Are language services for lending important to the health of financial institutions? Absolutely! Here’s why: Financial literacy and processing highly technical language can be difficult for native English speakers, and even more so for limited English Proficient (LEP) consumers. Although the buying power of multicultural consumers has and continues to increase, consumers still face barriers to taking part in the lending process through banking and financial institutions. Language services for lending are crucial in this competitive market. Providing access to information in the language of your customers is essential to serving multicultural clients in the competitive industries of banking, lending, and financial services.
In our digital and fast-paced world, customers expect quick, easy, and reliable services from financial institutions, and that includes resolving language barriers. With nearly 30 years of providing language support for banking and financial institutions, Telelanguage believes security, compliance, and customer satisfaction to be the three of the most crucial aspects of the finance industry.
Today we’ll look at common barriers for LEP borrowers, ways that lenders can improve retention rates of multicultural consumers, and common interpretation and translation needs in the lending process.
3 Common Barriers to Lending for LEP Consumers
1.) A lack of reliable access to language support when seeking information and resolving issues.
2.) Limited access to educational resources about financial products in the customer’s native language.
3.) Limited access to vital documents in the preferred language of the consumer.
5 Ways Banks and Lenders Can Reach and Retain More LEP Consumers
1.) Understand the Specific Language Needs of Your Consumers
Working with a professional language services provider can help lenders to interpret demographic data in the locations you serve to ensure sufficient access to the languages of your customers (and potential customers). In addition to identifying the most common languages spoken by your customers, be sure to choose a language service provider who can provide access to a number of languages. Whether national, global, or local, assessing the language needs of consumers is necessary to expand the reach of your institution to more reach more of your potential consumers and to improve customer satisfaction rates with your institution.
2.) Resolving Language Barriers Quickly
Resolving issues that are common barriers for LEP consumers helps banks, credit unions, and lenders improve customer acquisition, customer satisfaction, and the retention of multicultural clients. Communication isn’t limited to business hours in the financial sector. Customers may be needing to access your phone support after business hours – in their preferred language. Having quick and reliable access to professional interpreters in banking will ensure that your customers can get the support they need in seconds, not minutes. Telelanguage provides the fastest connect times (average time is 7 seconds). in the industry to U.S. based certified interpreters.
3.) 24/7 Access to Customer Support
Providing staff with education in cultural awareness aids staff in working effectively with customers of different languages and cultures, and can increase staff adoption and efficiency. In addition to cultural awareness training, Telelanguage offers free support materials to help staff communicate more effectively with LEP populations. Telelanguage offers responsive customer support 24/7, 365 days a year.
4.) Have Pre-Translated Materials
Having prepared translations of vital documents in the top non-English languages of your consumers is crucial. Having the means to prepare specialized documents in a timely manner is also key. Telelanguage translation specialists are subject-matter experts, meaning we provide you the best-qualified linguists for your project. Telelanguage has the capacity to translate documents from English to over 100 target languages and vice versa.
5.) Flexibility and Performance
One-size-fits-all shouldn’t describe your language support. Regardless of organizational size, Telelanguage provides banking and financial services clients with the leading-edge technology and professional services they need to offer the best language support with flexible solutions to meet the needs of your institution, including:
- Advanced features such as automated interpreter connect
- Customized and language-dependent rate plans
- Online and on-location training
- Filter-based qualification interpreter connect
- Detailed customized usage reports and client newsletters
- Performance improvement consulting/service reviews
- Online tracking system and account management
Language Services for Lenders: Organizations We Help
- Credit Unions
- Specialized Institutions
- Student Loan Lenders (Government and Private)
- Mortgage Lenders
- Mortgage Brokers
- Loan Officers
Language Services for Lending: Common Needs
- Personal Loans
- Auto Loans
- Credit Cards
- Home Equity Loans and Lines of Credit
- Small Business Loans
- Student Loans
Commonly Translated Materials for Lenders and Borrowers
- Financial Statements
- Marketing Collateral
- Loan Applications and Information
- Credit Information
- Banking & Account Statements
- Legal Documents
- Written Correspondence
- Compliance Documents
- Terms and Conditions
- Support Documents
Language Access for Lenders (Infographic)
Why Banks and Lenders are Switching to Telelanguage
Having dependable access to professional interpreters can increase an institution’s efficiency, build brand trust within the community, and lead to higher levels of customer satisfaction which allows your institution to serve more multicultural customers with buying and borrowing power. Telelanguage supports your staff with free training, 24/7 customer support, free Cultural Awareness Training, and free support materials to ensure timely and effective support. Prioritizing language services for lending ensures that organizations can stay competitive in an increasingly multilingual world.
