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  • 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

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    Hispanics Own Credit Cards, But Prefer Other Payment Methods

    Posted by on February 18, 2016

    While more than a third of U.S. consumers use credit cards most often to make purchases, just 19 percent of U.S. Hispanics do the same. That is not to say members of this growing and increasingly influential minority group do not own credit cards. In fact, nearly 60 percent have one in their wallets.

    Why, then, do Hispanic credit cardholders appear to prefer other methods of payment, such as cash and debit cards?

    It’s an issue I’ve studied for several years as part of an Affiliates Management Company work group. The group counts Corey Skadburg, a credit card expert and the director of credit and risk for Coopera sister company TMG Financial Services, among its members.

    TMG Financial Services Director of Credit & Risk Corey Skadburg

    TMG Financial Services Director of Credit & Risk Corey Skadburg

    “The majority of credit card products on the market today are not geared toward the specific needs of the Hispanic market, particularly for those individuals who may not have traditional credit or for whom fees are a major turn off,” Skadburg said. “It’s easy to see how that lack of focused attention and customization can feed an apathetic relationship. But this is a market the industry simply can’t ignore. We expect to see more credit cards issuers – both large and small – funnel increased resources toward getting it right with Hispanic cardholders in 2016.”

    As Coopera has advised work groups, steering committees and industry associations, it’s important to recognize the Hispanic market is multifaceted. We know, for instance, not all Hispanic consumers lack traditional credit. We know there are niche and subgroups who all want different things from their financial products, including credit cards. This will be an important consideration as the credit union and other card-issuing industries evolve to serve Hispanic consumers.

    Looking ahead, it’s possible we may see Hispanic consumers who own a credit card become more active as digital wallets (at least those powered by credit cards) become more popular. That’s because Hispanic consumers tend to over-index on all things mobile. Many are mobile banking users and a sizable percentage say they have used mobile payments in the last 12 months. As Apple Pay, Android Pay and Samsung Pay are accepted in more places, we may see more Hispanic credit cardholders activate, use and become increasingly loyal to their cards, albeit through a completely separate brand. Of course, credit cards are not the only payment method available to mobile payment users, so it will be interesting to see how Hispanic consumers, in particular, chose to configure their digital wallets.

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