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  • Through Partnerships (and Great Videos) Ascentra Credit Union Accelerates Financial Education Initiative

    Posted by on June 18, 2018

    Continuing our series of blog posts providing updates on 2017 Warren Morrow Hispanic Growth Fund grant recipients, today we’re following up with Ascentra Credit Union in Bettendorf, Iowa.

    To fully understand the reason Ascentra Credit Union is using its grant funds the way it is, it’s helpful to consider two important stats:

    •  90 percent of Hispanic consumers stream video on their mobile devices.

    •  7 in 10 Hispanics regularly use YouTube.

    With the grant funds, the credit union has translated 16 video scripts into Spanish for a series of financial education videos. Not only are these videos available on Ascentra’s YouTube channel, they have also been airing on its local NBC affiliate, KWQC-TV, serving the Quad Cities area of southeastern Iowa and northwestern Illinois. The videos are available on the television station’s website, as well.

    In addition, the grant funds enabled Ascentra to add Spanish subtitles to their existing financial education videos.

    “The Warren Morrow Hispanic Growth Fund Grant has been instrumental in providing lasting and ongoing content in Spanish for Ascentra’s Financial Wellness program,” said Alvaro Macias, Ascentra AVP of community development. “We are now in the process of working with our local Spanish/English newspaper Hola America News to use their social media channels to share these informative one-minute videos to effectively reach local Spanish-speakers.”

    Ascentra is also offering a series of financial education presentations in partnership with Esperanza Legal Assistance Center, a low-cost immigration service provider. The grant provided the funds needed to translate three presentations into Spanish. Spanish-language flyers were distributed throughout the predominantly Hispanic neighborhood in which the center is located, and the content was also used to promote the seminar on Facebook.

    “We have plans to further utilize the translation services; we have some brochures that need to be translated and are planning to re-launch our website later this year,” Marcias said. “Our goal is to have the entire website available in Spanish.”

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    Hispanic Women Have a Strong Desire to Save for Retirement

    Posted by on May 23, 2018

    A recent study on the significance of gender for Hispanic savings and retirement found two important things:

    1. Hispanic women have a huge appetite for financial education and a strong desire to save

    2. Their savings could provide a critical safety net to America’s largest minority group.

    “This study demonstrates that if financial information is communicated simply and respectfully, and in culturally and linguistically competent ways, Latinas, especially, will listen,” said Karen Richman, Ph.D., the principal investigator of the study, a collaboration between the National Endowment for Financial Education and the University of Notre Dame.

    Reasons for Low Retirement Savings

    Despite a desire to save, low earnings mean Hispanic women have much lower retirement account balances than any comparable demographic, the study found. Employment paths have a lot to do with these outcomes. According to the study, Hispanics switch jobs more frequently than other demographics. What’s more, they tend to accept positions that do not provide retirement savings benefits.

    The research went on to show that Hispanics with employer-sponsored retirement plans are 50 percent more likely than whites to make hardship withdrawals. Hispanic women are more likely than Hispanic men to liquidate pensions with a lump-sum payment or to spend rather than reinvest their savings when they change jobs. Additionally, Hispanic women tend to see retirement accounts as a source of liquidity. They may take loans and early withdrawals, often to help others, and they end up paying large penalties.

    How Credit Unions Can Help

    Below are a few key takeaways from the study and what they mean for credit unions.

    Hispanics have the highest labor participation, and yet the lowest retirement security. Hispanic women would benefit from workplace financial education, particularly during job transitions as they are deciding what to do with retirement accounts. Credit unions can provide financial education, as well as investment and savings products in a way that’s relevant to this influential and growing audience.

    Hispanic women tend to be the administrators of family finances. The female head of the family often makes tough decisions without knowing all the options. Credit unions can address Hispanic women’s appetite for financial education and desire to save through direct outreach, relationship building and financial education opportunities. A great way to gain a better perspective on what Hispanic women need is through the creation of a Latina advisory group.

