Finance & Banking

April is Financial Literacy Month. Is Your Organization Ready?

tanvi.channe — Thu, 06 Mar 2025 08:37:06 +0000

April is Financial Literacy Month. Is Your Organization Ready? tanvi.channe Thu, 03/06/2025 - 03:37

Blog

April contains two important financial holidays: Tax Day and Financial Literacy Month. While Tax Day is widely recognized, we would argue that Financial Literacy Month is just as significant. Improving financial knowledge benefits individuals, strengthens the economy, and can also be a win for your business—especially if you provide educational resources that your peers do not. While the quality of your content this month is critical, ensuring it’s inclusive and accessible to all customers and members is just as essential. Below are a few ways to make sure your Financial Literacy Month content reaches and supports everyone.

Worksheets & Handouts

Many organizations already offer financial documents in both English and other languages. If yours does not, consider this a first step toward creating a more inclusive learning environment.
For visually impaired customers, offer critical documents in large print or Braille. You could also host a live session where participants can review the materials together.

Webinars

For any webinars you have scheduled, ask about language preferences during the sign-up process. For attendees looking to improve their finances but who may not be fluent in English, providing an interpreter can enhance understanding and create a more inclusive environment.
If an interpreter is not available to schedule, consider offering real-time captions in English or other languages. Most people prefer watching videos with captions, regardless of language proficiency, and providing high quality captions is a relatively low-cost way to enhance accessibility and engagement.

Social Media

When posting on social media, be sure to include alt text for images and consider multilingual captions, depending on your audience. If a post includes graphics, display the English version on slide one and the translated version (e.g., Haitian Creole) on slide two.
For videos, make sure to provide transcripts in both English and the preferred languages of your limited English proficiency (LEP) customers. To take it a step further, consider creating multiple versions of the video with different in-language voiceovers or allowing viewers to select from various subtitle options.

Podcasts

For any podcasts your organization has released or plans to release, be sure to provide transcripts in both English and other relevant languages. Since the audio is likely in English only, offering written translations ensures LEP listeners can still access the key insights.

Games

An often-overlooked tool in Financial Literacy Month is gamification. Consider embedding a financial literacy game within your mobile app or online banking platform. The game could focus on products your organization offers or general financial knowledge, providing a fun and interactive way to educate customers.

Need help improving your inclusivity and accessibility this Financial Literacy month?

Look no further than ��ɫ. Our experts will work with you to understand your goals and propose solutions tailored to any timeline or budget. Contact us today to make this your organization’s best Financial Literacy Month yet!

Financial Services

Finance & Banking

Emerging Trends in Commercial Lending: AI, Localization, and Inclusion

tanvi.channe — Tue, 04 Feb 2025 08:37:32 +0000

Emerging Trends in Commercial Lending: AI, Localization, and Inclusion tanvi.channe Tue, 02/04/2025 - 03:37

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The commercial lending sector is transforming rapidly, driven by technological innovation, changing borrower expectations, and a growing emphasis on inclusivity. To stay competitive, today’s lenders must go beyond traditional offerings by adopting innovative solutions and addressing the unique needs of diverse borrower demographics.

1. Personalized and Localized Customer Experiences

Borrowers expect services tailored to their specific needs, including localization of communication and documentation. Language barriers can alienate potential borrowers, particularly in diverse markets. Here’s where LEP programs (Limited English Proficiency) come into play.

Why LEP Programs Matter:

Inclusivity: They allow non-native English speakers to access loan products, fostering financial inclusion.
Compliance: Many regions mandate language accessibility in financial services to meet regulatory requirements.
Enhanced Customer Trust: Borrowers feel valued when they can interact in their preferred language, leading to stronger relationships and brand loyalty.

By integrating localization efforts into digital tools and customer service, lenders can reach broader demographics and address underserved markets effectively.

2. Expansion of Alternative Lending Platforms

Peer-to-peer (P2P) lending and fintech platforms are breaking traditional barriers by offering faster, more flexible options. These platforms often cater to niche markets, including those underserved by conventional banks, amplifying the importance of culturally and linguistically appropriate services.

3. Sustainable and Socially Responsible Lending

Incorporating Environmental, Social, and Governance (ESG) criteria has become essential. For LEP borrowers, this focus extends to creating equitable financial opportunities that support community development and reduce systemic inequalities.

4. Enhanced Risk Management Through AI-Powered Data Analytics

Data-driven insights are not only enabling better risk assessments but also allowing for more accurate segmentation of diverse borrower profiles, including LEP communities. AI-powered predictive analytics can help lenders identify emerging needs in these demographics and craft appropriate financial solutions. Machine learning algorithms can detect processes to streamline approvals while mitigating fraud. Additionally, AI-driven tools can analyze historical lending patterns and economic indicators to forecast potential market risks, enabling proactive strategy adjustments.

5. Compliance with Evolving Regulations

Globalization and diversity have amplified the need for compliance with accessibility laws. LEP programs align with regulatory demands, ensuring that lenders provide equal opportunities and fair treatment to all borrowers, regardless of language proficiency.

