Financial institutions are a great business model to learn from changing market conditions. Its traditional target markets are stable, but the emerging market needs are critically undeveloped in a Latin market. Definitely not due to lack of money. Many Latinas have no healthy habits or health savings. Does the question arise whether the financial institutions are adequate to serve these populations? Are you friendly for Latino needs? The answer is complicated.
There are two Latino in the United States. The first is the immigrant who is looking for a better life and wants the American dream, whether or not he came through appropriate channels or not. Second, here is the Latin born. These two groups are completely different from different needs and objectives. Most immigrants bring their culture, traditions, and customs into the United States. People born here are developing mixed Latin and American cultures.
Financial institutions pay attention and take steps to accommodate the economically influential population. The main reason is that there is a lot of investment in education and confidence development. An indescribable description is that people in Latin countries do not trust banks and financial institutions due to corruption. Everything is paid in cash and there is no traditional loan or credit score. This means that the Latino community has money and it can be kept under rank or in a shoebox. It is very dangerous that a fire in the house can save the whole life. Another scenario is that they can become the target of theft. This is a foreign concept for Americans. What happens is a huge educational curve that educates them about the process of crediting, saves their money in a financial institution, receives loans (mortgages, cars, etc.) and most importantly, having confidence in financial institutions.
The young generation born here learns from their parents and the surrounding areas. Still, there is an isolation of the importance of financial products, the formation of debt, and how the process works. Many of these young people translate only for their parents, explain financial products, and become intermediaries for business. You will see an increase in bilingual support in many financial institutions for this reason. There is still much work to be done in this regard, and this process will take some time.
However, more financial institutions offer products for Latino. Information is available in Spanish and more financial institutions are hiring bilingual and multi-lingual speakers. It would be interesting to see how we adapt to this important demographic as a nation. It is actually an untapped market that does an important job in our economy to achieve development and stability.