MADISON, Wis. (5/10/13)--Serving the immigrant population is a long-term investment that begins with basic financial products, according to a new report from the Filene Research Institute and Credit Union Central of Canada.
Starting basic services may include remittances, check cashing, bill payment, short-term loans, basic checking and saving, and credit cards, said the report, "Financial Services Needs of Immigrant Communities in Canada and the U.S.."
As immigrants' time in a new country increases, their language skills and income often follow suit. The financial products that immigrants require increase in complexity as time goes on, the report said.
The 92-page report includes immigration statistics from the U.S. and Canada and financial institution best practices for reaching immigrant groups.
The report proposed several strategies for effectively serving immigrant populations. They include:
To download the report, use the link.