Responding to a new offering, nearly 400,000 customers have opted to receive their monthly checking and savings account statements in Spanish from Chase, according to their press release
Rebeca Vargas, head of Multicultural Marketing, said in the release, "We listen to our Hispanic customers, and we understand how much they value receiving information, materials, assistance and offers that are relevant and respectful of their language and cultural needs."
In addition to the statement's in Spanish, Chase runs a very active campaign aimed at Spanish-speaking customers and potential customers.
While not every bank can provide all the services and outreach that Chase provides in Spanish, banks nationwide should at least start to follow their lead. Hispanics -- at 24% or about 12 million Hispanics-- continue to be among the most under-banked population, according to the FDIC
. This, coupled with the fact Hispanics are the fastest growing population and have the most small businesses among any ethnic group, make them an ideal population for new customer acquisitions in both the retail and commercial/business areas.
The important suggestion is to at least take a first step. That first step may be a market analysis to truly understand who are the customers near your branches. If you haven't done this in a while, you may be surprised at how it's changed; so, don't assume it's the same customer base it's always been. Based on that analysis, allocate your budget appropriately. I know of banks who have several branches in areas that are more than 50% Hispanic and spend $0 on marketing to them.
The point is take the first step. Too many banks bury their heads in the sand when it comes to marketing to Hispanics. Those who take the first steps will have first-to-market advantages and have the trust and relationships built with Hispanic customers, which may prove too difficult for their late-showing competitors to change.
Labels: Hispanic advertising, Hispanic population growth, Latino Cultural Identity