Financial Services

Did you know?

35% of Hispanic/Latinos reported that they do not have a bank account, and that number rises to 42% for foreign-born Hispanic/Latinos
Latino immigrants typically distrust financial institution. Some did not deposit their money in banks in their home countries due to fees and minimum balance restrictions that do not exist in the US banking industry. Many who did open savings accounts in their native countries lost much of their money because of soaring inflation or corrupt banks that shut down overnight.
Spending by Latinos/Hispanics in the United States is expected to reach $800 billion a year by 2010; with financial services representing a very large portion of that spending.
For Hispanic/Latino families, owning a home is especially important in strengthening financial security.

The Hispanic/Latino and other diverse communities represent an interesting market opportunity; however the factors barring these groups from adequate participation in U.S. financial markets are complex. Language barriers, low financial literacy, distrust of financial institutions and broader cultural norms related to saving and investing are common reasons.

With the changing appearance of the U.S. population there comes a new definition of who the U.S. consumer is.

Cultural competence plans will become increasingly critical as the population becomes more diverse and the buying power of U.S. minority becomes more significant.

CulturaLink partners with financial institutions to improve Hispanic/Latino and other diverse customer access to the financial system, build the foundation to prepare your organization to serve these diverse communities culturally and linguistically appropriated, allow new business opportunities and increase customer satisfaction.