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BECOME PART OF THE FINANCIAL INDUSTRY
Isaac Rodriguez
The financial industry is not typically known for its diversity, but the demographics of this country are quickly changing, providing Hispanics with new opportunities. I've seen this evolution working with some of the country's largest banks and now as the CEO of one of the country's oldest lending institutions.
Provident Loan Society of New York is one of the country's oldest lending institutions—founded by the father of banking, JP Morgan in 1895. Like most other financial organizations, our approach to business hadn't changed much in those 120 years.
But two years ago, I explained to our board of trustees why Hispanics needed to be a crucial component to our business strategy. We needed to actively change our business approach if we wanted to continue growing.
As CEO, I shifted our approach in community relations, internal communication, and external media relations, targeting this burgeoning demographic. This marketing strategy resulted in a dramatic surge in new business with a quick ROI. Roughly 50 percent of our new customer base is now Hispanic.
Here are a few ideas on how to tend to your career in the financial industry as a member of the fastest-growing minority group. Maintain yourself.
Never lose the sense of who you are and where you come from. The cultural identity helps us maintain our uniqueness and keeps us balanced in work and life. I continually use this cultural awareness to help my company - Provident Loan Society - grow our business among Latinos in financial need. I also credit this with helping me move up the financial corporate ladder.
Embrace your diversity. If you want to move ahead in any profession or job, you need to get along with others. When you understand how others think or what drives them, you will mesh better with people both at work and in social settings. If you live in a diverse city like New York, use it to your advantage by understanding and acknowledging the diversity.
Understand your neighborhood. If you understand the neighborhood in which you live, whether it's in New York or elsewhere, you can better connect with people. And when you connect with people, you grow personally and professionally. You grow professionally because you are better able to assist others in life and business. You grow personally because you learn how we are all connected.
As Latinos, we are very loyal. I've seen it with our customer base at Provident Loan Society. I've also experienced it as a Latino and read about it in case studies. If you can earn their trust with colleagues or potential business partners, your career path and business development will get easier, as long as you continue to reflect and embrace yourself.
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