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Various sectors are reaching out to Latinos because of the increase in their numbers and buying power.  And the financial industry is no different.  In fact, based on the stats provided in a Diversity Spectrum article, financial institutions might see unprecendented growth over the coming years as they reach out to Latinos in the U.S.

From the article, here is the potential for growth broken out in numbers:

Perhaps the most significant attribute of this population, for financial institutions, is the fact that roughly 56 percent of U.S. Latinos are currently “unbanked.” Whereas other market segments are nearly saturated, the Latino market remains largely untapped by the financial industry. It’s easy to understand why an increasing number of financial institutions are turning their attention to the Latino market. The upward trajectory of these trends has given rise to projections of dramatic growth in the Latino demand for financial products and services. The FDIC predicts that Hispanics will account for 50 percent of all retail banking growth over the next two decades, and according to TowerGroup, that number could be as high as 70 percent over the next five years.