Expanding the Menu: Credit Unions Embracing Multicultural Offerings

By Jennifer Esperanza, Senior Director of Organizational Culture and Strategy

October 1, 2024

​

There is a specific genre of diners sprinkled throughout the U.S. It’s your typical run-of-the-mill diner serving pancakes, eggs and omelets all day, along with entrees like chicken-fried steak and club sandwiches. However, Mexican dishes such as chilaquiles, breakfast burritos and tortas are common offerings on the menu as well, along with Cholula or Tapatio sauces as standard condiments alongside ketchup and mustard. These “hybrid diners,” as I like to call them, exist all throughout the U.S. Customers from all walks of life will equally enjoy American and Mexican dishes at these establishments, and even inspire Tex-Mex fusions such as eggs benedict with chorizo, or horchata-flavored coffee.  

In fact, according to a 2024 analysis published by the Pew Research Center, about 1 in 10 American restaurants now serve Mexican food.  And the ubiquity of Mexican food is likely due to the heavy presence of Hispanic cooks in restaurants; approximately 17.2 percent of restaurant cooks in the U.S. are Hispanic.  What does this have to do with the credit union industry?

Credit unions have the potential to become the preferred financial institution of choice by hiring multicultural staff members. This creates opportunities for those outside of mainstream American backgrounds to share their unique experiences, give suggestions on how to offer more culturally relevant products and services, and take on leadership roles in which they can provide insights on emerging market segments. And when credit unions take these suggestions seriously and implement them, it is quite likely that members from other demographics will also be attracted to these new offerings.

A few examples of culturally resonant products and services may include: 

​

• Remittances for sending money to family back in the home country.

• Loans for cultural/religious expenses such as quinceneras, bar mitvahs, or Haj trips.

• Mortgages or home equity loans that can provide home ownership for multigenerational families.

As we continue to celebrate Hispanic Heritage Month, let’s consider the hybrid diner as a model for credit unions. By embracing diversity and offering culturally relevant services, credit unions can foster greater financial inclusion for immigrant communities and strengthen their position as trusted financial institutions.

​