Historically, financial service companies have been slow to focus on the burgeoning U.S. Hispanic market. While certain sub-categories, namely money transfer services, check cashing and mortgage providers have aggressively pursued Hispanics, most efforts have been focused on the “unbanked” — an unsophisticated and relatively small segment of unacculturated Hispanic consumers that were generally outside the mainstream financial world.
However, with continued growth of the Hispanic population and the well-documented increases in socio-economic status of Hispanics — e.g., college enrollment by Hispanics has surpassed Whites and Hispanics were the only major ethnic group to see a decline in its poverty rate in 2014 – the financial services industry is paying a lot more attention.
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