Thursday, June 30, 2022

Unleashing the Financial Purchasing Power of the Growing U.S. Hispanic Population Part Two

Posted by Elena del Valle on June 2, 2010

Opening the Door with Relevant Products and Services Part Two (click here to read Part One)

By Ricardo Quayat
Executive Creative Director, Rauxa Roja

Ricardo Quayat, executive creative director, Rauxa Roja

Photo: Rauxa Roja

In Part One of Unleashing the Financial Purchasing Power of the Growing U.S. Hispanic Population (click here to read Part One), Ricardo Quayat discussed recognizing the huge potential of the vast Hispanic market and how to use data, creative and brand strategies to market to this promising audience in a meaningful and actionable way. Part Two explores cultural differences that affect the Hispanic consumer and how banks and financial institutions can effectively tap into this rapidly growing and financially sound market with relevant messages, products and services.

Culture-Based Banking

In Mexico, and South and Central America, banks employ practices that are unique to their specific regions, capitalizing on how locals save money, buy products and pay bills. Evaluated against standard banking models in the U.S. however, Latinos are turned away in many instances because conventional credit platforms may not reflect the credit worthiness the bank requires, creating a missed opportunity.

For example, payment plans with routine installments are a common purchasing method in Latin American countries, where it is preferred to have a predictable monthly responsibility. These may be personal agreements and traditional credit programs – commonplace in Latin America, but ineffectual in establishing the stability and sound payment records typically verified using traditional credit scoring methods.

Click here to read the complete article

Unleashing the Financial Purchasing Power of the Growing U.S. Hispanic Population

Posted by Elena del Valle on May 26, 2010

Opening the Door with Relevant Products and Services Part One (Part Two will be published next week)

By Ricardo Quayat
Executive Creative Director, Rauxa Roja

Ricardo Quayat, executive creative director, Rauxa Roja

Photo: Rauxa Roja

Today’s Hispanic consumer has more household wealth and economic influence than ever before. U.S. businesses – and particularly financial institutions – are taking notice, placing more importance on the development of appropriate methods to attract and keep customers in this growing segment. In fact, with U.S. Hispanics expected to control almost $1 trillion in purchasing power by 20101, banks are scrambling to maximize this huge under-served marketplace with culturally relevant products and services.

Younger than the general population, and on the move in socioeconomic terms, this emerging market has the potential to redefine mainstream banking programs and products. And by understanding cultural subtleties and nuances, bank marketers can develop data-driven, culture-based strategies and tactics for precisely targeted campaigns with messaging that appeals to Hispanic prospects and customers on both an emotional and rational level.

Click here to read the entire article

In Part Two of this two-part series Ricardo Quayat will explore the cultural differences that affect the Hispanic consumer and how banks and financial institutions can effectively tap into this rapidly growing and financially sound market with relevant messages, products and services.

Reshaping Hispanic Marketing through Social Media

Posted by Elena del Valle on March 31, 2010

Marketing Doesn’t Get More Direct than This

By Ricardo Quayat
Executive Creative Director, Rauxa Roja

Ricardo Quayat, executive creative director, Rauxa Roja

Photos: Rauxa Roja

Hispanic culture has always centered on “conversation and community” – that sense of belonging to something bigger than oneself. Combine this with the fact that more than 23 million Hispanics are online (more than half the Hispanic population)1, and it’s easy to see why social networking, as an extension of this community-centric way of thinking, is experiencing its largest audience boon within this segment. Ethnic minorities in fact visit social networking sites more frequently than non-Hispanic Whites 2, with Hispanics leading the way. Younger than the general population, and on the move in socioeconomic terms, this emerging market has the potential to redefine mainstream products and services through a viable and rapidly growing connection to social media.

Click here to read the complete article Reshaping Hispanic Marketing through Social Media