How to Increase Financial Inclusion with Remote Interpreting

Becoming financially literate is difficult—even for English speakers. It requires learning industry-specific terms, understanding financial products, and navigating complex regulations. However, it can be nearly impossible for limited English proficiency (LEP) speakers, unless they have access to information in their native language. Fortunately, remote interpreting options makes it easier than ever to better serve LEP consumers’ needs.

 

The Growing Multicultural Market

 

Before we dive into the benefits of remote interpreting, let’s get to know this growing market segment. Today, nearly 22% of U.S. residents speak a language other than English at home, up from 11% in 1980. And their purchasing power is on the rise. As of 2019, Asian Americans represent a $1 trillion market, up 267% since 2000. Meanwhile, Hispanic Americans make up a $1.5 trillion market—making them the largest and second fastest growing minority market in the country.

 

Yet despite their increasing wealth, many LEP speakers still don’t enjoy the benefits of

banking, lines of credit, and loans. This is due, in part, to cultural differences around banking and finance. In fact, countries as diverse as China, India, Nigeria, and Mexico all have large populations without a bank account.

 

Common Barriers to Financial Inclusion

 

Educating LEP speakers about financial services is the first step toward inclusion. But that requires providing educational materials and documents in their native language as well as assistance from someone who speaks it. That also extends to completing applications and resolving issues once they become customers.

 

While bilingual representatives and onsite interpreters can help, they may not always be available. When that’s the case, customers may need to wait for extended periods of time. Or they may be forced to struggle through a conversation in English. And these negative experiences hurt client satisfaction.

 

The Benefits of Remote Interpreting 

 

With remote interpreting, customers no longer need to wait. Thanks to over-the-phone (OPI) and video remote interpreting (VRI), you can always connect with an interpreter in minutes. Plus, remote interpreting makes it possible to help customers who need assistance:

 

  • In a less common language. Remote interpreting services aren’t limited to Spanish, Chinese, Korean, and other major world languages.
  • Over the phone. As more people bank online or over the phone, OPI has become as essential as onsite interpreting.
  • Outside business hours. Remote interpreters accept calls outside standard business hours.

 

Best of all, you’ll improve customer acquisition, satisfaction, and retention—regardless of the language someone speaks.

 

How Boostlingo Can Help

 

With Boostlingo’s interpreting platform, you can quickly connect with an interpreter over-the-phone, via video remote, or schedule onsite appointments. All you need is an internet connect and a computer or tablet for video calls. Plus, you’ll get access to our network of professional interpreters who speak over 200 languages.

 

Think Boostlingo may be right for you? Contact us today to start your free trial!

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