Artificial Intelligence vs. Human Interaction in Language Interpreting

Artificial Intelligence: For Banks, as the Complexity of the Task Increases, So Does the Need for Human Interaction

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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How Banks and Lenders Can Do to Change Foreign-Born Faltering Finances

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

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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E-Book: Why Language Is An Essential Element for ‘Bank of the Future’

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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 and the Financial Services Industry

Asian Americans. Banks. LanguageLine

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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How Banks Can Reach Hispanic Consumers

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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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How Language Access Can Help Financial Institutions

Reaching the unbanked with language access

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

Banking on multicultural consumers

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

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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

Financial services for multilingual customers

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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U.S. Banks Can Boost Revenue by Helping Immigrants

U.S. banks can boost revenue by helping immigrants through a language access program.Rosa Lopez is a single mother who was born in Oaxaca, Mexico. She works seven days a week as a janitor in an office building and has raised her two children with one burning desire first and foremost in her mind:

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