Improve service to Hispanics

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Lingering misconceptions might hamper your staff’s ability to serve this fast-growing audience.Hispanics are the largest, fastest-growing, and youngest ethnic group in the U.S.—but they’re also the most underserved by financial institutions.More than 50 million Hispanics live in the U.S., and their average age is 27. About half are unbanked or underbanked. From 2000 to 2010, the U.S. Hispanic population grew 43%, and trends suggest one of three U.S. residents will be Hispanic by 2050.“Hispanics are clearly credit unions’ largest growth opportunity,” says Miriam De Dios, CEO of Coopera, a CUNA strategic partner that helps credit unions connect with this audience.Although credit unions have worked to remove barriers that prevent or discourage Hispanics from becoming members, lingering misconceptions might hamper your front-line staff’s ability to serve these members.Coopera offers information in these areas to increase understanding and improve service:• Immigration status. A 2012 poll by the National Hispanic Media Coalition indicates nearly one-third of Americans believe half of Hispanics are in the U.S. illegally. In reality, 76% of Hispanics living in the U.S. are U.S. citizens. And by 2020, second-generation Hispanics will outnumber their parents.• Proper identification. The Customer Identification Program, outlined in Section 326 of the USA Patriot Act, specifically allows your credit union to use several forms of identification to serve these members. continue reading »last_img

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