Affinity Credit Union to Launch Reloadable Card for Hispanic Market
October 29, 2009
(Des Moines, Iowa – October 28, 2009) – Partnering with sister companies TMG (The Members Group) and Coopera Consulting, Des Moines-based Affinity Credit Union will launch prepaid reloadable cards to serve the Hispanic market. The new product – designed in part to improve Hispanic populations’ relationship with the financial sector – will be funded by a $40,000 Innovation Grant from the National Credit Union Foundation.
Research indicates that between 50-60 percent of Hispanics in the U.S. are unbanked. Many Hispanics avoid traditional financial services due to lack of identification documents, language barriers, distrust or a variety of other reasons.
Earlier this year, Affinity partnered with Coopera – an Iowa-based consulting firm with expertise in emerging markets – to begin their Hispanic outreach initiative. Together, they determined that repackaging a reloadable card program specifically for Hispanics would be a financial solution well suited for this market.
Prepaid reloadable cards provide access to cash, secure cash management, easy-to-understand fee structure, convenience and an opportunity to establish credit history with card use.
In addition to offering the prepaid reloadable card to the Hispanic community, Affinity will work with Coopera to launch a comprehensive outreach program to include grassroots marketing tactics, financial education and community development efforts to support the product.
TMG specializes in prepaid card solutions and will work with Affinity to implement a new card specifically to meet the needs of the Hispanic community. TMG will work with Coopera to introduce a culturally relevant prepaid reloadable card including Spanish language customer service via Web and live agents, as well as Spanish-language
marketing materials and disclosures.
“We recognize a tremendous opportunity to provide a path to long term financial stability for our Hispanic neighbors,” said Sandy Robinson, CEO, Affinity Credit Union. “This grant will help us further develop our products and services that meet the needs of the Hispanic community.”
“Affinity’s management team identified Hispanic outreach as one of their strategic directives for 2009-2012,” said Miriam De Dios, Director of Emerging Markets, Coopera Consulting. “The NCUF Innovation Grant is a stepping stone for Affinity to further develop their Hispanic outreach initiative to better serve the Hispanic market in Iowa.
Affinity, TMG and Coopera will be building a model that we hope to replicate with other credit unions nationwide.”
“We are excited to work with Affinity and Coopera to implement this new prepaid reload card targeting Hispanics,” said Jeff Falk, Director of Product Development, TMG. “This solution will provide Hispanics with a safer and more cost effective alternative to cash and an opportunity for financial services education, which will ultimately build financial savvy and trust of the financial sector.”
About Affinity Credit Union
Founded as Local 310 Credit Union in 1949 by Local 310 union members, the Credit Union adopted the name Affinity Credit Union on January 1, 2006. Affinity Credit Union is a not-for-profit member-owned financial cooperative and provides a full range of consumer financial solutions to over 11,700 member owners at two Des Moines
locations. For more information, visit www.AffinityCUIA.org or call (800) 343-1028.
About TMG
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG’s core products include credit, debit, ATM and a variety of prepaid solutions, as well as online reporting, item processing, ACH and ALM services. TMG’s prepaid card products are branded ATIRA. For more information, visit www.TheMembersGroup.com.
About Coopera Consulting
Coopera Consulting is an Iowa-based economic development firm focusing on emerging markets that present unique growth opportunities for credit unions. Coopera’s bicultural and bilingual staff works with clients to assess their needs and develop custom solutions. Coopera is majority owned by the Iowa Credit Union League and is a strategic partner of the Credit Union National Association. For more information visit www.CooperaConsulting.com.
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For More Information:
Kelly Moore (for TMG)
515-720-9670
