Hispanic Heritage Month: How are you celebrating?

Hispanic Americans will be celebrating Hispanic Heritage Month from September 15 until October 15. It may be a good time for credit unions to really think about how they are reaching the ever-growing Hispanic market. Credit unions all over the country are already reaching out to Hispanics through community events, like Partner Colorado Credit Union in Arvada, Colorado. The $245 million, 30,000-member credit union in Arvada, Colorado sent bilingual staff to their local Hispanic food market to give away over $1000 in prizes along with educating shoppers on the differences between credit union and banks. Building trust in the Hispanic community is an important first step for any financial institution, and doing these community events with freebies and information starts bridging the gap. Partner Colorado is also launching a bilingual website to support the Hispanic community and growing Hispanic member base. Other credit unions, like Affinity Credit Union in Des Moines, Iowa, are better serving their Hispanic community by increasing bilingual staff. Their Hispanic membership has grown over 32% in the last few years due to a dedicated Hispanic growth strategy that more credit unions really need to have as the Hispanic market increases. Credit unions in New York are participating in a Hispanic Member Growth Strategy Program that is really opening their eyes to the opportunity, outreach capability, and preparation needed to expertly attract Hispanics. 

Why target Hispanics so specifically? The theme of this year’s Hispanic Heritage Month is “Hispanics: Serving and Leading our Nation with Pride and Honor.” Think about the values of credit unions. Service, leadership, pride and honor are definitely values that can come to mind when thinking about credit unions. The U.S. Census Bureau reports that one in six United States residents are Hispanic, the largest minority group in the country. Hispanic Americans are in every community all over the United States, but nearly half of Hispanics in a recent survey had never heard of credit unions. Only about 22% of Hispanics are members of a credit union, but 35% of black and 35% of white Americans are. Even greater of an opportunity is the fact that only 54% of Hispanics have accounts at any financial institution. 

So this Hispanic Heritage Month, celebrate the Hispanics in your life and in your community by reflecting on how your business is staying relevant to the "largest, youngest, fastest-growing, and most under-served" minority group in the United States. Credit unions pride themselves on serving their communities and helping the underserved in time of need. Your credit union could become the resource and financial institution Hispanics in your community turn to. 

Visit www.hispanicheritagemonth.org for more information and to find community events going on in your area.