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Reaching Underbanked Latinos: Better Product and Sub-Segment Definition Required to Realize Growth and RetentionPublished by: Javelin Strategy & Research Published: Nov. 1, 2006 - 11 Pages Table of ContentsOverview Primary Questions Findings and Analysis Good Customer Service Is Critical to Attract and Retain Latino Customers Innovative Product Offerings Increase Bank Services among Latinos One Size Does Not Fit All When Targeting the Latino Population Appendix - Additional Data charts Focused on Latino Consumers Areas Demonstrating Expansion Opportunities Among Latinos Latinos’ Specific preferences for Debit card usage Chicken or Egg: Do Latino Preferences Reflect Product Penetration Rates? Attributes More Heavily Weighted by Online Latinos Use of Stored Value Cards among Latino consumers AbstractOverviewThis research presents opportunities for reformulating financial institutions’ (FI) strategies for reaching unbanked and underbanked Latinos in the U.S. Banks must examine the aggregate Latino population to uncover the products, services and method of delivery that will best attract specific Latino sub-segments while enhancing the customer lifetime value. To develop this re-port’s findings and recommendations, Javelin combined research from interviews with large and small U.S. FIs regarding current strategies and best practices with quantitative research on banking habits of Latino consumers in the U.S. Primary QuestionsM
FIs nationwide realize the importance of reaching out to Latinos, who represent a fast-growing and lucrative market. Much potential value lies in customizing products and services to meet the specific needs of diverse segments within the group. Elevating personalized customer service over price, reaching out through trusted community and civic organizations, offering non-traditional products such as microloans and marketing those products and services carefully to-ward segments within the population can help bring Latinos into the bank and encourage devel-opment of a more valuable banking relationship involving more sophisticated products. Get Full Details About This Report >> |
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