3 Key steps to becoming the financial institution Hispanics trust
Gone are the jokes about grandpa “abuelito” stuffing his savings inside his mattress. Today, with an average age of the Hispanic population at 27.4 years old, this young demographic is connected, with 42 million projected to be online by 2015.
Products for financial services are in demand by Latinos, because, like most Americans across the country, Hispanics strive to become homeowners, drive good cars, provide for their children’s education and healthcare, plan vacations, and save for retirement.
We know that marketing to Hispanics is not a-one-size-fits-all formula. Here are three approaches on how financial services companies can start moving the needle in this marketplace.
1. Go farther with online and mobile banking. A Federal Reserve study shows that Hispanic consumers accounted for 16% of all mobile payment users.
2. Evaluate segments of the Latino population that are strongly relevant to your core business. While family needs are reflected in decision making, through different studies today, we see that Latinas are expanding their purchasing power and connectivity.
3. Organize and train culturally sensitive and bilingual staff. Hispanics want to talk, listen, and engage with advisors who understand them, their lifestyle, and preferences.
According to Pew Research, the percentage of Hispanics living in a cell phone-only household is on the rise, compared to whites and African-Americans. Although engagement through technology is growing, community presence is still a key factor. Latinos want to “see” and “feel” the presence of financial institutions in the neighborhoods where they live, shop, and work.
Bottom line, successful engagement with the Hispanic population is built on their trust of who is managing their money and the future of their family.
Comunicad has been leading the conversation on Hispanic PR for more than 25 years.
By Gloria Rodriguez, President & CEO, Comunicad