In the United States, the Hispanic population accounts for nearly 17% of the population1. That's 52 million people1 – and a lot of purchasing power. As this collective income is spent, invested and saved, how will banks evolve to meet the growing needs of their Hispanic customers?
Changing needs, changing banks.
Banks depend on an expansive and loyal customer-base, so creating relevant financial products that resonate with the Hispanic population is key. Banks that can create longstanding relationships with Hispanic customers through a variety of both in-store and online platforms will get to be a part of the $1.5 trillion in purchasing power that Hispanics are estimated to have by 2015.2
What to look for in the right bank.
Bilingual employees are a great first step to building a banking partnership. At TD Bank, we have staffed bilingual employees in core locations in order to provide exceptional service.
As banking in general expands online, a Spanish-language website is more of a necessity than an added bonus. TD Bank's Spanish-language site provides our Hispanic customers with access to financial resources as well as local experts who can help them meet their financial needs and goals.
Offering in-store and online ways for Hispanic clients to bank in their language of choice eliminates confusion and concerns – while also creating a more optimal, personal experience for customers.
The bigger picture.
On a regional and national level, it's important for financial institutions to begin understanding the shift in demographics in the U.S. and thoughtfully adjust their business and marketing platforms. Hispanics are an increasingly influential economic force, presenting banks with an opportunity to gain business, but also grow and support their communities.
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12010 United States Census Bureau. http://www.census.gov/2010census. N.p. unknown. N.d. August 2013.
2Selig Center for Economic Growth, Terry College of Business, The University of Georgia. N.p. July 2009. N.d. August 2013.
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This article is based on information available in September 2013. It is for general informational purposes only. It is not intended to provide specific financial, investment, tax, legal, accounting, or other advice and should not be acted or relied upon without the advice of a professional advisor. A professional advisor will recommend action based on your personal circumstances and the most recent information available.