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One of the consequences of the USSR's breakup was increased emigration from that nation to the United States. That, in turn, has swelled the Russian-speaking population in and around major American cities, including Cleveland. Recognizing a marketing opportunity among an underserved population, Fifth Third began offering classes in Russian last year on banking and investment-related topics.
According to Sue Milligan, marketing director for Fifth Third of Northeast Ohio, the idea for classes in Russian originated with three bank employees who are themselves native Russians, and live in communities where many of the Russian immigrants have settled. "They saw a need to communicate to these recent immigrants what credit is all about, and how it could be used to realize the American dream," Milligan explains. "And while many of these people are trying to learn English, a lot of them are not really bilingual, and feel much more comfortable communicating in their native language."
Stella Arnaut, one of the employees who first suggested that Fifth Third sponsor the classes, left the USSR in 1991. When she arrived in Cleveland she knew virtually no English. "I know how frustrating it can be to learn about life in a new country, especially when you have no one to explain it," she says.
Trained as an engineer, Arnaut was unable to find work in the field when she came to the U.S., and eventually found employment as a teller in a Fifth Third branch in the Cleveland suburb of Willowick. "When I came to work at Fifth Third, I decided I would try to help people avoid some of the mistakes I made," she recalls.
Her role in the classes ranges from serving as a practice audience ("I can tell the presenter when he or she is getting too technical or needs to explain something better") to actually making the presentation on the basics of banking.
Held once a quarter, the classes cover topics such as the uses of, and difference between, a savings and checking account, what credit means and how to obtain it, the basics of banking and investing, and the process of buying a home. "You have to remember these people are coming from a place where there really was no banking system," says Milligan. "All these concepts we take for granted are new to them." The home-buying classes are held in conjunction with Russian-speaking real estate agents and representatives of title companies.
Locations for the classes include Fifth Third branches, a party center frequently used by Russian immigrants, and a Jewish Community Center. Attendance averages between 45 and 50 per seminar. Fifth Third will have another opportunity to enter an underserved market, says Milligan, when it completes its acquisition of 1st Nationwide Bank, which serves several neighborhoods and communities in the Cleveland area that are home to Spanish- and Russian-speaking people.
"We believe our bank has a unique opportunity to serve two underserved markets in this region, and our programs will help us establish a presence in these markets," says Milligan.
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