After a very tough year dealing with post-pandemic problems, credit unions are starting to see the silver lining. Credit unions continue to figure out the best way to help members and the surrounding communities.
Now that credit union strategic planning sessions are taking place, it’s a great time to assess what was accomplished in 2021 and explore the opportunities for 2022 and beyond. Serving the Hispanic market in your area can serve as a pillar toward success for your credit union in upcoming years.
The Hispanic market is rapidly growing, and many credit unions across the country have found their niche serving the underserved Hispanic people in their communities. Big banks such as Bank of America, Wells Fargo, Capital One, and others have begun to create marketing materials, including radio and TV ads to reach this market; don’t let your chance to get out in front of these monoliths pass your credit union by.
- From 2008 to 2018, the U.S. labor force growth comprises 81% Hispanic workers with a 47.1% increase of Hispanic homeownership from 2008 to 2019.
- In Texas, the Hispanic population is predicted to become the majority by 2022, and Houston has the third-largest Hispanic population of any city in the U.S.
- In 2020 census, the Hispanic/Latino population was 62.1 million, which accounts for a 23% increase since 2010.
These data show the opportunity for growth that serving the Hispanic market can bring to those credit unions that are willing to market to this community right now. Many first-generation and others need an introduction to the U.S. financial services marketplace that is welcoming and provides useful information. It’s also important to remember that serving the Hispanic community requires a deep understanding of their intricacies and their culture. Connecting and partnering with other organizations that serve Hispanic people will help your credit union better understand their diversity and provide financial inclusion.
Ready to take the step to serve the Hispanic people in your credit union’s community? Your Marketing Co. can help with the expertise you require and your members deserve. Contact us today to learn more about how YMC’s experts can help your credit union’s Hispanic marketing efforts!