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Latin influence on the financial industry

2019-04-09 Finance No comment

Financial institutions are a good business model considering changing market conditions. Their traditional target market is stable, but the emerging market demand in the Latin American market is extremely scarce. Of course not because of lack of money. Many Hispanics have no debt and healthy savings habits. The question arises, is the financial institution doing enough to serve these people? Do they adapt to the needs of Latinos? The answer is complicated.

There are two types of Hispanics in the United States. One is immigrants who seek a better life and want an American dream, whether they come through the right channels or not. The second is a Latino born here. These are two distinct people who have different needs and goals. Most immigrants bring their culture, traditions and customs to the United States. The people born here developed a mixed culture of Latino and Americans.

Financial institutions are paying attention and struggling to cater to these economically influential people. The main reason is that education has invested a lot and the trust is very high. One less well-known detail is that in Latin American countries, people do not trust banks and financial institutions because of corruption. Everything is paid in cash, no debt or traditional credit score. This means that the Latino community has cash and may be stored under a mattress or in a shoe box. Considering that a house fire can save the entire life savings, it is very dangerous. Another situation is that they may become targets of robbery. This is the foreign concept of Americans. What is happening is a huge learning curve that educates them on the process of building credit, saving money in financial institutions, getting loans [mortgage, cars, etc.] and, most importantly, trusting financial institutions.

The younger generation born here learns from their parents and their surroundings. The importance of financial products, the establishment of credit and the way in which the process works are still out of touch. Many of these young people are only translating for their parents, explaining financial products, and becoming middlemen in doing business. Therefore, you will notice an increase in bilingual support for many financial institutions. There is still a lot of work to be done in this area, and this process takes time.

However, more and more financial institutions are offering products unique to Latin America. Information is being offered in Spanish, and more financial institutions are recruiting bilingual and multilingual people. It will be interesting to see how we can adapt to this important population as a country. This is a truly untapped market that plays an important role in our economic growth and stability.

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