MERCADEO Versión en español
Lee Vann From Captura Group: Credit Unions Are Positioned To Earn Hispanics’ Trust
Manuela Walfenzao| 10 de agosto de 2017
Vann: La medida hará renacimiento del comercio electrónico en el mercado hispano
Lee Vann, Founder and CEO at Captura Group, wrote an article on LinkedIn titled: Hispanics and Credit Unions Need Each Other, in which he recommends these organizations to tap into a demographic group that will have a purchasing power of US$1.7 billion in 2020, and almost half is not banked. “Credit unions are well positioned to gain the trust, loyalty, and clientele of this prominent demographic” he said. However, he highlighted that many of these organizations stop their efforts for Hispanics at translation. That is why Vann offers three cultural relevance recommendations for unions to win with Hispanics. The first is to educate Hispanic consumers and adapt their communications. Credit Unions must center on this group’s information needs, which implies building on general market communications that can be adapted to the Hispanic market. Also, provide in-depth information on documentation requirements -citizenship, residency, social security, etc.- that will proactively address Hispanics common concerns. The second is that these unions must leverage their local presence and services to connect with Hispanics significantly and gain their loyalty and trust. For example, be where Hispanics buy their groceries. And third, effectively communicate to Hispanics the benefits they offer. “There is no single formula for winning with Hispanics when it comes to financial services. Rather, success with this consumer segment will come from us using the tools of cultural relevance to their maximum potential –more than a competitive advantage, it is a competitive imperative” concluded Vann.
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