<img src="//bat.bing.com/action/0?ti=5257384&amp;Ver=2" height="0" width="0" style="display:none; visibility: hidden;"> LanguageLine Blog | Financial Services

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Artificial Intelligence: As the Complexity of the Task Increases, So Does the Need for Human Interaction

Posted by Simon Yoxon-Grant on May 22, 2019

The battle between humans and artificial intelligence has been portrayed as pitched warfare in the media—an “either/or” battle for which there can be only one victor.

The reality is much more nuanced when it comes to interpretation and translation. If we were asked to predict who the winner will be between man and machine when it comes to language services, we would answer, “Both.”

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America’s Foreign-Born Have Faltering Financial Health. Here’s What Banks and Lenders Can Do to Change That

Posted by Kathy Peters on May 17, 2019

For too many, the American Dream feels like a dream deferred.

The harsh reality is that more than half of all Americans (57 percent) struggle to manage their day-to-day financial lives, according to the Center for Financial Services Innovation (CFSI). That’s 138 million people who aren’t thinking about saving, investing, or retirement planning because they’re just trying to get by until their next paycheck.

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New E-Book: Why Language Is an Essential Element of the ‘Bank of the Future’

Posted by Matthew Riley on April 26, 2019

In financial circles, much of the discussion around the “bank of the future” has revolved around digitization—bringing the in-branch experience to the user, wherever he or she maybe.

But for residents of North America, the future is not just digital, but also multicultural. For this reason, there seems to be a critical component that is often missing from this “bank of the future” discussion: language.

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Asian-American Consumers: What the Financial Services Industry Needs to Know

Posted by Saul Schulman on December 3, 2018

As the fastest-growing ethnic group in the country, Asian-Americans make up an important market segment for a variety of industries.

Because they are also the most affluent and educated of any U.S. racial or ethnic group, they are a key market for personal financial instruments.

Here’s what the financial services industry needs to know to reach this important demographic.

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Two Ways Banks Can Better Communicate with Multicultural Customers (According to Our Interpreters)

Posted by Mike McMahon on November 13, 2018

Demographic shifts tell us that financial consumers have become more culturally and ethnically diverse.

Over 65 million U.S. residents—or 21 percent of the U.S. population over the age of five—speak a language other than English at home. More than one out of every 12 people in the U.S. are limited English proficient (LEP), meaning they speak English less than very well. This group represents around nine percent of adults living in America.

These limited-English consumers have historically found it difficult to access financial products and services. The Consumer Financial Protection Bureau indicates many of the challenges limited-English consumers encounter are related to language and financial literacy. There are also bilinguals who—though not limited English proficient—may prefer to conduct finance-related discussions in their native languages.

LanguageLine interpreters who work with banking clients and their limited-English banking customers are a powerful source of insight on how to communicate with these consumers. A recent survey of our interpreters offered a great reminder that clients are well served by considering the linguistic and cultural diversity of their clients.

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How Banks Can Reach Hispanic Consumers

Posted by Kathy Peters on November 1, 2018

As retail banks and other financial institutions set their sights on the future, they see a landscape filled with growing disruption. In addition to the rapid adoption of new technologies, the industry also realizes that U.S. consumers of the future are likely to be more racially and ethnically diverse. Among multicultural consumers in the United States, Hispanics are the fastest-growing group, expected to account for over half of all population growth by 2020.

Presenting financial products in a way that appeals to Hispanic-American consumers is a growth goal for many in the industry. But survey data show that banks have a long way to go in this area.

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The Great Unbanked: How Language Access Can Help Financial Institutions Reach an Under-Served Market

Posted by David Bethea on October 22, 2018

For a majority of Americans, banking is just a part of life. However, roughly a third of the population has little or no access to a bank, according to the FDIC’s most recent National Survey of Unbanked and Underbanked Households.

That means banks and other financial institutions looking to expand their reach have a tremendous opportunity to do so by reaching this group - provided they use the right approach. Here’s a look at the unique needs of unbanked and underbanked populations and what organizations can do to bridge the gap.

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NEW eBOOK: Multicultural Consumers & the Bank of the Future

Posted by Todd Sanislow on October 18, 2018

Banks, mortgage companies, consumer lenders, credit card issuers, payments networks, auto lenders and leasing entities are all staring into a future filled with disruption.

There has been much talk about the “bank of the future.” Conversation has centered on offering appropriate technology and channels, but there is one critical element that is frequently missing: language.

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Customers Languages in 2030: Understanding the Importance of Language In The Business World

Posted by The LanguageLine Solutions Team on July 23, 2018

If you think it’s difficult to define your typical customer now, imagine what it will be like 20 years from now.

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Infographic: Why Financial Services Are Banking on Multicultural Consumers

Posted by Greg Holt on February 28, 2018

The potential for new revenue among multicultural consumers is significant for the financial services industry. On average, this diverse market is younger and growing faster than the “general market,” and that represents real growth for the future. Part of this diversity includes the consumer's preferred language.

To connect with all generations of multicultural consumers now, organizations must communicate in the languages those consumers understand best and that resonate with them. With language access built into all consumer touch points, financial services firms can build relationships, as well as be more successful offering financial products and services to help consumers achieve their goals.

This infographic illustrates the enormous opportunities financial services organizations have to reach multicultural consumers and how language access fits in.

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