Building Bridges: Strategies for Reaching and Supporting Hispanic Customers

By Katie Reiser

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.

Develop Bilingual Resources and Services
Language barriers are a significant hurdle for many Hispanic customers, especially those who are recent immigrants or first generation Americans. Offering bilingual services, both in person and online, is a foundational step to improving accessibility.
• 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.’”

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.
•  Offer free workshops: Host community events on topics like budgeting, credit building, home buying, and small business loans.
•  Partner with local organizations: Collaborate with Hispanic chambers of commerce, community centers, non-profits, or churches to co-host educational events.
•  Create youth programs: Partner with schools to teach financial literacy to young students, helping families build intergenerational wealth.

Sanjuana Maqueda, loan officer with North Shore Bank, stressed the importance of good listening skills and respect when it comes to cultural differences. “You can be Hispanic but come from many different countries. We do have the Spanish language in common, but so much depends on the person’s background and past financial experiences in their country.”

Another issue to be aware of that Maqueda has noted while working extensively with Hispanic customers is that often customers will feel more secure when they have a lot of cash on hand. This sometimes stems from distrust in the U.S. financial system. Her bank works to educate customers and increase their faith in the security of U.S. banks. Maqueda has also found that some customers’ beliefs about banking and what is possible for their own financial futures are heavily influenced by others. Customers will say to her, “Oh my friend said this, or my mom, my grandma, my uncle, or my coworker.” Maqueda shared she asks questions to reveal the origins of their concerns, uncover misinformation, and then will explain, “You know you can do this [alternative bank product] and it might be more beneficial for you based on your own case.” She stresses that each individual is unique and that despite what customers may have heard from their inner circle, what has worked for a relative may not be the best financial fit for them.

Maqueda described the bank’s successful partnerships with local community organizations like: United Community Center, Housing Resources Inc., Acts Housing, La Casa de Esperanza, and Hispanic Round Table.

Gina M. Sanchez Juarez is the director of the Center for Financial Stability at La Casa de Esperanza, Inc. The Center’s Financial Stability Initiative is a collaborative of for-profit and non-profit organizations, with the goal of assisting families in attaining financial stability and building wealth. Sanchez Juarez shared a personal story related to cultural awareness that recently impacted her own banking experience. After detecting fraud on her account, she needed to open a different account and pointed out to the banker that she has two last names (common with Hispanics). The banker unfortunately brushed her warning off. She encountered difficulties cashing checks with the new account because her name had been entered incorrectly despite her request.
Sanchez Juarez said, “There’s a lot of differences in the socioeconomic and cultural factors with many of our clients. They have a lack of trust, especially if they are either going through a legalization process in the U.S. or possibly if they have an ITIN or even if they don’t.” Based on their prior experiences in another country, they may not feel confident about the safety of their money or the ease of accessing their money in a financial institution.

Engage Through Culturally Relevant Marketing
Effective outreach to Hispanic customers requires understanding cultural nuances and crafting marketing messages that resonate.
•  Highlight shared values: Focus on themes like family, community, and hard work, which are highly valued in Hispanic culture.
•  Celebrate cultural events: Host or sponsor events such as Hispanic Heritage Month, Día de los Muertos, or local festivals.
•  Advertise in Spanish: Place ads in Spanish-language media, including newspapers, radio stations, and social media channels.

Lamb shared, “Engagement initiatives like sponsorships of local events within the Hispanic community can foster trust and a sense of belonging.” She added, “A sponsorship is a good thing, but you actually have to show up to community events,” further explaining, “you can’t just send a check and think that that’s going to work.” Lamb emphasized that typically the Hispanic community wants to know who they are working with and recommends that bank professionals “actually hit the pavement and get out in the community and be seen along with the sponsorships and workshops.” She believes this goes a long way because the Hispanic community tends to prefer engaging with people who they know and feel comfortable with.

Kathleen Rolfs, VP/chief marketing and communications officer with PremierBank, wrote an informative article which is still accessible on the WBA website, “Serving Increasingly Diverse Communities” for Wisconsin Banker a few years ago outlining the innovative work being done by their Bilingual Initiatives Committee, a group comprised of several bilingual bankers along with marketing and retail banking officers. The goals for the committee include “identifying opportunities that exist within our communities for strategic community partnerships, and collaborative education within our organization to ensure all our bankers are equipped to understand and anticipate the needs of the rapidly growing, ethnically diverse Hispanic community.”

Provide Tailored Banking Products
Hispanic customers may have unique financial needs that require customized banking solutions.
•  Simplify account opening: Make it easier to open accounts by accepting alternative forms of identification, such as Individual Taxpayer Identification Numbers (ITINs).
•  Offer remittance services: Many Hispanic customers send money to family members abroad. Providing affordable, reliable remittance options can meet this critical need.
•  Design targeted products: Consider savings accounts for immigration-related expenses or low-interest loans for small businesses in Hispanic communities.

