A plan to re-energize and reposition credit unions for future success: Part 2 – A plan to make it happen
July 26th, 2022
There are dozens, if not hundreds of articles published about credit unions appealing to certain demographics. From the cloudy “underserved” market, to Hispanics and African Americans, and even LGBTQA, credit unions are much more flexible, community-oriented, and capable of catering to the unique needs of the many different types of people in the country. One area that continually seems forgotten, however, is the Asian Community. Tight-knit, incredibily diverse, and often left out of the conversation, this community could benefit greatly from the power of the credit union philosophy: people helping people.
I asked Clarence Low, President of the Asian Chamber of Commerce and Metro Denver Community leader, to provide insight on how credit unions can tap into this oft ignored demographic. Comments on how you have helped the Asian community? Share them below!
I Keep My Money Under My Mattress
By Clarence Low, President of the Asian Chamber of Commerce and Guest Writer
Sound familiar from your Asian prospects or business owners? It’s a familiar refrain that dates to the earliest days of Asian immigrants to the United States. Distrust of their own government, unstable economic climates, lack of understanding in the American market help keep those dollars at home. You’d be amazed what an untapped market Asian businesses are!
Establish trust and build relationships by reaching into your Asian community. Start with organizations like your local Asian Chamber of Commerce, or identify champions or community leaders who can make introductions to local Asian leaders.
Providing a few Asian language marketing materials also helps folks understand your organization’s services.
There are probably a few local Asian events – Lunar New Year (February 16, 2018), Tet Festivals, Diwali Festivals – that you can visit and sample Asian foods and culture.
Develop an initiative for 2018 to reach out to the Asian community that will help your credit union yield future dividends!
Clarence Low serves at the President/CEO of the Asian Chamber of Commerce in Denver, CO. He is a 2nd-generation Chinese-American who builds community partnerships across the United States and Asia.
