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.
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.
The face of retail consumers in the United States is changing. Multicultural consumers – including Asian, Hispanic and mixed-race individuals – are the fastest-growing population group in the U.S., with 120 million strong and increasing each year, according to Nielsen research.
For tens of thousands of people, 2017 was a year of devastation.
First it was floods: residents in Texas, Florida, Puerto Rico, and other southern states faced catastrophic damage. Hurricane Harvey alone claimed at least 48 lives and caused an estimated $190 billion in damage. Then it was fire. Wildfires in Northern and Southern California forced thousands of residents to evacuate their homes as the governor twice declared a state of emergency.
When you factor in severe storms, cyclones, and other weather-related events, there were 15 that claimed more than 320 lives as of October. Each disaster cost $1 billion or more. Many of those affected were limited English proficient, deaf, or hard-of-hearing and required language services.Insurance companies know disaster is inevitable.
Having a language service provider on hand is a simple step they can take to ensure they are prepared to assist their policyholders and provide a great customer experience, regardless of language need.
“Super consumers” are the superheroes of retail. Both emotionally and economically engaged with brands and products, they are the top 10 percent of households that represent at least 30 percent of sales, 40 percent of growth and 50 percent of profit in any given category. Any retailer not connecting with these consumers’ passions and enthusiasm may face struggles.
International visitors to the United States spent nearly $150 billion in the first half of the year, setting 2017 on a record pace.
Optimistic as these numbers are, it may also be true that American hospitality businesses are leaving money on the table by failing to provide travelers with an end-to-end travel experience in their own language, despite the technology existing to do so. In fact, American businesses could sustain the interest of these travelers and maintain their loyalty by providing an enhanced in-language experience.
Driven by population growth and expanding buying power, multicultural consumers are transforming the ways marketers and advertisers use culture to connect with increasingly diverse consumer markets. For businesses, this is why investments made now in language will pay off for decades to come.
But no matter how wonderful your store’s shopping experience and customer service are, they’re only effective once someone is in the store. Let’s talk about how retailers are using language to market to multicultural consumers.
The news this year has been filled with headlines about the “retail apocalypse,” a wave of bankruptcies, store closures and layoffs sweeping the retail sector. But while the situation is critical, it’s possible that reports of brick-and-mortar retail’s death have been greatly exaggerated.
It’s true that online shopping presents a challenge to traditional stores, but only a few of the biggest names in retail are online-only, and even that is changing as giants like Amazon and smaller companies like Warby Parker make forays into the physical world. In addition, consumers continue to prefer shopping in-store, including 70 percent of millennials and 77 percent of Gen Z.
As retailers figure out strategies to survive and thrive, one factor that might not seem obvious to consider is adding language services. Why?