Independent Banker - April 2021 - 26
PORTFOLIO
ā—ˇFOCUS CUSTOMER ACQUISITION
How to reach
Hispanic customers
Hispanic customers and business owners are vital members of their
communities. Here's how some community banks are reaching this diverse
demographic's unique and varied needs. By Cheryl Winokur Munk
ome community banks are
making a conscious eff ort to
reach Hispanic and Latinx customers,
a diverse demographic that is
growing exponentially.
There were nearly 60 million Latinx
people in the U.S. in 2017-roughly
18% of the total population, according
to Pew Research. By contrast,
there were 14.8 million, or 6.5%
of the population, Latinx people in
1980. They are also a driver of new
mortgage business, representing 51%
S
homeownership growth in the U.S. over
the past decade, according to MGIC.
To reach this demographic,
some community banks are hiring
bilingual tellers and other staff ,
off ering Spanish-language versions of
their websites, providing marketing
materials in Spanish and English, and
connecting with local Hispanic and
Latinx business owners and groups.
Certainly, community
demographics often play into a bank's
customer acquisition eff orts. The
Community Bank in Liberal, Kan.,
for example, counts the bulk of its
customers from Seward County,
where 63.1% of residents identifi ed as
Hispanic or Latino as of July 2019.
" To ignore this segment of the
population would not only be socially
unacceptable but dramatically
detrimental to the bank's economic
viability, " says Mark J. Schepers,
chairman, chief executive offi cer and
president of the $140 million-asset
community bank.
Be proactive to attract
Latinx customers
Community banks that want to
cater to this population need to be
proactive. It can require targeted
marketing campaigns, outreach and
face-to-face interactions. It may
also mean hiring Spanish-speaking
multilingual staff , a prerequisite to
winning relationships with potential
26 Q ICBA Independent Banker Q April 2021
Photo by Wsfurlan/iStock
Independent Banker - April 2021
Table of Contents for the Digital Edition of Independent Banker - April 2021
Table of Contents
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