Latin_KNOW: The Latino Marketing Report: Article: Latin American Banks Expand into U.S. Market

After a short hiatus, I hope to be back posting on a more regular basis now.

A few weeks ago I posted on the phenomena of banks attempting to target the US Latino market in a variety of "creative" ways, many of which I felt were missing the mark completely.

Maybe that's why Latin American banks are stepping in. Who would you trust, the bank you and your family have counted on for the past 50 years? The bank where your abuelito deposited his first paycheck? Or the gringo bank that looks like a hacienda?

Hispanic Business has a fascinating article about the entry of two Latin American banks into the US market: BBVA Bancomer (interesting to note is that Bancomer, the Mexican bank "de toda la vida" is now owned by BBVA, a Spanish bank, the same one behind the hacienda banks in Laredo), and Banco Popular, a Puerto Rican bank.

Let's face it: no one knows that US Latino market better than the people who have marketed to these same Latinos all their lives, and done it successfully. Bancomer knows how to target a Mexican customer, and their is some sense of nostalgic connection to brands of even banks that sway customers when choosing where to keep their money. It's the same connection that makes one pick up a loaf of Pan Bimbo instead of Wonderbread, or that compels that same person to buy a popsicle from a roving ice cream cart instead of going to Haagen Dazs.

Following are links to recents posts on the Latino banking trend:

Article: Startup Bank to Serve Hispanics
Article: Accent on Trust; Banks Stress Culture, Communication
Article: Banking Giant Woos Hispanics with ATM

The trend is starting to become as common as the Latino grocery store trend. By that same principle of "Latinos know Latinos best", I am still stumped as to why grocery giants on the other side of the border aren't jumping on this opportunity.

Latin American Banks Expand into U.S. Market

August 31, 2005

Jonathan Shikes

Even with 9.3 million customers, you probably haven't heard of BBVA Bancomer.

The bank -- Mexico's largest -- has kept most of its business south of the border.

But Bancomer and another Latino-targeted financial institution, Banco Popular, have big plans for Southern California.

They aim to challenge U.S. giants like Bank of America and Wells Fargo for the hearts and checking accounts of Latino consumers -- and eventually everyone.

Bancomer, which has 22 money-wiring stores in the United States, started last year by acquiring little Moreno Valley-based Valley Bank. Then, last month, the bank got regulatory approval to open 28 more branches across the state.

HispanicBusiness.com READ MORE

Latin_KNOW: The Latino Marketing Report

Comments and insights on marketing and communications campaigns targeting the US Latino / Hispanic community.

September 05, 2005

Article: Latin American Banks Expand into U.S. Market

Technorati tags: latino marketing, hispanic marketing, banking

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