How does Wells adapt products to cater to the Hispanic market?
We realized that among many Hispanics, people other than parents or spouses contribute to the total family income. So we consider the income of other family members when we evaluate income. We even look at income from another family. And we also consider cash income, since a lot of these individuals are paid in cash. Q: What other products are designed for this market? A: We’re unveiling a pilot test in Los Angeles called the Opportunity Checking Account, aimed at people who don’t qualify for regular checking accounts. And in 2002, we introduced Intercuenta Express. That service lets account holders send money to their relatives’ local accounts in Mexico. It costs a flat fee of $10 to send $1,000 back. Q: Do efforts to reach out to undocumented Hispanics also benefit Wells’s relationships with assimilated Hispanics? A: Yes. The assimilated population appreciates the bicultural nature of our approach. It’s not just about having our marketing materials in Spanish. It’s about showing up i
