With 1 in 6 U.S. residents being Hispanic, now is a great time for financial institutions to reflect on their largest growth opportunity. Here are 3 misconceptions about the multifaceted Hispanic community that are prevalent in financial institutions:
Myth 1: Hispanic consumers are only interested in transaction-based products. In truth, product penetration increases faster among Hispanic members compared with non-Hispanic members when there’s a strategic plan in place.
Myth 2: Most Hispanics are undocumented. The facts show that of the country’s more than 52 million Hispanics, most are native-born Americans and nearly 3 in 4 are U.S. citizens.
Myth 3: The law prevents us from serving immigrants. Actually, financial institutions can compliantly lend to individuals who have an Individual Taxpayer Identification Number. There are many forms of acceptable government-issued identification, such as passports and consular identification cards.
Solidifying the right organizational mentality, developing a comprehensive strategy based on segmentation, and defining what success truly looks like. These are all part of laying the foundation for success with the Hispanic market.
