Hispanic middle class: Dramatic growth in next 10 years

The Tomas Rivera Policy Institute, a nonprofit research organization on Latino issues, says this will occur with the right financial strategies, according to an article in the Redding (Calif.) Record Searchlight.

As such, they recommend that financial institutions begin tapping the income and spending power of Hispanics, and prepare for the change by "adjusting their policies to attract and retain this expanding segment of the community."

Among the recommendations listed in the article are requiring lower minimum balances for checking and saving accounts, offering more cash-based services and new credit scoring methodologies.

Not easy recommendations to implement. But, the broader point is financial institutions need to create market-leading products of interest to Hispanics as well as develop community-based marketing strategies to recruit and retain them. Not to mention, to educate Hispanics as well, on financial topics.