MARKET ANALYSIS AND GROWTH STRATEGIES FOR SERVING HISPANIC CUSTOMERS

The National Federation of Community Development Credit Unions (the Federation) is an association of credit unions that promotes financial inclusion. The Federation provides support and invests in community development credit unions, which specialize in serving populations with limited access to affordable financial services. In 2015, the Federation acquired a Juntos Avanzamos designation, which signifies a credit union committed to serving Hispanic consumers. The Federation enlisted a Capstone team to investigate existing Juntos Avanzamos credit unions (JACUs) and the greater credit union market to gather information on best practices among credit unions serving the Hispanic community. The Capstone team conducted market research and interviews to identify challenges and opportunities for outreach in the Hispanic community. The team's report identified excelling JACUs as shown by key indicators of success, provided recommendations to improve the accreditation process, determined specific resources that the Juntos Avanzamos program should offer to credit unions, and proposed strategies to expand the JACU program.