Hispanic Financial Services
Case Study
Challenge
A major financial institution sought to understand the unique experiences, expectations, and cultural nuances of Hispanic first-time home buyers in order to better support them throughout the home buying journey.
- Identify the emotional, cultural, and informational drivers of Hispanic FTHBs.
- Uncover pain points and disconnects between expectations and the actual buying process.
- Evaluate communication methods, preferred channels, and trust factors in choosing a lender.
- Determine how they can better position itself as a trusted, approachable partner
Initial Findings
Through in-depth interviews with 23 Hispanic participants at various stages of the buying process, several key patterns emerged.
- Many buyers felt unprepared and unsure of the right questions to ask at the start of the process.
- Family and friends played a central role in providing (sometimes inaccurate) information and support.
- Personal relationships and in-person interactions were seen as essential for building trust with lenders.
- Language barriers, lack of culturally relevant materials, and poor communication from banks caused confusion.
Actionable Insights
Research revealed practical ways this banking institution could improve engagement, communication, and service for this critical segment.
- Provide bilingual, printed materials that break down the process step-by-step with visuals and FAQs.
- Emphasize in-person meetings with bilingual Home Mortgage Consultants (HMCs) to build trust and answer questions in real time.
- Acknowledge and include family involvement in marketing and communication strategies.
- Create tools for expectation setting, including checklists, pre-appointment guides, and personalized communications.
- Leverage cultural values, including the role of the Hispanic female as decision-maker and the desire for personal connection.
- Offer post-purchase support, such as contact lists and homeownership transition tips, to show continued care.
Outcome
The insights shaped a culturally informed strategy that positioned this banking institution as a more approachable, supportive, and trustworthy partner for Hispanic home buyers.
- Improved bilingual marketing and educational resources were developed.
- Journey maps were created to align customer expectations with the home mortgage consultant process.
- Greater emphasis was placed on personalized service and culturally relevant communication.
- The company was better positioned to be seen not just as a lender, but as an advocate for Hispanic families building generational wealth through homeownership.