Sanchez Juarez described a successful co-branded product, La Casa de Esperanza Loan Program Powered by Peoples State Bank. La Casa has been serving the community since 1996, so “we’re trusted by many folks.” This low-interest emergency loan program is for people with credit challenges or no credit to borrow $1,000 to $3,000. Criteria considered: Has the applicant been working a year or more at their job? Are they able to afford a loan payment? The rate is 3.99% with a 36-month payback term, and financial counseling is paired with the loan. Sanchez Juarez suggests that there are many positive programs that can be done in partnership with local organizations, “if you just have more conversations about the needs of the people in your community.”

Build Long-Term Community Relationships
Trust is built through consistent and meaningful engagement. Showing up for the Hispanic community beyond transactional interactions demonstrates a genuine commitment.
•  Hire from the community: Employing local staff members who reflect the community fosters familiarity and trust.
•  Sponsor community events: Support local parades, festivals, or sports teams that are popular within the Hispanic community.
•  Create advisory councils: Establish Hispanic advisory boards to guide the bank in making culturally sensitive decisions.

Sanchez Juarez recommends patience when offering workshops and educational sessions in the community in collaboration with local organizations, “You’re not going to see big turnouts in the first three or four sessions.” It may be just a few people attending initially, but she believes consistency pays off.

Fameree also stressed the importance of banks showing a long-term commitment, “With the Hispanic community it really boils down to word of mouth. If you are doing something right, that positive word of mouth is going to reflect that.”

FDIC’s Insights and Resources
At the Milwaukee AEI conference these top responses were shared from Hispanic participants in the FDIC’s National Survey of Unbanked and Underbanked Households 2021 who were asked what their main reasons are for not having a bank account:
•  Don’t have enough money to meet minimum balance requirements
•  Avoiding a bank gives more privacy
•  Don’t trust banks
•  Don’t have personal identification required to open an account

The FDIC’s Money Smart program is a good entry point for banks considering engaging with the Hispanic community in their area but may be unsure of how to tap into resources, especially when it comes to Spanish materials. Not only is the Money Smart collateral translated into Spanish, that entire portion of fdic.gov is available in Spanish (Programa Money Smart). Sanchez Juarez spoke highly of it, “They have curriculum, they have instructional workbooks, and they have online options banks can use.”

Beyond Personal Accounts, Banks Perfectly Poised to Foster Business Growth
Oakleigh Ryan, founding principal of Whiton House, a management consultancy and engagement institute based in Janesville, has partnered with PremierBank through her board work with Forward Janesville and its Foundation. Ryan believes banks are in a perfect position to build bridges in the Hispanic business community. Ryan said banks partnering with their local chamber is a “great way to make sure Hispanic businesses feel like they are part of the bigger economic community in their town.” Ryan explained, “The largest growing sector of consumers in the United States are of Latino descent, so if you’re in business it makes sense to figure out how to work with this important population in our community.”

Ryan described feeling like she had hit a goldmine when she initially met with Silvia Donday-Selenske, residential loan officer with PremierBank, because Donday-Selenske was incredibly well-connected in the community and it was obvious that PremierBank had intentionally increased their Spanish language capacity and concentrated on engaging with the Hispanic community in a very visible way. Part of Donday-Selenske’s job is getting to know new business owners, with priority placed on in-person communications, which resonate more with the Hispanic community. Ryan described successful classes that have been hosted at PremierBank, including classes on how business owners can use credit and be smarter about energy efficiency and a class on obtaining business loans.

Looking Ahead
Reaching the Hispanic community is not just about inclusivity — it is a smart business decision. According to a report from Nielsen, Hispanic consumers wield $1.9 trillion in purchasing power annually. By addressing barriers, investing in financial education for customers, professional development for staff, and celebrating culture, banks can play a pivotal role in the financial empowerment of this growing demographic while expanding their own market share.
As Wisconsin bankers look to the future, building bridges with Hispanic communities can ensure everyone has access to the financial tools they need to succeed. By learning from each other and sharing best practices, Wisconsin banks can create a landscape that is as inclusive as it is prosperous.
Lamb suggest focusing on prioritizing diversity and inclusion to stand out. Increased business and stronger customer loyalty will follow for banks after “creating that space and building a reputation for fairness and transparency.”
When asked what is most gratifying about her job, Lamb shared, “Success for me is knowing that the families that I work with now have the tools to create generational wealth. I’ve had the opportunity to help entire families.” She added, “It’s gratifying because they accomplished something they looked forward to — becoming homeowners, and now they are hyped up and are starting their business, paying down debt, or finally building their forever home after their small first home. They were able to take advantage of the tools and resources that we offered.”