Growing Immigrant Population
The US is fast becoming a hoard of diverse races due to immigration from Latin America, Africa and Asia. At least one of nine American residents is foreign-born. They have accounted for half the growth of the US labor force since 1995 and currently form 15%of the work force. California has become the nation’s first white minority state and home to one of every three Hispanics in the US. One of every four residents in suburban America is ethnically diverse. US Latinos have estimated buying power of $736 billion, African-Americans $723 billion, Asian-Americans $400 billion. Immigrants and ethnic minorities are the fastest growing segment of first-time US home buyers.
To tap these culturally diverse markets the company introduces various programs. Five years ago Wells Fargo promoted the use of the Matricula Consular as a form of identification to help Mexican Nationals move from the risky cash economy to secure, reliable financial services. Later the company has expanded these services to to include immigrants from Guatemala, Argentina and Colombia. Wells Fargo also partners with US consulates and embassies in Asia to offer banking information to Asians preparing to come to the US. More and more of the banking stores of the company are reflecting the culture of their communities in ethnic backgrounds and language skills, in the art and design of those stores. Wells Fargo’s initiatives could enable it to capture the market increasing its presence in the growing cross cultural community.