Contrary to popular belief,
it isn't necessary for a credit union to implement a new suite of products and services to serve Hispanics well.
However,
it is necessary to have a good understanding of the type and financial needs of the Hispanic community you serve or would like to serve better.
Local market research, such as focus groups and conducting membership and demographic analysis, is a cost-effective means for credit unions to enter and understand new markets. Through this research, you may learn that the Hispanic community is largely unbanked and has a need for transactional products, savings and loans.
How do you repackage an existing savings product for the Hispanic market? First, you must find out why people save in the Hispanic community. Often, your research will find that Hispanics tend to save for future large purchases, such as automobiles, homes, family events and travel or for immediate needs, such as immigration expenses.
Then, try turning your credit union's basic savings or Christmas club account into a culturally relevant savings product (ex: an immigration expense savings account). You also would need to ensure you have relevant materials in Spanish, educate your staff on the product and promote it through Spanish local media.
This is one example of how your credit union offers a generic product and all you need to do is to make it appealing to your target market.
