Savvy bankers understand that it is important to establishing relationships with foreign-born Hispanics at the beginning of the acculturation process. Education is an important part of the dialogue. While many consumers are familiar with fast food restaurants because they come from countries where Burger King operates, this may not be true when it comes to financial services. Many immigrants did not have bank accounts in their native countries, so banks and credit unions need to educate Latinos about the benefits of having an account.
• Advertising is key. Businesses that advertise are seen as more credible, particularly among more recent or less educated immigrants. Most cities now have several Spanish-language newspapers and radio stations where advertising can be run fairly cheaply.
• Word of mouth strongly influences purchase decisions. Positioning a bank, S&L, or credit union as Hispanic-friendly will quickly become known in the community. Sponsor an event, and join the local Hispanic Chamber of Commerce. A check cashing company in Nashville gives out cold bottles of water at construction sites during the summer. Guess where the workers go every Saturday to cash their checks and buy money orders?
• Testimonials from satisfied customers are a powerful tactic. Use them in ads, brochures, and direct mail.
• Bilingual signage and customer service personnel show that you respect and appreciate your Hispanic customers.
Eventually, the "unbanked" Hispanics will open a bank account and that will lead them to use other services, like loans to buy homes or cars. Will your bank be top of mind?
• Advertising is key. Businesses that advertise are seen as more credible, particularly among more recent or less educated immigrants. Most cities now have several Spanish-language newspapers and radio stations where advertising can be run fairly cheaply.
• Word of mouth strongly influences purchase decisions. Positioning a bank, S&L, or credit union as Hispanic-friendly will quickly become known in the community. Sponsor an event, and join the local Hispanic Chamber of Commerce. A check cashing company in Nashville gives out cold bottles of water at construction sites during the summer. Guess where the workers go every Saturday to cash their checks and buy money orders?
• Testimonials from satisfied customers are a powerful tactic. Use them in ads, brochures, and direct mail.
• Bilingual signage and customer service personnel show that you respect and appreciate your Hispanic customers.
Eventually, the "unbanked" Hispanics will open a bank account and that will lead them to use other services, like loans to buy homes or cars. Will your bank be top of mind?
