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Serving The New American

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Median age is 26.4 9 years younger than the median age of non-Hispanics ... America is more like a quilt - many patches, many pieces, many colors, many ... – PowerPoint PPT presentation

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Title: Serving The New American


1
Serving The New American
2
  • Emerging Market
  • Demographics
  • Hispanics represent the fastest growing segment
    of the population
  • More than 70 of the U.S. Hispanic population
    lives in Texas, California, Florida and New York
  • Hispanics represents 32 of Texas population
  • Median age is 26.4 9 years younger than the
    median age of non-Hispanics
  • 30.6 of Hispanic households consist of 5 or
    more people

3
Emerging Market
  • The Hispanic population is exploding in cities
    across the state
  • 60 of Texas population increase from 1990 to
    2000 was driven by Hispanic growth
  • In 1990, Hispanics represented 25.5 of Texas
    population in 2000, it increased to 32
  • Men and women in 96 of Mexicos 2,350 cities and
    towns now migrate to the United States
  • More than 300 million legal crossings are made
    from Mexico to the U.S. each year
  • The INS estimates that in January 2000, as many
    as seven million unauthorized immigrants resided
    in the U.S.

4
DFW Statistics
  • DFW is the 7th largest Hispanic market in the
    U.S. and 2nd largest in Texas
  • 30 of Dallas County is Hispanic and 20 of Fort
    Worth is
  • Median age for DFW Hispanics is 24 vs. 32 for
    DFW non-Hispanics

5
DFW Statistics
  • DFW Hispanics account for 7.5 billion annually
    in retail sales
  • DFW Hispanics spent over 976 million on new
    cars and trucks in 2002
  • 58.3 of Hispanic Adults in DFW earn 35,000 or
    more a year
  • 75 of DFW Hispanics are English capable
  • Hispanic consumers are heavy users of radio
    majority prefer Spanish radio formats

6
DFW Statistics
Dallas-Fort Worth Hispanic Adults 18
Prime Consumers
7
DFW Statistics
Dallas-Fort Worth Hispanic Adults 18
Prime Consumers
8
Lone Star Hispanics
Hispanic Population Growth
What if everyone in Montana, North Dakota and
South Dakota decided to pack up, and move to
Texas? Thats how much the Hispanic population of
Texas grew from 1990 to 2000! The state added
2.3 million Hispanic persons in a decade.
9
Lone Star Hispanics
Hispanic Population Stats
Total Texas population (1990) 16,986,510 Texas
Hispanic population (1990) 4,339,905 Hispanic
percentage of total 25.5
Total Texas population (2000) 20,851,820 (22.8
growth) Texas Hispanic population
(2000) 6,669,666 (53.7 growth) Hispanic
percentage of total 31.9
1 out of every 3 Texans is
Hispanic!
10
Lone Star Hispanics
Top Ten Hispanic Markets Population
Dallas-Fort Worth is the 7th largest Hispanic
market in the U.S.
11
Lone Star Hispanics
Hispanic Households Texas
Other Foreign Born (3.5)
Born in Latin America (10.4)
Over two thirds (67.4) of Hispanics in Texas
were born in the United States.
Hispanics Born in the US (21.6)
Non-Hispanic Born in the US,
includes Whites, Blacks, Asians (64.5)
12
Lone Star Hispanics
Percentage of Hispanics in Texas
Dallas
13
Hispanic Households U.S.
NY
PA
IL
2,221,238 HHs
CA
1,171,207 HHs
TX
There are 3,392,445 Hispanic Households in states
shaded in red (California Texas).
14
Serving The Undocumented
  • The Matricula a form of identification issued
    by Mexican consulates in the U.S. is making it
    possible for financial institutions to serve
    undocumented individuals. Security features
    include
  • Lamination
  • Watermark
  • Magnetic strip
  • Benefits The Matricula helps immigrants,
    documented, and undocumented
  • Open bank accounts
  • Establish credit
  • Identify themselves to police and other law
    enforcement authorities.

15
Six Steps to Success
  • Understand Immigrants
  • Connect with Your Market
  • Identify Resources
  • Assess Needs/Abilities
  • Conduct Focus Groups
  • Develop Process

16
Step One Understand Immigrants
  • Language and Cultural Differences are the
    greatest barriers to overcome
  • Approximately 40 of U.S. Hispanics have No
    financial institution relationship
  • Strong family unit

17
Step Two Connect with Your Market
  • In order to make a connection, its imperative
    that you know about your communitys immigrant
    market
  • Immigrant population
  • Country of Origin
  • Preferred spoken language
  • English proficiency of your target market
  • Typical persons literacy level in the native
    language
  • Familiarity with financial institutions in the
    United States and knowledge of product and
    service offerings such as checking/savings
    accounts, credit, car loans, mortgages, etc.

