The Hispanic market represents the largest, fastest-growing, youngest and most underserved market in the United States. Nebraska has a diverse, dynamic and rapidly growing Hispanic population. While the Union Pacific Railroad served as the early catalyst for Hispanic migration to Nebraska, our large agricultural based economy has continued to fuel the expansion of the Hispanic community in Nebraska. As a result, the Hispanic market represents a significant portion of the state’s population, and serves as the state’s largest growing segment.
The Hispanic market also represents a real growth opportunity for credit unions since a vast majority is underserved. As financial products and services become more commoditized, consumers are much more sensitive to price. As this happens, member loyalty factors tend to lag behind other wallet issues. At this point, consumers begin to become recycled as they move from one financial service provider to another. Hispanics represent a source for new members since many do not have established relationships with the more traditional financial service providers.
To find more information and resources on how to serve the Hispanic Population, go to CUNA’s website: http://www.cuna.org/initiatives/hispanic/index.html.