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Reaching Out to Untapped Markets

Reaching Out to Untapped Markets . Brenda Dominguez Chief Financial Officer Guadalupe Credit Union Santa Fe, New Mexico. Is Organic Growth Dead?. Guadalupe Credit Union Growth. 2000 Strategic Planning Session. Blue Ocean Opportunity.

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Reaching Out to Untapped Markets

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  1. Reaching Out to Untapped Markets Brenda Dominguez Chief Financial Officer Guadalupe Credit Union Santa Fe, New Mexico

  2. Is Organic Growth Dead?

  3. Guadalupe Credit Union Growth

  4. 2000 Strategic Planning Session

  5. Blue Ocean Opportunity “Lasting success comes from creating 'blue oceans': untapped new market spaces ripe for growth.” Blue Ocean Strategy, W. Chan Kim, 2005

  6. Aging Membership

  7. First Steps • Research • CUNA’s Hispanic Quick Start Kit • Networking • Giving back

  8. First Steps • Staff cultural sensitivity • Not everyone was on board • Spanish language skills • Se hablaespañol • Spanish-speaker distribution

  9. Trust • Open conversations • Safe place to share the real story

  10. Policies & Products • CIP policy: accept any non-expired government-issued photo ID • Appropriate products based on tax status and IRS requirements • ITIN

  11. Lending Practices • Alternative credit • APR

  12. Marketing • Relationships paramount • Single simple Spanish brochure

  13. Marketing • Partnerships • Somos un Pueblo Unido • Adelante: Juntos los Jueves • Public Schools • Community College ESL program • SEG brown bag lunches

  14. Location • 2003: new main office & branch

  15. Fast Forward: 2008 Approx. 1/3 of members doing business at the main office in Spanish.

  16. Repercussions • Lobby overflowing • Slow transaction time

  17. Opportunity • REAL Solutions best practices • $70K NCUF grant for new office in immigrant neighborhood • Focus groups

  18. 2008: New branch on Airport Rd.

  19. Further adaptation • Recruited bicultural staff • Alternative to tandas • Payday lending alternative • Non-member check cashing • Expanded remittance • Micro-business loans

  20. Further adaptation • New hours • Children’s area • Take-a-number system • Plasma screens in Spanish & English • Expanded Spanish-language brochures

  21. Further adaptation • El Poder Es Tuyo • Coding language preference • Bilingual newsletter

  22. Fast Forward: 2012

  23. Branch Statistics

  24. Branch Statistics

  25. Demographic changes

  26. Credit Union Statistics

  27. 2012 Additions • Spanish language website • Remedial financial counseling in Spanish and English • New standalone branch and greater visibility!

  28. New Airport Rd. Branch Opened Late Oct 2012

  29. Final Thoughts • Word-of-mouth is extremely powerful. • Understand the needs of both documented and undocumented. • Enormous “blue ocean” opportunity in this market.

  30. Brenda Dominguez Chief Financial Officer Guadalupe Credit Union bdominguez@guadalupecu.org 505-216-0459

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