Partnerships provide a two-way learning process between Hispanics and credit unions. Credit unions can gain valuable insight about the Hispanic market, while Hispanics may gain a better understanding and trust of credit unions.

 

However, establishing a partnership with a local Hispanic committee or business is only the first step. To quickly and effectively serve this market, credit union employees must also understand and be prepared to serve it.

The "Hispanic" label refers to an origin or ethnicity, not a race. Hispanics are represented by many different nationalities, and their use of the Spanish language is generally what bonds them.

Your local partners can help you understand how to market to each particular Hispanic segment. It is important to address four key areas as you strive to adapt to your local Hispanic market: personnel, products, processes, and promotion.

 

Personnel
The credit union staff needs to understand the significance of adapting to the Hispanic market. Not only will it benefit the growth of the credit union itself, but it will also encourage the development of the community as a whole. Adequate training and insight into the Hispanic market's needs is necessary.  

 

Products
A credit union must also have the right set of products available to the Hispanic market. Through their established community partners, a credit union can get help not only developing products relevant to the Hispanic market, but can also receive advice on how to properly "package" their existing products in a way that would highlight the needs within the community.

 

Processes
When forming a financial relationship, having proper identification is a frequent obstacle and concern for many Hispanics. To ease their concern, credit unions can advertise through their partners about the types of customer identification policies they offer. Credit unions are able to be flexible regarding identification requirements while still remaining compliant.