Service or stereotypes: Can credit unions engage multicultural members?

If the 67 million Hispanic consumers in the USA were their own nation, they’d have the sixth largest GDP in the world. And yet, they’re overlooked and underserved by mainstream banks and credit unions alike. On this episode, host Vince Passione and Victor Corro, CEO of Coopera Consulting, discuss how credit unions can earn the right to serve these nuanced members.Key takeaways:03:17 - “Hispanic, Latino, Latinx” are imperfect labels that fail to acknowledge the depth and nuance of individual identity.06:51 - Credit unions need to increase their research in, and understanding of, multicultural members as the nation prepares to be “Majority minority.”10:26 - How building and earning the trust of underserved communities is key to a credit union’s mission, and its long-term growth.13:08 - Hispanic members gravitate towards fintech solutions because fintech have done a better job of reducing friction points.16:05 - Key products, services and solutions to support the breadth and scale of Hispanic members.21:27 - The credit union system is lacking a sense of urgency, and needs to be more proactive about investing in serving multicultural members.23:25 - Multicultural consumers are often pigeonholed–and that’s leading to poor service from financial institutions.Resources Mentioned:https://www.brookings.edu/articles/latinos-and-the-future-of-finance-why-we-need-to-examine-the-motivations-and-effects-of-latinos-fintech-adoption Brookings studyhttps://www.cooperaconsulting.com/ Coopera ConsultingThanks for listening to the 22 Minutes in Lending podcast. If you enjoyed this episode, please leave a 5-star review to help get the word out about the show and be sure to subscribe so you never miss another insightful conversation.#CreditUnions #Lending #Credit

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