National Financial Literacy Month empowers people to learn how to make informed decisions related to banking and finance. However, boosting financial literacy can be more challenging when language barriers stand in the way. Let’s review two ways your institution can improve financial literacy for LEP account holders:
1. Translate educational materials and other written content
You offer accounts and loans to people no matter the language they speak—your collateral should be no different. Translating your bank or financial institution’s collateral into multiple languages is crucial to helping LEP clients understand your services and business policies.
CyraCom can help you provide better customer service and comply with Dodd-Frank, UDAAP, and other regulations. We offer high-quality translation for various banking projects, such as:
- Websites
- Online Banking
- Disclosures and regulations (FDIC, etc.)
- Federally required reporting
- Marketing collateral and advertisements
- Product, service, and other process information
- Eligibility information
- Applications
- Mortgage and loan documents
- Financial assistance applications
- Satisfaction surveys
- Financial education articles
- Deals and discount information
2. Provide interpretation to LEP customers or members
Remote interpretation services can improve communication between your staff and prospective or current account holders. CyraCom’s trained, qualified interpreters can help your employees provide excellent customer service. We can help with common financial discussions about:
- Checking or savings account management
- Lines of credit
- Loans
- Investments
- Monetary disputes
Boost performance metrics
Unclear communication can automatically reduce your employees’ ability to offer support and resolve customers’ issues. Implementing language services can help you improve first-call resolution (FCR), average handling time (AHT), and customer satisfaction scores (CSAT).
- ICMI partnered with us (formerly our subsidiary Voiance) to determine that after introducing a language interpretation service, FCR, AHT, and overall quality were positively affected by 36%, 20%, and 32%, respectively.
- 71.5% of customer service leaders claim that support in a native language increases satisfaction.
Why your institution should improve financial literacy for LEP prospects
About 9% of the US population speaks English less than “very well,” meaning they often rely on others to interpret conversations or translate written information. Studies show that customers prefer to work with companies who provide translated content:
- Given a choice between buying two similar products, 76% of customers will choose the one with information in their native language. In addition, 40% will never buy from websites in other languages. (CSA Research)
- 70% of end-users say they feel more loyal to companies that provide support in their native language. (ICMI)
- Businesses that expand their translation budgets are 1.5 times more likely to report an overall increase in revenue. (CSA)
For more stats and tips to improve customer service with language services, check out our landing page: How to communicate with your LEP customers to provide excellent customer service
CyraCom offers free translation quotes & language services consultations
Contact us at getstarted@cyracom.com to ask questions or submit a request to translation@cyracom.com for a free translation quote.