Looking For Clues on How To Serve Hispanic Market? Look Internally

coopera

DES MOINES, Iowa—CUs seeking better ways to reach the fast-growing Hispanic market should look to their own member data for answers.

That is a key point shared in a new Coopera white paper that outlines the benefits of analyzing member data to inform future marketing decisions targeting the Hispanic community.

“Every day, at least 2.5 quintillion bytes of data are created,” writes Coopera CEO Miriam De Dios. “Each time we swipe a credit card, activate a GPS or ‘Like’ a post on Facebook, our movements are cataloged.”

De Dios noted that this deep data has created a resource and opportunity for credit unions to build a better understanding of their members—by reviewing past behavior to develop predictive analytics.

The paper goes on to review the stories of two data-driven credit unions, Bethpage FCU and San Francisco Federal Credit Union. Each has recently applied data analytics to their individual Hispanic outreach strategies. Both institutions are set in diverse communities with large Hispanic populations.

“The Latino community is the fastest-growing on Long Island,” said Bob Hoppenstedt, senior vice president for Bethpage Federal Credit Union on Long Island in New York.

Coopera analysts predict Bethpage’s Hispanic membership will reach more than 43,000 in five years, achieving 14.6% of the credit union’s total membership. Hoppenstedt believes the keys to even greater success for his $5.7-billion cooperative are buried in Big Data.

Forty two percent of Hispanics in California are unbanked or underserved, according to the 2013 FDIC Economic Inclusion Survey.

“Hispanics represent an important demographic for us because of the group’s size but also because its members are disproportionately underserved. So we wanted to start there,” said Steven Stapp, CEO of San Francisco Federal Credit Union. “From the outset, it has been our intention to apply some of the same data- and intelligence-gathering strategies to [other] communities…”

Section: Standard
Word Count: 383
Copyright Holder: CUToday.info
Copyright Year: 2018
Is Based On:
URL: http://www.cutoday.info/Fresh-Today/Looking-For-Clues-on-How-To-Serve-Hispanic-Market-Look-Internally