The opportunity: As Latinos’ wealth rises alongside their presence in the workforce and rate of business ownership, it’s crucial that financial institutions (FIs) ensure this community can access the financial system.
Locked out of banking: Steep barriers to entry at traditional banks has prevented Latinos from fully participating in the US economy.
Why fintech? Ninety-two percent of Hispanics use fintechs—the highest proportion of any demographic in the US.
Exclusion leaves money on the table: Inclusion isn’t just a trend—it’s a good business decision. Tapping underserved markets presents an opportunity for meaningful expansion.
Overrepresentation in crypto: Almost one-quarter of cryptocurrency owners identify as Hispanic.
Removing the hurdles: While fintechs have more overtly tailored their products and services to Latinos, there’s still a lot of room for FIs to build meaningful relationships with this community.
Key takeaways: The Latino community's strong presence in fintech and cryptocurrency demonstrates an eagerness to engage in financial services, generate wealth, and contribute economically.
Traditional FIs should learn from successful bilingual marketing efforts, accessible resources, forgiving fee schedules, and tailored products that have fostered connections between fintechs and Latinos. Inclusion isn’t just the right thing to do—it’s a smart strategy for customer acquisition, retention, and growth.
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