Using multicultural insights, credit unions can align business practices and get close to what all consumers want. Credit unions can live their brand through the communities they serve.
CUNA Mutual Group's Kristin Simonis and Edgar Hernandez offered insight on research on reaching the multicultural market during a breakout session at the CUNA America's Credit Union Conference in Boston.
"We need to look at the difference in diversity across generations," said Hernandez. "Demographics are changing very fast."
Over the last five years multicultural consumers accounted for 100% of U.S. population growth. But there’s a disconnect. That population growth only accounted for 61% of credit union member growth. Those non-members are more racially diverse than members.
What the data shows: