In Latin America, banks are often unstable and are not protected by FDIC. Thus fear and mistrust of banks is an ingrained part of immigrant culture when arriving in the U.S. Research shows that 63% of Hispanic immigrants do not have a bank account. They also lack access to credit cards, insurance, mortgages and certificates of deposit. Instead, many pay high fees to use the alternative providers such as check cashing companies, pawnshops or loan sharks. Recently banks have aggressively attempted to reach out to unbanked Hispanics with a minimal response. Some Hispanics opened accounts only to find themselves bewildered when trying to navigate the financial system. Language barriers, mistrust, misinformation and a confusing system have kept banks from winning big in the Hispanic market. To be effective, banks must engage in a three pronged strategy. The first step is to develop financial curricula that takes into account the cultural factors and context of the immigrant experience. Translating English materials into Spanish will not work.
Secondly, banks must establish long term partnerships with community based organizations that are trusted by the Hispanic community. The last piece is to ensure that Hispanic customers feel comfortable in the banking environment by creating an atmosphere that is less intimidating and more instructive. This also requires ensuring staff is trained in cultural behaviors that offend or impress. This webinar will provide step by step instructions for the three prong strategy to help banks reach the large, lucrative and loyal Hispanic market.
- The Four Hispanic Segments: Four Different Approachs
- Roadmap to Relationship Building in the Hispanic Community
- Marketing Messages & Venues: The Educational Focus
- Staff Training Program: Key to Customer Retention
- The Latest Trends, Research & Best Practices
- Roadmap to Relationship Building in the Hispanic Community
- Obtaining Free Spanish Media Publicity
- Finding, Hiring & Retaining Bilinguals
Who Should Attend
This webinar is suited for banking personnel, marketing agencies with banking clients, banking human resource staff and public relations personnel.