DES MOINES, Iowa-With more than $1 trillion in purchasing power, the U.S. Hispanic community will garner more FI attention in 2013, especially in terms of small business offerings and prepaid reloadable debit, predicts Miriam De Dios.
The CEO of Coopera, a subsidiary of the Iowa CU League that specializes in Hispanic marketing, sees not only the purchasing strength of Hispanics attracting attention, but also the pivotal role they played in the re-election of President Obama. "The Hispanic community is making a bigger impact today. People are noticing."
Of particular interest to CUs, as they make their push for raising the MBL cap, is the fact Hispanic-owned businesses are starting at a faster pace than non-Hispanic owned businesses. Outside of needing capital, De Dios sees a strong need for prepaid reloadable debit cards by this segment.
"Small businesses are looking to reduce their payroll costs and prepaid reloadable can help with that," said De Dios, adding that prepaid reloadable debit has wide appeal throughout the entire Hispanic community.
De Dios pointed out that 40% of Hispanics are under 21 years of age, an appealing statistic to credit unions looking to get younger. However, a big part of catering to younger Hispanics, said De Dios, is paying attention to the first generation of U.S. Hispanics.
"Credit unions should ask themselves what they are doing to reach that first generation, which is setting a foundation to reach the second generation of Hispanics, since the youth will often follow in their parents' footsteps. This is important because the second generation of U.S. Hispanics will outnumber the first generation by 2020."
De Dios said it's time to look at more financial services that serve that second-generation market, such as mobile banking and access to financial services through non -traditional means, such as kiosks.
For info: Coopera: www.cooperaconsulting.com
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