Wisconsin Banker January | February 2025
Founded 1892
Building Bridges: Strategies for Reaching generation Americans. Offering bilingual services, both in person and online, is a foundational step to improving accessibility. and Supporting Hispanic Customers The Hispanic community is one of the fastest-growing demographics in the United States, projected to reach 30% of the population by 2060, according to the U.S. Census Bureau. In Wisconsin, Hispanics already make up a significant and growing portion of the population, creating both an opportunity and a responsibility for banks to better serve this vital community. By adopting culturally responsive outreach strategies, banks can foster trust, improve financial literacy, and grow their customer base. In September, the Federal Deposit Insurance Corporation’s (FDIC) Alliance for Economic Inclusion (AEI) and BankOn Greater Milwaukee hosted a conference, Promoting Economic Inclusion in Milwaukee’s Hispanic and Latino Community, which helped shine a light on what financial institutions, non-profit organizations, and the FDIC are doing to build these bridges. Many of the bankers interviewed for this article participated in panel discussions during the conference or shared important data. Note: The terms Hispanic and Latino are often used interchangeably but have distinct meanings. Hispanic refers to people connected to Spanish-speaking countries, while Latino emphasizes connections to Latin America, regardless of language. In this article, we have chosen to use the term Hispanic for consistency, unless an interviewee specifically used the term Latino. Here are some proven strategies and actionable tips to consider, combined with insights from bankers and professionals who are making an impact in Wisconsin. Example of FDIC Spanish materials from the Know Your Risk. Protect Your Money. campaign.
Hire bilingual staff: Having employees who can communicate fluently in Spanish demonstrates respect and commitment to serving the community. • Translate materials: Ensure that brochures, websites, mobile apps, and marketing materials are available in both English and Spanish. • Leverage technology: Provide live translation services or chatbots that can assist Spanish-speaking customers in real time. Across the board, the language barrier remains the highest hurdle. Jennifer Lamb, loan officer with Great Midwest Bank said, “Providing bilingual materials, having actual staff members or customer service representatives that speak the language, and online resources can definitely alleviate some of the language barriers that we see.” It goes beyond simply having a few brochures and forms translated into Spanish. Lamb said, “Many Hispanic families nowadays, they're tech savvy. A lot of them are starting to use digital platforms and digital services like mobile banking.” She recommends a robust online platform, along with the option for the families to do their banking in person. Sara Fameree, retail sales office manager with Bank of Luxemburg, said, “In my branch, there are three of us who speak Spanish, and we are very much in that community. So that has been essential for us to be able to assist those customers.” She added, “Beyond that, even in the call center you need to have adequate staff to be able to assist those customers because they're not just opening up checking accounts, they're getting mortgages, getting business loans.” She shared, “To have that language available to them, customers are just going to feel so much more comfortable and more welcomed to work with you.” Fameree revealed that often customers are initially shy due to the language barrier, but “You see their face light up and they react like ‘oh my goodness you speak my language.’” •
By Katie Reiser
Develop Bilingual Resources and Services Language barriers are a significant hurdle for many Hispanic customers, especially those who are recent immigrants or first-
Build Trust Through Financial Literacy Programs Many Hispanic individuals come from cultures with different financial systems or may have had limited access to banking services. Providing financial education can help demystify banking and encourage long-term relationships.
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Inside this issue. . . ABA Community Bankers Council. . . . . . . . . . . . . . . . . . . . . . . pg. 8 Wisconsin Economic Report. . . . . . . . . . . . . . . . . . . . . . . pg. 17 WBA CEO Survey. . . . . . . . . . . . pg. 25 Community Advocate Spotlight. . . . . . . . . . . . . . . . . . . . . pg. 30
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