Barrios has enlisted the Massachusetts Bankers Association and the Massachusetts Credit Union League to open a dialogue with financial institutions across the state on how they can provide better access and services to those who do not speak fluent English.

“In the United States, we have a secure banking system, that is there for people to take advantage of,” said Barrios following a State House press conference Monday. “But only if they are financially literate, if there are people [at banks] to communicate with and there aren’t too many federal and state barriers.”

According to Barrios, 60 percent of Latinos in the United States do not have bank accounts.

Latino purchasing power, however, is estimated at $653 billion nationwide, according to the report issued by Barrios’ office. Thus, Latinos represent a significant untapped market.

“This group is the fastest-growing group in the country,” said Erika Eurkus, program director at Accion, a group that is working with Barrios for expanded bank access. “Their buying power is only growing, so the opportunity for banks to serve this large market is only going to grow.”

Despite the potential customer base, banks in Massachusetts are generally doing little to attract Latinos.

A survey of nearly 100 banks, credit unions and money transfer operations by Barrios’ office this summer found that 74 percent of banks had no Spanish-speaking customer service representatives in their call centers. The same percentage had no Spanish-speaking staff and no Spanish literature on-site.

For credit unions, the statistics were even more dramatic. Of the 62 surveyed, 97 percent had no Spanish literature on site. At 85 percent of the credit unions, no Spanish-speaking staff were present.

Despite these statistics, Massachusetts Credit Union League Senior Vice President Rob Kimmett told press conference attendees, “Service to those new to the United States is in our DNA.”

When pressed to explain the incongruities between the statistics and his statement, Kimmett said that he was referring to the fact that over 100 years ago many credit unions were founded by immigrants.

“Keep in mind many credit unions are small and serve a limited membership,” he told the Banner.

The lack of Spanish-speaking customer service representatives and the lack of literature in Spanish causes many Latinos to decide not to open accounts, according to the report.

Other factors include a distrust of banks based on past experience with unreliable banks in their countries of origin, and difficulty providing all the necessary identification required by U.S. banks.

By investing their money in banks, Latinos and other immigrants can build a credit history to help them purchase a car or a house. They can also save money for emergency use while avoiding the high fees charged by check cashing agencies.

The Massachusetts Bankers Association and Massachusetts Credit Union League planned to hold a closed-door meeting with 140 to 150 administrators in banks and credit unions to discuss the changes urged by Barrios.

“We agreed to work with [Barrios] as we went through the process of perceived difficulties,” said Mass. Bankers Association Executive Vice President Kevin Kiley. “Financial literacy is a major priority. Latinos are an emerging market.”