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Industry experts are touting the Hispanic (or Latino*) market as one of the most important strategic opportunities facing financial institutions today. To grasp the importance of this market and the effect it could have on the financial industry, all one has to do is look at the numbers. Hispanics are the largest minority and the fastest growing consumer group in the United States. The rate of growth for the U.S. Hispanic population is outpacing the general growth rate by a ratio of nearly 5 to 1. By 2010, the U.S. will be home to 50 million Hispanics, who will command buying power in excess of $1 trillion. By 2050, the U.S. Hispanic population will exceed 100 million, which means that one in every four Americans will be Hispanic.
With Hispanics now the fastest growing minority group in the U.S., financial services companies such as banks, credit unions and mortgage lenders view Hispanics as a largely untapped market. But what are the financial priorities for Hispanics? And what online personal finance resources are available to help them choose wisely between the options and products out there to achieve financial security for themselves and their families? Ahorrando.org is an online Spanish-language personal finance resources created specifically for Hispanics. It is one of a suite of sites created by The Bond Market Foundation to help women, young adults, and Spanish-speaking users get the tools, information, and motivation they need to take control of their personal finances.
Hispanics are best reached with an integrated multi-media message which entertains, engages, and provokes action.
Dan Hudson, a bank consultant behind the recent organization of T Bank in North Dallas, said he's getting inquiries from Latino entrepreneurs interested in launching their own banks -- including one group in South Dallas that could open for business next year.
"They're at the point of getting comfortable with one another, making sure all their goals and objectives mesh," said Hudson of the South Dallas group of six Hispanic business people, including two currently employed as bankers. Hudson declined to name participants for concern their current employment might be jeopardized.
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