In the United States, there are two kinds of Latinos. The first is the immigrant seeking a better life and the American dream, regardless of whether they came through the proper channels or not. The second group are the Latinos born in the United States. These are two very different groups of people, each with their own set of needs and goals. The majority of immigrants bring their culture, traditions, and customs with them to the United States. Those who are born here develop a culture that is both Latino and American.
Financial institutions are taking notice and taking steps to accommodate this economically powerful population. The main reason is that there is a significant investment in education and trust development. A little-known fact is that people in Latino countries do not trust banks and financial institutions due to corruption. There is no debt or traditional credit scores because everything is paid in cash. This implies that the Latino community has cash, which is most likely stored under their mattress or in a shoe box. This is extremely dangerous because a house fire could destroy a person's entire life savings. Another possibility is that they will become a target for robbery. For Americans, this is a foreign concept. What is happening is that they are being educated on the process of building credit, saving money in a financial institution, obtaining loans (mortgage, car, etc.), and, most importantly, having trust in financial institutions.
Younger generations born here learn from their parents and their surroundings. There is still a misunderstanding about the importance of financial products, credit building, and how the process works. Many of these young people are simply translating for their parents, explaining financial products, and acting as an intermediary in business transactions. As a result, you will notice an increase in bilingual support at many financial institutions. There is still much work to be done in this area, and the process will take time.
However, an increasing number of financial institutions are offering Latino-specific products. More information is being made available in Spanish, and more financial institutions are hiring bilingual and multilingual employees. It will be interesting to see how our country responds to this significant demographic. It is a truly untapped market that serves an important role in our economy's growth and stability."""
