HMA Report Highlights
• The credit union has experienced a Hispanic membership growth of 27% since the last HMA report was done; the credit union has a Hispanic membership of 15.2%.
• The credit union realizes that not so much marketing, but word of mouth is what is driving a lot of the new membership. The group wondered how they can leverage word of mouth even more. Pricing is favorable to the members at the credit union.
• Regarding product penetration, Hispanics continue to lead in checking, auto loan and credit card penetration. There’s an opportunity to engage Hispanic members with more lending products.
• Hispanic membership growth continues to outpace the credit union’s overall membership growth.
• The credit union has penetrated …show more content…
Coopera looks at checking penetration as an indicator of a preferred financial institution.
• Page 23, provides the credit union with membership projections based on their past trends such as membership growth rate and attrition.
Product Engagement Opportunities
• Auto loans are the top product asked by the Hispanic community, but the credit union first puts them on a credit builder loan before proceeding to giving them an auto loan.
• The credit union has a plan to “graduate” Hispanic members from credit builder loans to credit cards. However, it might be worth review the plan and identify areas of improvement.
• Many Hispanic members require further financial education as they, for example, they ask for only personal loans, not other types.
• The credit union noted most of the loans they sell are real estate loans, this could possibly be why some numbers are skewed because most of these loans go to non-Hispanic members.
• The credit union wanted some clarification on how Coopera obtains the numbers used for the report.
• Coopera then explained they reach these numbers through census reports, subscriptions such as Spanish magazines and Geoscape addresses
Spanish Marketing and
• The credit union has experienced a Hispanic membership growth of 27% since the last HMA report was done; the credit union has a Hispanic membership of 15.2%.
• The credit union realizes that not so much marketing, but word of mouth is what is driving a lot of the new membership. The group wondered how they can leverage word of mouth even more. Pricing is favorable to the members at the credit union.
• Regarding product penetration, Hispanics continue to lead in checking, auto loan and credit card penetration. There’s an opportunity to engage Hispanic members with more lending products.
• Hispanic membership growth continues to outpace the credit union’s overall membership growth.
• The credit union has penetrated …show more content…
Coopera looks at checking penetration as an indicator of a preferred financial institution.
• Page 23, provides the credit union with membership projections based on their past trends such as membership growth rate and attrition.
Product Engagement Opportunities
• Auto loans are the top product asked by the Hispanic community, but the credit union first puts them on a credit builder loan before proceeding to giving them an auto loan.
• The credit union has a plan to “graduate” Hispanic members from credit builder loans to credit cards. However, it might be worth review the plan and identify areas of improvement.
• Many Hispanic members require further financial education as they, for example, they ask for only personal loans, not other types.
• The credit union noted most of the loans they sell are real estate loans, this could possibly be why some numbers are skewed because most of these loans go to non-Hispanic members.
• The credit union wanted some clarification on how Coopera obtains the numbers used for the report.
• Coopera then explained they reach these numbers through census reports, subscriptions such as Spanish magazines and Geoscape addresses
Spanish Marketing and