaro Macias, Ascentra AVP of community development. “We also have an internal group of bilingual staff that meets 3-4 times a year and a community development advisory group that evolved out of our Latino Outreach Advisory Group. Today, we are positioning the credit union to build community partnerships that are mutually beneficial to members, other organizations and long-term sustainability of the credit union.”

    Santa Cruz Community Credit Union (SCCCU)
    With the grant funds, SCCCU will develop a new website and mobile access, offer more financial education sessions and Spanish-language seminars and help local Hispanic nonprofits with their financial inclusion efforts.

    “The Warren Morrow Grant will help us close the outreach gap by supplementing our budget for providing financial education to the Spanish-speaking community,” said SCCCU President/CEO Beth Carr. “Additionally, more nonprofits serving the Hispanic community here are being required by grant funders to include financial literacy and training in their grant proposals and programs. As a Juntos Avanzamos-certified credit union, we feel it is our responsibility to assist our community non-profits.”

     

    DC Federal Credit Union (DGEFCU)
    The grant will allow a young, Hispanic member service representative at DGEFCU to participate in the Cooperative Leaders Scholars Institute at this fall’s National Co-op IMPACT Conference.

    “This enhances our credit union’s current Hispanic growth strategy in a couple ways,” said DC FCU President/CEO Carla Decker. “First, it grows our staff’s professional competency and serves to retain talent. Second, the training will add another resource to a budding partnership opportunity with the potential for tremendous impact and further expansion of DGEFCU’s footprint.”

     

    JetStream Federal Credit Union
    JetStream will partner with a local high school to select a deserving scholarship recipient who is a member of a Hispanic low-income family and meets the following criteria: a 3.7 minimum GPA, a college in mind and an area of interest in business.

    “At JetStream, we feel the need to help the professionals of tomorrow by providing them with the tools they need today for a better future,” said Vanessa Miranda, manager of HR and community outreach for JetStream. “The grant will go directly into the hands of a deserving local Hispanic low-income student.”

    This collective of credit unions is proof the industry sees the Hispanic community as important to the future of the movement. Kudos to each of you for the continued effort to reach and serve this influential and growing segment.

    Leave a comment

    Meeting Hispanics Where They Are: Online and on Mobile

    Posted by on November 20, 2017

    Google recently surveyed more than 4,500 U.S. Hispanics ages 18-64 about their preferences related to online sources, digital ads and search. The study found U.S. Hispanics use online sources at a higher rate (54 percent) than the general population (46 percent) throughout the purchase journey. It also found:

    • Hispanic consumers tend to favor online sources over family, radio and TV.
    • 79 percent of those surveyed said they use search engines on a daily basis.
    • 68 percent of the respondents who use search engines at least monthly do so on their mobile devices.
    • More than half of respondents who use online sources use their smartphones specifically to gather information before making a purchase.

    How can credit unions and other organizations dedicated to serving the underserved Hispanic community meet them where they already are – online and on mobile? Below are a few examples of online and mobile resources being tapped by organizations to do just that.

    Crowdfunding
    According to Pew Research, 16 percent of Hispanics have contributed to a crowdsourced fundraising project. Since it launched in 2010, do-it-yourself crowdfunding website GoFundMe has raised more than $4 billion for personal causes from more than 40 million donors. When a licensed clinical social worker was struggling to afford providing low-cost mental health treatment to uninsured Spanish-speaking individuals in Louisville, Ky., for example, she turned to GoFundMe. She is currently well on her way to reaching her $5,000 goal to enable to her to continue providing therapy.

    Putting a twist on the GoFundMe model, PayPal just launched Money Pools, a service that lets people create pages to fundraise for a specific item or effort among family and friends. Could this become a digital tanda? Although the service is too new to have data on usage rates, the focus on family and friends could resonate among many within the Hispanic community.

    Social Media Influencers
    One way for an organization to increase its reach within a certain segment of the population is to connect with those who have influence inside that segment. Consider starting with the top 25 Hispanic influencers on YouTube, Facebook, Instagram and Pinterest. If your credit union has, for example, an important message to share with Hispanic members about helping children save for college, you could simply share with your social media followers. Or, you could try to get it in front of Jorge Narvaez, whose parenting-focused YouTube channel has more than 600,000 subscribers.

    Instagram Stories.
    After just one year in market, Instagram Stories has more than 200 million users – 50 million more users than Snapchat. At this rate, nearly half of all Instagram users will be using Stories by the end of 2018. A large portion of Instagram users, 38 percent, are Hispanic. In August, Instagram declared that JBalvin, an all-Spanish language music star, is the most-viewed Instagram Stories content provider in the U.S.. Brands interested in connecting with Instagram users, and with Hispanic Instagram users specifically, should consider mastering Instagram Stories. Here’s a how-to guide to get you started.

    Connecting with Hispanic consumers online requires not only understanding where they are, but also how they want to be connected with. Google’s study found that including culturally relevant content – food, family and traditions – resonates with U.S. Hispanics online. Consider incorporating content that Hispanic members care about or that which is unique to the Hispanic experience. While not as important as culture, language also matters. For some U.S. Hispanic consumers, Spanish and bilingual content are signals you want to engage with them.

    Photo by Rodion Kutsaev on Unsplash

    Leave a comment

    Serving Aging Hispanics and the Family Members They Rely On

    Posted by on November 13, 2017

    Every day, 10,000 Americans turn 65. By 2030, as the last Baby Boomers turn 65, older adults are expected to reach 20 percent of the U.S. population. What’s more, according to the Institute on Aging, 65 percent of older adults with long-term care needs rely exclusively on family and friends to provide assistance, and another 30 percent supplement family care with paid assistance.

