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 1. Home
 2. Blog: A TransPerfect World
 3. Unlocking Growth: Language Services, Trust, and the Latino Market


UNLOCKING GROWTH: LANGUAGE SERVICES, TRUST, AND THE LATINO MARKET


March 13, 2024

Blog
Financial Services


As the Latino market rapidly expands, medium-sized banks in the US have a unique
opportunity to gain market share. The key to unlocking this growth lies not just
in communication but also in building trust, and language services play a vital
role in this journey.
 


THE TRUST IMPERATIVE

Trust is the bedrock of successful banking relationships. For medium-sized
banks, effectively engaging with the Latino market, which is more mortgage-ready
than ever, requires a strategic approach to overcome language barriers and
establish meaningful connections.
 


TRANSPERFECT'S COMMITMENT TO THE LATINO MARKET

At TransPerfect, we recognize the immense growth potential within the Latino
demographic. Our suite of language services, from on-demand phone interpretation
to website localization, is tailored to address the unique needs of banks aiming
to capture this expanding market.
 


CLEAR COMMUNICATION FOR MORTGAGE-READY LATINOS

The Latino market represents a significant opportunity in the mortgage sector.
In 2022, a staggering 7.9 million Latinos aged 45 or under possessed the credit
characteristics to qualify for a mortgage, with an additional 2.8 million in the
near mortgage-ready category. Latinos lead as the largest share of the near
mortgage-ready population across all racial and ethnic groups. 
TransPerfect's phased approach ensures clear communication, starting with easily
implementable solutions like on-demand phone interpretation. This is especially
crucial when catering to the mortgage needs of Latinos who are poised for
homeownership.
 


LOCAL AND ONSITE SUPPORT FOR LATINO CUSTOMERS 

Building trust with the Latino market goes beyond language; it involves creating
personalized experiences. TransPerfect's extensive network of over 140 offices
worldwide enables local and onsite support, allowing banks to connect with
Latino customers on a deeper level to address their mortgage inquiries and
concerns in a language and cultural context they trust.
 


SUCCESS STORIES IN LATINO MARKET PENETRATION

Realizing the growth potential of the Latino market isn't just theoretical—it's
backed by data and success stories. TransPerfect has assisted banks in
increasing new limited English-proficient (LEP) Latino customer acquisition,
showcasing the potential for substantial ROI in targeting this demographic.
 


COMPLIANCE, CONFIDENCE, AND THE LATINO OPPORTUNITY

Trust in banking is intricately linked to regulatory adherence. Banks often fear
regulatory issues when expanding their customer base. TransPerfect alleviates
these concerns by staying ahead of regulations, ensuring compliance, and
providing banks the confidence to seize new growth opportunities. 
 


A MULTILINGUAL LANDSCAPE: TRENDS AND INSIGHTS IN THE LATINO MARKET

Understanding the Latino market's dynamics is key to success. TransPerfect
regularly shares insights at customer events, providing banks with the knowledge
needed to navigate the nuances of language diversity within the Latino
demographic.
 


SEIZING THE LATINO GROWTH OPPORTUNITY

In conclusion, the path to exponential growth for medium-sized banks involves
more than language services—it involves recognizing and capitalizing on the
immense potential within the Latino market. Latinos being more mortgage-ready
than ever presents an opportunity for banks to expand their customer base and
realize significant returns on investment.
By choosing TransPerfect, medium-sized banks can confidently navigate language
diversity, unlock growth within the Latino market, and build a foundation of
trust that propels them toward sustained success and heightened ROI. Be sure to
keep a look out for our brand new whitepaper that goes more in depth the growth
opportunities available to you!

 

 

Tom Emery
Director – Financial Services at TransPerfect
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