Recently, our Financial Services team had the privilege of attending HousingWire's The Gathering, an event that delved into the evolving landscape of the real estate industry. From technological advancements to demographic shifts, the discussions were insightful and thought-provoking. Here are the key takeaways that stood out to us.

In terms of potential, the sky is the limit for banks and financial services firms that choose to advertise to Hispanics in the U.S. However, advertising to Spanish-speaking prospects is only the first step in the journey of capitalizing on the ever-growing US Hispanic market.  

In an increasingly global marketplace, it is easier than ever for companies to reach their customers around the world. But, companies now need to build lasting connections and ensure that all of their customers in different markets receive the same value, even if it is perceived in different ways. While it can be “easy” to do business in English (especially in sophisticated finance), for maximum gains, the best-performing companies adapt their strategies for each market and make sure they speak the language of their local customer—in the most literal sense. 

As the Latino market rapidly expands, medium-sized banks in the US have a unique opportunity to gain market share. The key to unlocking this growth lies not just in communication but also in building trust, and language services play a vital role in this journey.

When it comes to crafting a multilingual strategy, much of the focus tends to be on the digital roadmap, or how to improve consumer/member experience via phone or chat. Branch experience tends to be lower on the priority list. But when it comes to serving limited-English proficiency (LEP) consumers and members, branch interactions are key for gaining new LEP consumers or members and fostering loyalty. 

Here are three key ways to improve the LEP consumer/member experience at the branch level.

Stepping into 2024, the housing market is poised to heat up as inflation cools, buyer optimism improves, and mortgage rates continue to ease off of 2023 highs. Homeowners sitting on the sidelines after buying into or refinancing historically low rates in 2020 and 2021 could be pulled back into the game, leading to increased supply and affordability for first-time buyers eager to enter the market.

The translation industry is often, but incorrectly, perceived as a purveyor of a commoditized service—where all deliverables are created equal across content, industry, and use case. In fact, linguistic service providers (LSP) have assets, expertise, and experience accumulated over time, making their partnership with financial services institutions (FSIs) anything but fungible. When considering a partnership with an LSP for an FSI, there are six critical factors to consider in the decision-making process.

It is imperative for banks, non-bank lenders, fintech companies, and ecosystem partners to not only engage but also foster lasting connections. By doing so, they can position themselves not just for present success, but for long-term viability in an evolving financial landscape. The strategy is clear: embracing and growing with the Hispanic market is a decisive step toward future readiness and sustained growth. Listen in and join industry Leaders and Veterans Arlyn Kalinski, Shane Madden, and Dana Weber for an interactive session on considerations and practical execution opportunities that every leading retail and commercial brand should be considering.

It’s been a year of change for the financial services industry. We on the TransPerfect Financial Services Team have been here for it, keeping up with shifting priorities and supporting institutions at every step of the way. Join us as we reflect on trends we’ve seen and recap some of our favorite moments from 2023. 

During the fireside chat at this year’s Digital Marketing Financial Summit, mortgage industry veteran Arlyn Kalinksi reinforced why it’s so important for financial institutions to embrace a multicultural marketing strategy. Kalinski, who is SVP, Fair & Equitable Lending Strategies at Guaranteed Rate, shared insights into why institutions can implement multilingual services. With the US Latino GDP of $3.2T being the fifth-largest economy in the world, providing your service in their language is critical to enabling access to a market segment that is growing 2.5 times faster than the non-Latino equivalent.

As financial services (FS) institutions look for ways to spur organic growth, the importance of catering to customers of various language backgrounds stands out. With growth potential in mind, we've identified and laid out four pivotal areas that demand the undivided attention of FS organizations.

As financial institutions continue their journey toward greater language accessibility, they must take the progressive step of opening a ”front door” for written translations of essential documents, messages, and materials.