How to Attract Hispanic Members: Part II

U.S. credit union executives seeking insights into Mexican culture and marketing strategies—or who simply want to brush up on their Spanish—have a training option that combines Spanish classes, visits to Mexican credit unions, and a home stay with a Mexican family.

The World Council of Credit Unions' Hispanic Marketing Immersion Program is a one- or two-week program that exposes participants to cultural nuances and marketing tactics they can incorporate into their Hispanic outreach efforts in the U.S.

Following are insights participants gained during the program.

Rohan Kothare: Don't go halfway

How did you get involved in Hispanic member outreach?

I've been taking Spanish since the sixth grade, and I have a bachelor's degree in Spanish from the University of Texas. Spanish wasn't part of my job at the credit union until I became a front-line staffer. Now I help current and potential members who speak Spanish.

The credit union has a leadership development program for new managers that we cap off with a leadership development assignment. My idea was to implement a Hispanic outreach program. About 2% of our membership is Spanish-speaking. We have about 100,000 members.

What did you learn from the Hispanic Marketing Immersion Program?

In Mexico, each credit union branch—not just every credit union—has a volunteer board: five to six people who do door-to-door marketing without compensation. They get prestige and the pride of doing something community service-related.

Credit unions there also do sports marketing and sponsorships. Soccer is big. They definitely understand the youth education concept, starting with teaching youth how to save, then how to buy a car and a house so they understand the process.

They have partnerships with retail stores, such as furniture stores, and they have some products in the branches. You can buy a product and they'll do the financing. It's like indirect car lending but with cell phones and appliances. With some rural credit unions it's like going into a store—they display and sell cell phones, and finance them.

Their products and services are limited, but they have multiple savings accounts and loans. They have no credit bureau like we have here. They have to build one in-house. Members start with a share-secured loan. After they build a history, they can get a larger loan.

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