Banking on Divseristy

Marketing Banking & Financial Products to Diverse Ethnic Groups and Serving Multicultural Consumers

Consumer behavior, spending and demographic profiles are changing rapidly, and retail banks and credit unions are motivated to keep pace.
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banking on diversity white paper about multicultural consumers

Executive Summary

The population explosion and geographic dispersion of multicultural consumers are key drivers of diversity and evolving buying behavior. Multicultural consumers are rapidly becoming the core of the U.S. population. Ethnically diverse consumer groups in the U.S. now represent a combined buying power of 3.9 trillion U.S. dollars. At the same time, with more than one out of every 12 people in the U.S. speaking English less than “very well”, limited English proficient consumers remain underserved and often excluded when it comes to banking and financial products. Thus, the retail banks and credit unions that learn how to hyper-target each customer segment in this multicultural economy and focus on personalizing every interaction will benefit greatly. This white paper offers an insight into the changing consumer demographics and provides usable strategies for marketing to, doing business with and addressing the unique communication needs of multicultural consumers.

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