    Hispanic men and women are equally likely to participate in collective financial practices based on “confianza,” or “mutual trust.” Credit unions should work to develop relationships with Hispanics based on trust. They should position themselves as a dependable resource for the community through product accessibility, bilingual staff and community investment.

    As this study reveals, a gap exists for Hispanic women in terms of saving for retirement. Credit unions, with their financial expertise and their people helping people philosophy, are well positioned to address this gap.

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    Is Your Credit Union Friendly to Hispanic Entrepreneurs?

    Posted by on April 23, 2018

    hispanic entreprenuersIf the answer to that question is no (or you don’t know), consider this: Hispanics are creating businesses at 15 times the national rate.

    In an article ranking the best cities for Hispanic entrepreneurs, WalletHub asked a panel of minority-business experts about the biggest challenges faced by Hispanic entrepreneurs. Nearly everyone mentioned access to capital and financial education.

    “There is a clear issue with lack of access to capital to start and grow their venture,” said Pedro F. Moura, an MBA candidate at the Haas School of Business at University of California. “This is also influenced by cultural aspects in which Latinos would rather rely on family and friends for funding than outside investors. Plus, limited financial education also plays a crucial role in understanding the funding that could be unlocked by entrepreneurs.”

    What does this mean for credit unions?

    This means Hispanic communities represent a huge opportunity for credit unions to grow their lending business – and become those communities’ preferred financial provider. If there is a known preference for borrowing from family and friends, the question for credit unions becomes, How can we build and nurture a similar relationship with Hispanic members?

    Below are a few strategies to consider.

    Offer small business-friendly loans. Small-dollar loans or Small Business Administration (SBA) loans up to $5,000 can be a great way to help entrepreneurs get their ideas off the ground. With an SBA 504 loan, for example, a borrower may only need 10 percent of equity, rather than the 20 percent required with a more traditional loan. Also, the loan is normally divided into two parts. One, which tends to be 50 percent of the loan, is held by a lender. The rest is held by nonprofit groups, such as the Certified Development Corporation, with this portion backed by the SBA.

    Provide microloans. Microloans are typically very small (under $500) short-term loans with a low interest rate, extended to self-employed individuals, new startups with very low capital requirements or small businesses with only a few employees. Microloans can be a good source of funding for a business to hire its first employee, cover startup costs or purchase initial inventory.

    Offer Individual Taxpayer Identification Number (ITIN) loans. ITIN loans are designed to help people who have a tax ID number but are not eligible for a Social Security number. Credit unions see the possibilities in serving a population that is not being served well by traditional financial institutions and they understand the value of inclusivity.

    Provide lines of credit and credit-building loans. During the early stages of developing their companies, entrepreneurs may not have diversified enough to generate a constant positive cash flow. Lines of credit accommodate the seasonal credit demands of businesses along with ups and downs in cash flow. They also enable entrepreneurs to purchase inventory in anticipation of future sales. Credit-building loans, on the other hand, can help entrepreneurs build their credit as they work to grow their business.

    Offer small-business financial education. Even the most robust small-business lending program can be ineffective without the right education plan in place to help entrepreneurs understand their options and select the right loans for their businesses. Ensure your marketing and education materials are available in Spanish and are culturally relevant to Hispanic populations.

    Build community partnerships. One of the best ways to expand your credit union’s Hispanic entrepreneur outreach efforts is to partner with organizations that offer small business assistance for Spanish-speaking entrepreneurs. Examples include local Hispanic chambers of commerce and small business incubators.

    Credit unions desiring to be Hispanic entrepreneur-friendly should work to build the right mix of lending products supported by a strong financial education program. Those that get it right will not only provide a much-needed service to Hispanics in their communities, they will also benefit themselves through lending and membership growth.

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    Get to Know Víctor Miguel Corro

    Posted by on April 16, 2018

    Continuing our get-to-know series, we’d like to introduce you to Víctor Miguel Corro, who joined the Coopera team earlier this year as client relations director.

