Tracking your progress in anything heightens your commitment, helps you see what's important, identifies pitfalls, finds trends and celebrates successes.

You wouldn't take a class without measuring success in some way, so why not invest similarly in your Hispanic marketing outreach?

The research we've done at Coopera indicates that the biggest reasons credit unions are sluggish to analyze the Hispanic market revolves around reputational, financial and compliance risk.

In order to establish a baseline of current Hispanic members, measure growth and set metrics over the long term, credit unions need a compliant, consistent and accurate industry standard.

Credit union regulatory compliance firm PolicyWorks notes that most credit unions haven't measured the number of Hispanics they serve. The reason being, if you were to code a member in your system based on race, color, religion, national origin, sex, marital status, age, use of public assistance, or having exercised a right under the Consumer Credit Protection Act, it would cause regulatory concern.

So How Can I Track My Progress?
At Coopera, this question is central to our ability to demonstrate the impact of our work with clients. We've researched the best methods to help a credit union establish a baseline, set goals, and monitor growth in a compliant, consistent, and accurate way.

Our Hispanic Member Analysis (HMA) takes several factors into account to determine whether a member is Hispanic and whether or not they are an English or Spanish-language preferring Hispanic.

The outcome provides your credit union with the most accurate sense of your Hispanic membership compared to any other method available. Then, the HMA created takes this information and segments your membership to draw conclusions about Hispanic member loyalty, product penetration, branch usage, delinquency, age and more.

Using a third party for this tracking helps protect the credit union from a compliance perspective, but most importantly, it creates a consistent industry standard of measurement that allows our partners at CUNA to measure Hispanic membership growth industry-wide and to benchmark across credit unions consistently.

Sign up for Quaterly Hispanic Member Analysis Reports and Receive Your First Report FREE!

The Hispanic Member Analysis is meant to:

• Provide a reliable way of determining how many members are Hispanic.
• Provide information useful for calculating return on investment of a Hispanic initiative.
• Be the most accurate way of establishing metrics and measuring against goals.
• Provide standard reporting that will be helpful for benchmarking across the industry.
• Give a report that is created on your behalf without you having to invest the time to create the report.
• Protect you from collecting member ethnicity information which may bring about concerns from examiners.
• Provide you with timely data that can help inform your strategies.

Included in the Hispanic Member Analysis Basic Report are the following:

• Tables and graphs depicting Hispanic cohort, Hispanic Spanish-preferring cohort, Hispanic English-preferring cohort, Overall Membership cohort, and Age-Adjusted Membership cohort.
• Data points: average age, median age, average tenure at credit union, median tenure at credit union, proportion of membership, average deposits, loan penetration, average loans, delinquency rate by incidence or by dollar volume, membership breakout by age, membership breakout by branch, market penetration, membership growth since last report.
• Coopera observations and recommendations based on the data.

Click here to view pricing for the HMA.

We welcome the following credit unions to El Poder es Tuyo™ (Spanish Web site for Hispanic members):

• Consumers Credit Union, Michigan