    The HuffPost recently called growth of older Hispanics “the most prominent of rapid changes coming to the look and culture of the elderly in America.”

    Not only are Hispanics making up a growing percentage of older Americans, they also tend to be more likely to turn to family and friends first for assistance, before going to outside agencies.

    As one expert on grandparenting writes:

    In part this tendency can be traced to difficulties with English. Almost three-fourths of Hispanics speak Spanish in the home… In addition, Hispanics are more likely than the population at large to live in poverty and to be uninsured. These circumstances also may influence their tendency to seek help from friends and family.

    According to the Census Bureau, Hispanics are less likely than whites, blacks or Asians to live alone. In addition, they are more likely to want to stay geographically close to family members. They are seldom long-distance grandparents by choice.

    Credit unions are well-suited to serve both older Hispanic populations and the family members they turn to for help. Here’s how…

    A study of more than 400 residents of subsidized senior housing concluded that lower-income, older adults desire the following six banking services from their financial institutions (FIs):

    1. Low-cost, low-fee checking accounts
    2. Low-interest lending and credit products
    3. Assistance accessing public benefits
    4. Help avoiding financial abuse and fraud
    5. In-person customer service
    6. Early-intervention retirement planning

    It’s also important for your members who are faced with the responsibility of caring for their aging family members to know your credit union is there to support them. This can be in the form of products and services, such as guardian accounts, that make it easier for them to help their loved ones. It can also be in the form of consultative advice, information and resources, such as on a dedicated page of your website. Here are a few examples:

    Ally Bank
    Grove Bank & Trust
    Redstone Federal Credit Union
    ● SCE Federal Credit Union
    Veridian Credit Union

    As we look for ways to put the people helping people philosophy into action, it can be beneficial to proactively search for the people most in need of that help. Often, this requires getting outside our comfort zone and learning as much as we can about those individuals. Aging people of all cultures and backgrounds have unique needs with far-reaching impact. How can your credit union look more closely at this market to make retirement years some of the best in your members’ lives?

    Leave a comment

    Get to Know Kenia Calderon

    Posted by on November 6, 2017

    Continuing our get-to-know series, this blog post features Kenia Calderon, client relations associate for Coopera.

    How did you end up working for Coopera?

    In 2014, I participated in the Latina Leadership Initiative, a leadership program for young Latina women in Iowa. Miriam De Dios Woodward, Coopera’s CEO, presented about the opportunities in the underbanked and unbanked Hispanic market. I could relate to her presentation, as I grew up in an underbanked household. I was intrigued by the topic and by her personal story.

    I reached out to Miriam because I was interested in learning more about Coopera and her career path. I was a sophomore in college, unsure of what I wanted to do after graduation, and meeting Miriam gave me hope of someday finding a job that would make a positive impact in the Hispanic community. She was looking for a summer intern at the time, and I applied. Fortunately, I was offered the internship, and I’m still here, now serving as a client relations associate!

    What does your typical day look like?

    I work to ensure we are exceeding our partners’ and our own expectations. Assisting our clients through their Hispanic Growth Strategy is by far my favorite part. This comes in different forms, such as helping them find local resources, sharing my personal experiences and expertise during a consulting meeting or working together to create new staff training materials.

    I am constantly learning about our clients’ needs, objectives and culture. My daily goal is to help our clients get a step closer to becoming the preferred financial service provider for their local Hispanic community.

    What’s the best business advice you’ve ever received?

    “It’s a marathon, not a sprint.”

    This is a great reminder for someone like me who likes to be challenged and embraces change. My mind is always running too fast for my body to keep up. Therefore, I need to remind myself to slow down and ensure that I have the necessary resources, health and energy to keep going on this marathon called life.

    What gets you out of bed in the morning?

    My love for life and humanity. I’ve always devoted my time and energy to causes that matter. My position at Coopera is no different because we help our partners grow their organizations and improve the lives of my Hispanic community. Fortunately, I found a job that I love and enjoy every day.

    I also can’t stay still for very long, so staying in bed all day is not an option.

    What excites you the most about the future of financial services in the Hispanic market?

    The impact credit unions have yet to make. By meeting the needs of Hispanics in their communities and becoming their preferred financial services provider, credit unions will not only help Hispanics reach economic stability, but credit unions, themselves, will experience growth in membership, product usage, market penetration, etc. The opportunity is knocking on their doors; it is up to them to embrace this community in need.

    Where do you go/what do you do to get inspiration?

    Remember how I said I couldn’t stay still? Well, I coach an eighth-grade volleyball team, direct a Hispanic youth choir, volunteer with immigrant service organizations and meet with Hispanic high school students to talk about their college plans.

    I’m active in my local Hispanic/immigrant community because it took a village for me to graduate from college. Therefore, it is my duty to give back and invest my time in the future generation of Hispanic leaders. My community inspires me to continue moving forward as we reach new opportunities together.

    What is something unique about you most people wouldn’t know?

    I have a great appreciation for art. When I was younger, I took any opportunity I had to create things with my hands from pottery to paintings. My senior year in high school, I made All-State in Iowa for my diverse art portfolio. Art is the one aspect of my life that I enjoy the most as it forces me to slow down and relax. Most of my pieces showcase my culture, life experiences and Salvadoran background.

    Leave a comment