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.

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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.