18
Step Three Identify Resources
  • Locate organizations and resources that can
    provide valuable information/data on the
    immigrant population in your community
    Suggestions
  • Hispanic Chamber of Commerce
  • Local Mexican Consulates Office
  • Public Schools
  • Community colleges or universities (i.e. English
    as a second language programs)
  • Civic organizations
  • Hispanic community leaders
  • Local Hispanic television and radio stations
  • U.S. Census Bureau

19
Step Four Assess Needs/Abilities
  • Have your findings revealed a significant
    Hispanic population?
  • Has your research found a need to provide
    affordable financial services?
  • Do your findings support your desire to expand
    into these communities?
  • Does your research determine this to be a viable
    market?
  • Assess whether you can reach the market with the
    resources you have.

20
Step Five Conduct Focus Groups
  • Focus groups provide qualitative information for
    your evaluation.
  • Internal Focus Group
  • Staff
  • Volunteers
  • External Focus Group
  • People from outside your organization, such as
  • Community leaders
  • Members
  • Purpose
  • Brainstorm, share ideas, knowledge and
    experience about a particular community
  • Assess whether the credit union is positioned to
    take on such an endeavor

21
Step Six Develop Process
  • In order to be successful, its important to
    develop a process for working with the Hispanic
    market
  • Clearly outline your organizations vision
  • Develop clear procedures for frontline staff to
    follow
  • Train frontline staff to deal with multilingual
    members

22
Tips on Tapping Into Hispanic Market
  • Get involved in local outreach efforts
  • Participate in Hispanic cultural celebrations
  • Take advantage of Partnership Opportunities
  • Join or get involved in Hispanic churches
  • Teach English as a second language class
  • Teach a NEFE class in your local schools in
    SPANISH
  • Provide adult financial education training in
    your community

23
Tips on Tapping Into Hispanic Market
  • Ensure Spanish language infrastructure support
    is in place
  • Have on-site basic Spanish class for your credit
    union staff
  • Establish in-house focus committee
  • Such a committee should be charged with
    examining the needs for bilingual staff and
    services, as well as explore potential parameters
    for financial compensation for bilingual staff.

24
Tips on Tapping Into Hispanic Market
  • Have a branch located in their neighborhood
  • Offer extended hours of service
  • Offer broad range of bilingual services
  • Bilingual staff
  • Interactive voice response
  • ATMs
  • Call Centers
  • Web site

25
Tips on Tapping Into Hispanic Market
  • Use Hispanics to Reach Hispanics
  • With marketing materials, use Hispanics to sell
    products/services
  • Promote diversity in your workplace
  • Invest early on as brand loyalty is strong among
    Hispanics

26
Marketing Dos and Donts
  • Do make marketing pieces informative/educational
  • Dont come across too sells pitchy
  • Do develop family-oriented marketing materials
  • Dont be too aggressive tone it down
  • Do use lots of bright colors
  • Dont make of not properly translating marketing
    materials
  • Do create warm and fuzzy marketing materials

27
Keys to Success
  • 360-degree vision Think Outside the Box
  • Identify Key Players in the Community Establish
    Partnerships
  • Take advantage of all Available Resources
  • Know Your Market Be sensitive to cultural
    nuances
  • Long-term Commitment and Dedication
  • Full-time Integrity
  • A Well-trained and Highly-efficient Bilingual and
    Bicultural Team
  • Strong Leadership
  • Undying Faith

28
Helpful Links
  • U.S. CENSUS BUREAU
  • www.census.gov/
  • TEXAS COMPTROLLER OF PUBLIC ACCOUNTS
  • www.window.state.tx.us.gov
  • HISPANIC ASSOCIATION ON CORPORATE RESPONSIBILITY
  • www.hacr.org
  • BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
  • www.federalreserve.gov/
  • THE GREENLINING INSTITUTE
  • www.greenlining.org/index.html
  • ASSOCIATION FOR THE ADVANCEMENT OF
    MEXICAN-AMERICANS
  • www.aamainc.com
  • CHICANOS POR LA CAUSA, INC.

29
Helpful Links
  • NATIONAL COUNCIL OF LA RAZA
  • www.nclr.org
  • NATIONAL ASSOCIATION OF HISPANIC PUBLICATIONS
  • www.nahpoline.org
  • UNITED STATES HISPANIC CHAMBER OF COMMERCE
  • www.ushcc.com
  • TEXAS ASSOCIATION OF MEXICAN-AMERICAN CHAMBERS OF
    COMMERCE
  • www.tamacc.org

30
Embrace Diversity
  • America is not like a blanket - one piece of
    unbroken cloth. America is more like a quilt -
    many patches, many pieces, many colors, many
    sizes, all woven together by a common thread.
  • - Jesse Jackson
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