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”

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