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. 

Our Top Takeaway: Don’t Rely on Your Employees for Translation

Perhaps our biggest takeaway from 2023 was this: Financial institutions cannot rely on bilingual staff for translation. It might seem convenient, but there are hidden costs and potential risks. We delve into reasons why this is not an effective or efficient strategy in this blog post, and you can check out some great discussion on the topic.

The Importance of Access for Spanish-Speaking Customers

Banks in the US are recognizing the importance of language accessibility. But it’s not just a matter of good customer service—it’s a necessity. Regulators are increasingly requiring that organizations enable language access for critical numbers of their customers. Plus, enhanced language capability is an opportunity for banks to expand their reach and build trust with underserved communities.

Hispanic Heritage Month, held September 15 through October 15, highlights the contributions of this significant and growing demographic in our country. As such, it’s important for financial institutions to accommodate Spanish-speaking customers.

Despite challenging market conditions for mortgage lenders, accommodations for Spanish-speaking customers have been top of mind. Leading bank and non-bank lenders are focusing on financial and homeowner education to attract and support potential homebuyers to their organizations. Earning trust and creating confidence that Hispanic consumers can achieve their life and financial goals with the organization are the foundations of an effective strategy.

Read more about how to best position yourself as a banker to serve this growing demographic:

54 Hispanic American-owned Banks and Credit Unions  

Enabling Clear Communication with Oral Interpretation

The Power of Written Translation in Banking

AI and Accessibility in the Spotlight at GlobalLink NEXT US 2023

TransPerfect’s premier annual tech-user conference, GlobalLink NEXT US, had its New York debut in September. Over the course of two packed days, attendees were treated to a rich program encompassing innovation spotlights, enlightening case studies, engaging product workshops, and diverse breakout sessions. In the wake of this inspiring gathering, we are thrilled to share some of the most compelling insights and conversations from a wide array of industries.

Among numerous thought-provoking topics, two pivotal themes emerged: the game-changing potential of generative AI and the essential focus on meeting the needs of multicultural communities. Interested in learning more? Check out our recap blog here.

Other Conferences We Attended

NAHREP Hispanic Homeownership & Wealth Building Conference: To thrive in today’s market requires intention and education. During this three-day event in Washington, D.C., we shared expert advice to properly navigate the rapidly changing market. TransPerfect can help bridge language gaps and create a seamless approach to LEP customers.

Read more on key takeaways in our recap blog here:

Digital Marketing for Financial Services Summit (DMFS): During the TransPerfect fireside chat at this year’s summit, mortgage industry veteran Arlyn Kalinski 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.

Read more on tips to help your financial institution build a successful language access program in our recap blog here.

Mortgage Bankers Association (MBA): Our Financial Services and Digital teams came together to attend this year’s MBA conference in Philadelphia. As previously mentioned, Hispanic and LEP lending is top of mind for many lenders. TransPerfect shared best practices and solutions for those interested in furthering their capability to deliver platforms and content in-language for their LEP homebuyers.  Let’s not underestimate the value and role technology plays to deliver language enabled solutions.  Our partnership with Guaranteed Rate highlights the need and opportunity in the lending space – read more here.

An Eye Toward Growth

As financial services institutions look for ways to spur organic growth in 2024 and beyond, 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. (Our clients can attest that the ROI is worth it!)

Learn more here.

For more information on growing your business and going global, reach out to us today!