According to Barbara Robles, an associate professor at Arizona State University and author of Filene Research Institute’s latest study, most financial institutions do a marginal job serving the fastest growing ethnic population in the United States: Latinos. Listen to Robles expert opinion on how credit unions can better serve this underserved market:
In the full report, Robles, a Filene Research Fellow, continues her research on financial product and service usage among Latinos in the United States. First, she shares publicly available data on the Latino market and presents a compelling narrative of this population of 44.3 million strong.
Next, Robles presents results from a three- year data collection effort that yielded nearly 15,000 survey observations. The survey, conducted in U.S. – Mexico borderland communities during tax preparation sessions, provides an insightful glimpse into the financial behaviors and desires of Latinos in the United States. Specifically, Robles examines behaviors related to savings, tax refund usage, international remittances, intergenerational lending and borrowing, and other elements of their financial lives.
Beyond the data, which are fascinating, Robles offers several practical suggestions for credit unions and other consumer finance firms looking to reach out to this specific market segment:
1. Reduce the level of complexity of your offerings,
2. Understand the fundamentals of being “culturally appealing”,
3. Partner with local community-based organizations.
In addition to listening to the author interview above, you can subscribe to our ever growing series of “Ideas Grow Here” on iTunes by clicking the link below.
Comments
10
Thanks Barbara! For your sharp opinion about the financial behaviour of the ethnic population: Latinos.
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Very interesting information. The statistics make us to think on the subject of growing the Latinos population in US and, the most important, their financial status. In my opinion, the tax policy and loan questions should be analyzed only taken in consideration “culturally appealing”, as the author mentioned.
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great information about Financial Services and Product Usage by Latinos in the United States, thanks for the info
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Most financial institutions have a marginal labor serves the fastest-growing ethnic population in the United States Business Directory
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Very interesting information. Statistics for us to think of a growing population, Latinos in the United States, and most importantly, the financial position. I think vehicle shipping rates
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Diet Plan Filene investigator, continues to research financial products and services utilization among Latinos in the United States.
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Statistics for us to think of a growing population, Latinos in the United States, and most importantly, the financial position. I think payday loans
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The statistics suggest the population growth in the U.S. Latinos and, especially, their financial situation.
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