What do Hispanic small business owners want? Zions Bank, recognizing the growing Hispanic community in Utah, has turned to analytics software to better understand the needs of Hispanic and Asian consumers and businesses in its markets.
“Our mission was to provide Hispanic and Asian communities the opportunity to have banking services and to have more access to capital on the business side,” says Juancarlos Judd, senior vice president of the $53 billion asset bank, which is based in Salt Lake City.
Utah’s 2012 population was 2.8 million and non-white communities comprised 20%, reaching nearly 600,000, 67% of which Hispanic. Utah’s Hispanic aggregate income is projected to surpass $6 billion by 2017.
There are also burgeoning small business opportunities within this market. “Utah is a very entrepreneurial state, so by nature immigrants coming in are entrepreneurial themselves, it’s a really good place for thriving small and large businesses,” says Judd.
The bank has been using business intelligence software from Geospace to better understand the Hispanic market.
“You start out thinking you need Spanish language support, but it’s much more a matter of identifying the needs of every consumer,” says Judd. Continue reading