Banking on the Hispanic dollar
How US banks are courting Hispanic consumers
Not long ago US banks targeted Hispanic savers with half-hearted bilingual brochures and poorly-managed Spanish-language call centres. More recently they have courted this fast-growing demographic with integrated and more culturally-sensitive marketing campaigns. How have they changed and why?The Market Opportunity It's easy to see why banks are chasing the Hispanic dollar. First, the target audience is large and growing:
- Some 41 million or 14 percent of the US population are Hispanic. By 2020, that percentage is expected...