CUs can use big data to reach underserved: Coopera

February 17, 2015

DES MOINES, Iowa (2/18/15)--A new white paper from Coopera describes how credit unions are leveraging big data to better serve Hispanic members.

Des Moines, Iowa-based Coopera consults with the credit union industry on the Hispanic market. Coopera is CUNA's partner in providing products and services that help credit unions reach and serve the Hispanic community.

The white paper tells the stories of two data-driven credit unions, Bethpage (N.Y.) FCU, with $5.5 billion in assets, and San Francisco FCU, with $884 million in assets. Each has recently applied data analytics to its individual Hispanic outreach strategies. Both institutions are located in diverse communities with large Hispanic populations.

Working with Coopera, Bethpage FCU identified the top five branches in terms of current Hispanic members, as well as the lowest five. The credit union drew parallels between the top branches' performance in regard to Hispanics and the specific outreach strategies executed within those branches.

"Our strongest branch is Central Islip, which Coopera identified as having a nearly 35% Hispanic membership," said Bob Hoppenstedt, Bethpage FCU senior vice president. "Our branch manager is a very community-oriented Ecuadorian who is active with the Hispanic Chamber of Commerce and a number of other organizations. Several of her staff members are fluent in Spanish, which as we now know is very important to many of our current Hispanic members.

"Maybe it's not about ads, but something far more fundamental," Hoppenstedt said. "It's about going into the branch and being recognized, seeing strong Latino leadership and being treated with respect."

Per-branch analysis gave the credit union's leaders a series of data points upon which to build branch-specific strategies. This included elements like the number of deposits and loans, tenure, language preference and age of current Hispanic members in each of Bethpage's 32 locations.