Banks, credit unions, and specialized institutions who work with multilingual clients need fast, responsive language support they can trust. Telelanguage has been providing language support for banking and financial institutions for over 27 years. Superior language support in more than 300 languages, available 24/7, 365 days a year.
Telelanguage’s internal control processes and Quality Assurance commitment is highly successful and fully operational. Our goal is 100% on time connection record, and 100% customer satisfaction. Telelanguage expects our clients to have a quality interpretation experience for each and every interaction.
Our quality program processes and other Internal Control Procedures were developed to address each segment of an interpretation request, including:
- Answer Time and Critical Data Collection,
- Call Center Customer Service & Connection Times,
- Interpreter Greeting and Performance,
- Interpreter Code of Ethics, Cultural Sensitivity in Meeting Customer Mission Critical Needs; and Professional Call Closeout,
- Conflict Resolution, and
- Billing and Reporting.
Telelanguage also enforces a strict infrastructure of training and certification for all of our interpreters and translators. Our interpreters are certified to interpret for the financial industry and trained in specific terminology. Our translators are subject-matter experts and have at least two years of experience in written translation. Our rigorous requirements promote the highest levels of professionalism and confidentiality – a level even the most secure financial institutions are confident with. Also, all of our data is stored in a Tier III professional-grade data center.
Language Services for Lending: How Telelanguage Can Help
Video Remote Interpreting
Video Remote Interpreting, or VRI, is the fastest-growing foreign language service in the country. An on-demand interpretation solution, VRI bridges the gap between telephonic interpreting and on-site interpreting. Benefits of Video Remote Interpreting include:
- Gain visual support with enhanced accuracy
- Maintain personal (face-to-face) connection
- Appropriate for both spoken languages and American Sign Language
- Quick and easy account setup
- No special hardware required (Apple and Android Devices Compatible)
- On-demand access
VRI promotes the highest level of accuracy in interpreting, second only to on-site interpreting. Telelanguage provides HIPAA, HITECH, and ADA compliant VRI services that can be accessed in seconds, available 24/7, 365 days a year – with assembly from any office or field site.
Learn More about the benefits of Video Remote Interpreting. DOWNLOAD the free white paper!
Telephonic interpretation is an on-demand, remote interpreting service that offers a fast response when urgent or unexpected language barriers come up. Telephone interpreting connects clients (in seconds) to a professional interpreter to resolve language barriers in emergency situations, for call-center support, and for situations that require a fast response.
When you need language support, you don’t have minutes to wait on hold. Telelanguage connects organizations to certified, U.S. based interpreters faster than any other vendor. Our proprietary technology also ensures that there are no outages in the event of a national emergency.
Learn More about the importance of offering language services as an organization. DOWNLOAD the free white paper!
Translation services require not only target language/English proficiency, but also a high level of detail and comprehension of topic-specific terminology.
At Telelanguage, our translators are subject-matter experts who have been through specialized training to meet the unique set of skills, knowledge, and experience to ensure proficiency in legal and financial services content, formatting, etc. Telelanguage only uses translators that have native fluency in both the Target Language and English, and have at least 2 years of experience in written translation.
Since 1991, Telelanguage has been providing high-quality language services for the banking and finance industry. Security and confidentiality are extremely important to us. We provide a privacy notice to our customers who utilize our interpretation services. We protect personal and confidential information encountered during the interpretation process by maintaining physical, electronic, and procedural safeguards that meet or exceed applicable law.
Telelanguage supports 350 languages, 24x7x365 utilizing 6,000+ U.S.-based interpreters. Telelanguage currently supports over 8,000 accounts around the world – in all industries. Services include over-the-phone, on-site, and video remote interpretation, as well as document translations, interpreter management and scheduling, reporting, invoicing, language assessment evaluations, and much more.
Contact us for more information about language support for your organization.
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