CHICAGO – These days everyone is talking about serving theHispanic market (see opinion piece page 16). But credit unionscan't do the same old same old to attract business from any ethnicgroup, not just Hispanics. When it comes to serving ethnic markets,credit unions can never dig too deep, says Vice President ofPractice Management Margie Lymperis of research firm Claritas Inc.“Don't treat the ethnic market as a whole or equal,” said Lymperis.“As you do more analysis of cross sell, upsell acquisition targetsbe sure to look at product behavior because sometimes the categorymasks what is really going on. Once you look at other cuts likeincome or age then you can fine tune what drives their behavior andhelp prevent making some of these overriding statements. Financialinstitutions need to make sure they understand the varying degreesof behavior.” For example, a Claritas Market Audit for FinancialServices survey comparing four consumer segments- Non-Ethnic,African American, Asian and Hispanic- finds that the ethnicsegments have been accumulating more debt over the past two yearsrelative to the non- ethnic group. “While an increase in debt mayon the surface have negative connotations, further analyses at theproduct level told a different story,” said Lymperis. “Studentloans accounted for the highest increase of outstanding debtrepresenting a 60% increase of Hispanic households over the lasttwo years. So they are investing in their education and ultimatelytheir investment in society. I think it captures the whole ideathat credit unions looking to reach out to the ethnic market needto capitalize on as much information as they can.” Adding to thechallenge is a shifting definition of ethnicity. According toCensus reports, young Americans represent the most multiracialgroup in history with some 40% of those under 25 stating theybelong to some race or ethnic category other than “non-Hispanicwhite.” In addition, while many are targeting the Hispanic market,the Census finds that some 30% of second generation Latinos haveshown a strong tendency to intermarry making cultural identity notas clear-cut. “Based on the data collected and survey findingsunderstanding the drivers of product behavior, leveraging any andall information gathered on the market credit unions are looking toserve and using that knowledge to modify your message accordinglyis the foundation to build upon.” Below are just a few otherfindings from the Claritas Inc. Market Audit for FinancialServices: [email protected]