| The Roadmap to Becoming a "Best Practice" Credit Union in Hispanic Outreach | |
The road to becoming a best practice credit union in Hispanic outreach is long and challenging. However, this road has been paved with sufficient "travelers" (credit unions that have embarked on the journey) and, from their experiences, we are able to draw upon a wealth of best practices.  As part of our Outreach Insights series, we'll introduce you to three stages and follow up with additional information which explores the highly successful Hispanic outreach strategies and tactics of credit unions.
Three Stages of Hispanic Outreach
1. Discovery. A "Discovery" credit union is one that is considering a Hispanic outreach initiative. "Discovery" credit unions:
- Would like more information about the opportunity in serving the Hispanic market;
- Generally may not know where to start but has a growth mentality and the will to succeed
- May also have some limited unintentional experience with the Hispanic community;
- May have "dipped its toe in the water" with some disparate ad hoc initiatives.
2. Emerging. As a whole, an "Emerging" credit union recognizes the philosophical and business imperative of serving Hispanics. Other characteristics include:
- A vast majority of groundwork and foundation-building steps have been put in place, helping the credit union adapt to the market instead of waiting for the market to adapt to the credit union;
- Feels comfortable with serving Hispanics as a method for inclusion and maintaining strong member service among all members;
- Looking for new ideas;
- Has a growth mentality;
- Has established sustainable success, however, it has not emerged to a place of dominance within their local Hispanic market.
3. Best Practice. A best practice credit union has successfully served the Hispanic market for years and has captured more than its proportional market share of Hispanic members. It is:
- Widely considered a preferred financial institution within the local Hispanic community;
- Regarded as a best practice within the industry;
- Continues to provide superior service to all members;
- Maintains an innovative culture poised for growth and new opportunities with the Hispanic market.
What Stage is Your Credit Union In?
Determining the stage your credit union is in is less obvious than you think. Coopera has the tools to uncover what stage you are in.
More importantly, these tools (such as the FREE and quick Hispanic Opportunity Snapshot and the comprehensive Hispanic Opportunity Navigator) provide direction on reaching each stage and how your credit union can move toward "Best Practice" status.
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| FREE Hispanic Opportunity Snapshot | |
Are you interested in seeing where your credit union falls in the Three Stages of Hispanic Outreach? The Hispanic Opportunity Snapshot is a free, quick assessment that reviews your Hispanic outreach efforts and provides recommendations based on the top 20 fundamental tactics for success. It also provides you with an estimate of your Hispanic Outreach Score and Credit Union Cultural Score. You'll also get a map of your credit union, relative to the 2005 Hispanic population for your call report census tract, projections for the 2020 Hispanic population in that area and an estimate of potential profitability of serving the market. Contact Anna Haug, Coopera's Client Account Coordinator, at 515.221.6103 for your FREE Hispanic Opportunity Snapshot. |
El Poder es Tuyo™ Updates | |
We welcome the following credit unions to El Poder es Tuyo™ (Spanish Web site for Hispanic members):
Coming soon on El Poder es Tuyo™:
 01/17 - Taxes 201: Should You File Electronically?- 01/24 - Home Prices Not Done Falling
- 01/31 - Limit the Expense of Teenage Car Insurance
- 02/07 - Check Credit Report Before Future Employers Do
El Poder es Tuyo User Testimonial
"The Power is Yours!" What a great name for this website on financial help. Truthfully, this was something I needed for personal purposes. I will watch all your videos daily, and will put into practice everything I learn about finances here. Thanks."
Cesar H. Reyes
Member, First FCU |
