The journey for banks to deliver comprehensive language accessibility continues with the vital component of oral interpretation services. Planning lays the roadmap and translations make essential documents accessible. Oral interpretation immediately enables clear communication in real-time interactions and delivers data to support the business case for next steps.

As the US becomes increasingly diverse, banks are recognizing the importance of language accessibility. But serving customers from diverse linguistic backgrounds is not just a matter of good customer service—it’s a necessity.

In an attempt to better serve diverse customer bases, financial institutions might be tempted to tap into their multilingual staff for translation and interpretation tasks. While it might seem convenient, it's not always the most effective or efficient strategy. Here are some reasons why using your multilingual employees for these tasks might be a slippery slope.

The Hispanic homeownership rate increased to 48.6 percent in 2022, and there are no signs of slowing down in 2023 and 2024. The industry has seen eight consecutive years of growth in this space despite rising interest rates and home prices. Hispanic/Latino borrower engagement began to skyrocket following the 2008 Great Recession and all lender and mortgage borrowers who didn’t engage this market have missed out on almost 2.96 million Hispanic home sales.

As you aim to better cater to the diverse population within the United States, you may find yourself puzzled, not knowing where to kickstart this journey. In the realm of financial services, the secret to multicultural engagement lies in a simple step—start by strengthening your existing customer base. The most efficient way to do this is by introducing multilingual phone support. Let's explore this further.

Attention all banks, credit unions and other financial institutions in the Tri State Area, Greater LA, the Bay Area, Chicagoland, and more: This is for you! We have summarized the main points from an article published in American Banker, below, on how other banks are supporting Chinese speaking Americans, the rewards, and challenges they face.

If you're in banking or finance, the single most impactful move you could make this year might be much simpler than you think. I urge you to recognize the exceptional potential and grasp the rewarding opportunity residing in a particular demographic—the rapidly growing Hispanic community. Here's why this is significant.

Unleashing the Fintech Revolution: International Expansion and Multilingual Engagement in 2023

TransPerfect attended NAHREP’s three-day Hispanic Homeownership & Wealth Building Conference in Washington, DC, with amazing representation among the nation’s leading banks, mortgage originators/servicers, lenders, real estate brokerages, and industry affiliates of all sizes. NAHREP is a leading non-profit committed to promoting sustainable Hispanic homeownership.

The Unites States’ Hispanic population is one of the demographics most prepared to buy a home in the country, not to mention one of the major growth sectors—more than 40% of Hispanic adults are mortgage-ready.