DES MOINES, Iowa (5/8/13)--Like most cultural groups, the Hispanic market is made up of several smaller segments, many of which represent opportunities for credit unions, according to a new white paper from Coopera, a Hispanic market solutions company with a focus on credit unions nationwide.
In the paper, "The Multifaceted Hispanic Market," author Anna Pena, Coopera client account coordinator, suggests credit unions should go beyond making available a popular or emerging product to attract Hispanic consumers.
"Because there are so many facets to the Hispanic community, it's important for credit unions to understand the makeup of their local Hispanic community," Pena said. "After determining which of the Hispanic market segments exist within a credit union's field of membership, they can better define their target market and understand how service to these consumers aligns with the credit union's growth strategies."
The paper outlined three Hispanic segments in need of credit union services. They are:
Getting Americans to choose credit unions as their best financial institution is a strategic vision for the credit union movement. One of the ways to do this--through the Unite for Good campaign--is by raising awareness of credit unions, said the Credit Union National Association. Consumers can find out more information about credit unions at aSmarterChoice.org.