Innovative Approaches to the Hispanic Retail Banking Market – How retail banks are capitalizing on the Hispanic market opportunity

Competition for the Hispanic banking customer is heating up as more and more retail banks and other financial institutions attempt to tap into this rapidly growing market segment with dedicated initiatives.

CMG Partners has released a comprehensive analysis, “Innovative Approaches to the Hispanic Retail Banking Market” that covers the following topics:

* Overview of the competitive landscape in Hispanic retail banking
* Profile of evolving Hispanic market demographics
* Important trends and innovative approaches to note in developing a Hispanic strategy
* Several frameworks for refining Hispanic initiative strategies and tactics

Select findings from our market analysis reveal that:

* The Hispanic population is becoming less geographically concentrated and new markets are emerging as important growth opportunities.
* U.S.-born Hispanics now represent the primary growth driver, which is leading to a more acculturated and nuanced market.
* Within an already heterogeneous market, economic and demographic shifts are giving rise to new segments such as the Hispanic mass affluent.

Increased competition and demographic shifts in the Hispanic market mean that retail banks must adopt innovative approaches and more focused strategies to succeed in serving numerous customer segments that will need to be addressed through relevant and differentiated offerings. With such a dynamic market, banks need to carefully consider how they will be position themselves in the Hispanic market, not by focusing on where the market is today, but where the market will be in the future. Only those institutions that truly make long-term investments in developing their practices and offerings will be able to effectively capture the Hispanic market opportunity.

To obtain a copy of the report, please click on the following link: cmgpartners.com/pdf/CMGP_Hispanic_Banking_White_Paper_2008.pdf

Contact Us:
(800) 688-1803
financialservices@cmgpartners.com
cmgpartners.com

Authors:
J. Mark Carr, Partner, CMG Partners
Octavio Sacasa, Manager, CMG Partners

About CMG Partners:
Since 1998, CMG Partners has helped companies capitalize on market opportunities and improve business results through the development and implementation of innovative go-to-market, brand and communication strategies. Established in 2002, CMGP’s Hispanic Marketing Practice is a different kind of consulting practice — designed to take advantage of a different kind of opportunity. CMGP’s Hispanic Practice combines CMG Partners’ deep expertise in developing and launching new business initiatives with the rich Hispanic in-culture market knowledge and experience of veteran Hispanic researchers and mark”

• Brazil’s Middle Class Grows to Nearly 50% of Population – (almost 91 million souls)
• The Hispanic population in Texas’ rural areas is predicted to double from 777,000 to 1.6 million and triple in urban areas from 5.9 million to 17.2 million by 2040, according to the Texas Comptroller of Public Accounts.
• Melting pot giving rise to post-’Latino’ Latino politicians
• Birth Rates and Border Crossings: The Demographic Push Behind Emigration in the Americas – University of California, San Diego
• The Maryland Hispanic population has increased by at least 65% since the 2000 Census
• New census figures that provide a snapshot of America’s foreign-born population are challenging conventional views of immigration, race and ethnicity.
• Census Bureau News — Race and Hispanic Origin of the Foreign-Born Population in the United States:…
• Peruvians among the top ten Hispanic communities in the US
• Immigrants’ children fastest growing youth population in Nebraska
• University of Texas trails state demographics with minority, low-income students – between 2003 and 2008 the number of undergraduate Hispanic students enrolled rose from 5,478 to 6,980
• Signs of change clear in Conroe – the number of Hispanics in Montgomery County, where Conroe is the county seat, grew by 112% from 2000 through 2008 – Texas
• Cuban Population Grew in 2009, Reversing Trend
• Latinos remain the majority in the San Fernando Valley – CENSUS: Ethnic group has grown to become 42% of region’s population, data says
• El Salvadorans now 6th Largest Immigrant Group in the U.S
• The South has become the first region in the country where more than half of public school students are poor and more than half are members of minorities
• Internet use among Latinos residing in households with annual income less than $30,000 increased 17 percentage points from 2006 to 2008
• Almost half the Latinos living in Connecticut are under 25 years old
• New Pew Report – Latinos Online: Narrowing the Gap – (all kinds of interesting stats)
• Connecticut 2020: The Decade of the Latino Boom – (almost comical that 70%+ are ‘furious’ in poll on page)
• Immigration will impact population – The Census Bureau is altering its projections for the U.S. population by the year 2050 in large part because of the immigration rate.