Before the shake-up in banking, did you look at Wells Fargo, or Bank of America, or another large bank and think "how can we ever capture the Hispanic market share when these banks have already done so?" While many may have considered it a foregone conclusion that the Hispanic market was dominated by banks, it is clear in the current economic environment that the Hispanic community needs credit unions.
With the Hispanic population being the largest, fastest-growing, youngest and most underserved market in the U.S., it is also clear that credit unions need Hispanics. Hispanics need your financial services and you need our membership and loyalty to remain a viable organization in a credit union industry that is growing at a rate of only 1.2% a year.
Investing in a long-term growth strategy may seem like something you can put off until next year, but there is no better time than now to capture a community's trust and to gain market share. Take one step at a time and do not get overwhelmed. Start with some educational training and invest in your people. Yes, at a time when budgets are tight, do not forget that your personnel are your credit union's greatest assets. Invest in educational training for your directors, management and staff and empower them with knowledge. Professional development of your people will help them identify opportunities that may not have been available to your credit union before. All best practice credit unions in Hispanic outreach know, understand and provide training on topics such as:
>> The Hispanic Business Opportunity
>> Cultural Differences in the Workplace
>> Generational Differences Among Hispanics
>> Understanding the Immigration Process
>> Alternative Forms of Identification and your
Customer Identification Program (CIP)
>> Relevant Products and Services for Hispanics
>> Grassroots and Community Partnership Strategies
Best practice credit unions utilize the knowledge of experts in this area because they know that the more their staff knows about this market, the more their credit union will become known for exceptional service, which will drive membership growth. Empowering your people through training will help set your credit union apart from the financial institution down the road that has made a superficial attempt to serve Hispanics by creating a bilingual brochure and hiring one bilingual teller.