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

    Victor after a long hike at Macchu Picchu in Peru

    I’m no stranger to the credit union world, and in a career-transition moment, things aligned to give me this great opportunity. It is a great fit personally, as I am a first-generation immigrant. I came from Panama and now live in Wisconsin. I remember coming to the U.S. and facing everyday struggles. Everything from trying to get a haircut to adjusting to the climate was difficult. I’d never experienced a day below 75 degrees in my life and now I was living in Wisconsin. Talk about building character!

    What gets you out of bed in the morning?

    Knowing I support my family though a career in a mission-driven industry that ultimately seeks to improve lives. When I wake up, I see that as one more day, one more chance to help somebody.

    What does your typical day look like?

    My day consists of helping Coopera’s clients reach more people who do not know the joy of being part of a credit union. I get to interact with clients and work with our wonderful team to help those clients be the financial entity of choice for the Hispanic community.

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

    Victor at a Florida credit union alongside a delegation from Brazil

    Be the proverbial bridge. That means working to connect people in spite of their background and differences. There is always common ground to be found, and that will push us all forward together.

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

    There is a growing understanding among credit unions that reaching an untapped market makes sense philosophically, and it also presents a strong business case. In my recent conversations with industry leaders, I have sensed the enthusiasm and a natural inclination to want to reach out and serve. The integration of technology is also a very exciting prospect for this market.

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

    A hammock in Panama does the trick every time! But when that’s not available, it’s a long bike ride or an old song.

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

    Victor with Oscar Arias, then president of Costa Rica

    My parents started a credit union back in my hometown in Panama. I was once a fifth-grade homeroom teacher. I have visited 89 countries (and not just the airport!). I have met six sitting heads of state in as many countries.

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    Santa Cruz Community Credit Union Sets Aggressive Goals to Help Hispanic Entrepreneurs

    Posted by on April 3, 2018

    (more…)

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    An Unscoreable Consumer Could Become Your Next Great Member

    Posted by on March 6, 2018

    Somewhere between 50 and 80 million U.S. consumers have little or no credit history. That’s somewhere in the range of 15 to 25 percent of the U.S. population. What this means is that a massive number of people in America are “unscoreable” by most traditional models.

    At the same time, acquiring new members is becoming increasingly difficult for credit unions. Competition and financial consumer expectations have never been more complex and fast-moving.

    What if there was a way for credit unions to avoid turning away “unscoreable” consumers for loans and other services? What if there was a way to welcome them without increasing a cooperative’s risk profile?

    No Credit Does Not Mean Bad Credit

    Just because a consumer is unscoreable by most traditional credit scoring models doesn’t mean he or she won’t be able to pay back a loan. Several alternative models available today can help a lender evaluate a consumer’s ability to repay. Below are some examples, along with the types of data they incorporate into their models:

    eCredable – Bills, such as rent, utilities, mobile phone, cable/satellite TV and insurance

    Cignifi – Mobile phone behavior data

    First Access – Prepaid mobile-phone payment histories

    TrustingSocial – Social, web and mobile data

    Kabbage – e-commerce histories from sites like Amazon

    Experian’s Emerging Credit Score – Internet and direct-marketing purchases, property and asset records and telecommunications and utility data

    TransUnion CreditVision Link – Property tax records and checking/debit account records

    LexisNexis RiskView – Residential stability, asset ownership, derogatory status, life-stage analysis

    One thing all these companies have in common: They’re using big data to create better outcomes for consumers and meaningful value for lenders. And credit unions have the opportunity to do so, as well.

    Alternative sources of consumer data, such as utility records, cell phone payments, medical payments, insurance payments, remittance receipts, direct deposit histories and more, can be used to build better risk models. Armed with this information – and with the proper programs in place to ensure compliance with regulatory requirements and privacy laws – credit unions can continue making responsible lending decisions while better serving the underserved.

    How One Organization Successfully Uses Alternative Credit Scoring

    Kinecta Federal Credit Union uses an alternative data score from LexisNexis known as Riskview to assess creditworthiness for traditionally unscoreable borrowers. The model factors in data from sources like utility bills, public records, address and employment stability, among many others alternative data elements. The result is a Fair Credit Reporting Act (FCRA) regulated score.

    By using nontraditional credit verification methods, Kinecta is able to approve more than 60 percent of the applications it receives. Since 2014, Kinecta has made about 20,000 loans for more than $30 million.”

    How Alternative Credit Scoring Fits the Credit Union Philosophy

    Credit unions exist to help people, not make a profit. Their goal is to serve all members well, including those of modest means – the very people most likely to be unscoreable by traditional credit scoring models. Many of these consumers fall into one or more of the following segments:

    • Unbanked/underbanked
    • First-generation immigrants
    • Millennials
    • Rural consumers

    Alternative credit scoring provides credit access to consumers who may otherwise be turned down for a loan or forced to turn to a predatory lender. Using payment history and other data sources to evaluate a consumer’s creditworthiness is an excellent example of “people helping people” – one that benefits both consumers and credit unions alike.

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    How JetStream FCU Sent an Important Message to a Hispanic High School Student

    Posted by on February 19, 2018

    In September 2017, we announced seven Juntos Avanzamos designated credit unions had received the 2017 Warren Morrow Hispanic Growth Fund Grant to continue their Hispanic outreach and community impact efforts. Over the next few months, we’ll be checking in with each of the credit unions and sharing updates on their progress.

    First up is JetStream Federal Credit Union in Miami Lakes, Florida.

    JetStream partnered with a local high school to select a deserving scholarship recipient. To qualify, the student needed to be a member of a Hispanic, low-income family and meet the following criteria: a 3.7 minimum GPA, a college in mind and an area of interest in business or finance.

    As a first step, JetStream chose Barbara Goleman Senior High as a partner. “We chose this high school because of its location, as well as its student body makeup,” said Vanessa Miranda, manager of HR and community outreach for JetStream. “The Barbara Goleman student makeup is 84 percent Hispanic.”

    (Left to right) JetStream FCU CEO Jeanne Kucey, Scholarship Winner Gabriel Hernandez, JetStream HR Manager Vanessa Miranda

    JetStream received many qualified applications, which included essay responses. With the help of several teachers and JetStream staff, they were able to select the winner: Gabriel Hernandez, a senior who will begin an accounting program at Florida International University in the fall.

    “Gabriel’s essay demonstrated his devotion to his academics,” said Miranda. “His long list of extra-curricular activities, as well as his academic achievements, truly stuck out from the rest. He has been an honors AP student since freshman year and has achieved a 4.9 weighted GPA. In addition, he is the captain of the soccer team and part of The National Honors Society.”

    Something else Jetstream says made Hernandez stand out was a strong commitment to his community. He has tutored immigrant students at a local high school, as well as volunteered his time to feed the hungry.

    Long-term, Hernandez plans to be an accountant or financial advisor. “I will be working with people and matching them to financial programs that will assist with their future,” Gabriel wrote in his essay. “Like JetStream’s motto, I believe that people matter most. I think that I could be an asset for both the consumer and the financial institution that hires me in the future.”

    In his essay, Hernandez also shared that he is concerned about how he will pay for college tuition and does not want to create further financial burdens for his parents.

    “We are very thankful that the Warren Morrow Hispanic Growth Fund Grant was awarded to JetStream, which allowed us to give a most valuable gift, the gift of education, to this deserving Hispanic student,” said Miranda. “I know this young man will go on to do amazing things. We feel honored that we were given the chance through this grant to aid him in achieving his goals and helping him see that the American dream is possible for everyone.”

    Hernandez closed his essay by writing, “I know that I will succeed in college, but this scholarship will show me that others believe in me, too.”

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    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.

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    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.

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    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.

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