The Business Case for LEP Programs in Lending

Market Growth: LEP populations are a rapidly expanding segment, offering significant untapped lending opportunities.
Brand Differentiation: Demonstrating inclusivity through LEP programs positions lenders as leaders in corporate social responsibility.
Operational Benefits: LEP-friendly processes can improve overall borrower satisfaction and reduce friction during the lending journey.

The future of commercial lending lies in leveraging technology and fostering inclusivity. By integrating AI, data analytics, and LEP programs, lenders can not only meet the demands of a globalized market but also drive equity and innovation within financial services.

Ready to shape your strategy? Let’s talk!

Samantha Weinstein

Account Executive | Financial Services

Financial Services

Finance & Banking

How Managed Services Empower Fast-Growing Fintechs and Digital Banks

tanvi.channe — Mon, 09 Dec 2024 09:02:10 +0000

How Managed Services Empower Fast-Growing Fintechs and Digital Banks tanvi.channe Mon, 12/09/2024 - 04:02

Blog

In the fast-evolving fintech sector, growth comes with opportunities and challenges. Fintech and digital banks must scale quickly while navigating complex demands such as regulatory compliance, customer engagement, and technology integration.

Managed services programs (MSPs) can often provide significant value to organizations that need to act fast, face resourcing constraints (and want to avoid onboarding FTEs without knowing the long-term impact), and need to deploy capital to scale. Let’s explore how MSPs can deliver value through key services that accelerate growth.

Resources for Short- to Mid-Term Projects

Fast-growing, fintech's and digital banks often require specialized resources for short- to mid-term projects, such as app launches, compliance audits, or infrastructure upgrades. However, hiring full-time staff for these projects can be costly and inefficient. MSPs offer on-demand expertise, providing skilled professionals who seamlessly integrate with your team. Whether implementing new software or supporting market expansion, MSPs ensure projects are completed efficiently without overburdening internal teams.

Resource Planning Sales & Marketing

Top-line revenue growth is almost ALWAYS a priority for this cohort, which means marketing programs must maximize the impact of every euro, pound, or dollar spent. Qualified leads matter. An effective MSP provides strategic guidance on optimizing sales and marketing resources. By analyzing data and forecasting trends, they help fintech's allocate budgets, manpower, and tools where they’ll have the greatest impact. MSPs can also recommend scalable solutions, such as automated lead scoring systems or outsourced sales teams, to meet growing customer demand without straining internal resources.

Insights and Performance Marketing

The fintech industry is highly competitive, making data-driven marketing essential for standing out. MSPs provide advanced analytics tools and actionable insights to refine marketing strategies. By analyzing user behavior, market trends, and campaign performance, MSPs help fintech's identify what works—and what doesn’t. Performance marketing services, including A/B testing, personalized ad targeting, and real-time optimization, empower fintech's to maximize ROI on their marketing spend while driving customer acquisition and retention.

Strategy and Execution for Customer Funnels

Customer experience is a cornerstone of fintech success. MSPs help design and execute strategies that guide customers through tailored communication funnels, ensuring personalized interactions at every stage. From onboarding to upselling, MSPs craft campaigns and workflows that drive user engagement. By integrating tools such as CRM platforms, automated email sequences, and chatbots, they help streamline customer journeys. This targeted approach boosts conversion rates and cultivates long-term customer loyalty.

AI-Driven Content Strategy (LLMs & AI Engines)

Content is a critical component of fintech operations, encompassing everything from educational resources to customer support responses. Choosing the right large language models (LLMs) and AI engines for each content type is essential to ensure quality and relevance. MSPs have the technical expertise to evaluate various AI platforms and match them to specific fintech use cases. Whether generating detailed financial reports or creating conversational chatbots, MSPs ensure that selected AI solutions align with business objectives and meet compliance requirements.

Why Partnering with MSPs Makes Sense

Managed services programs bring specialized expertise, scalability, and flexibility, enabling fintech's and digital banks to focus on their core innovations. By leveraging ��ɫ Financial MSPs these organizations can accelerate time-to-market, reduce operational costs, and deliver exceptional customer experiences. In an industry where speed and adaptability are key, MSPs provide the foundation for sustainable growth and success.

Ready to learn more? Get in touch today!

Mariana Ordonana

Director, Business Development Financial Services

Financial Services

Finance & Banking

Expected 2025 Business Strategies for Financial Services. Are They on Your Radar?

jpressman — Fri, 06 Dec 2024 15:05:19 +0000

Expected 2025 Business Strategies for Financial Services. Are They on Your Radar? jpressman Fri, 12/06/2024 - 10:05

Blog

While year’s end brings holiday festivities, it’s also a time to reflect on the business, professional, and personal goals you set at the start. What did you aim to accomplish this year but didn’t? What are you committed to achieving or improving in 2025?

��ɫ can’t help you shed those pesky five pounds, train for a marathon, or tackle the ever-growing stack of professional development books on your nightstand. What we can do, however, is partner with you to exceed your organization’s 2025 goals.

Across the financial services industry, we’ve identified four areas critical to 2025 business strategies—and how ��ɫ can support them.

Digital

The digital maturity of your organization directly impacts customer acquisition and satisfaction.

A comprehensive digital strategy— encompassing web presence, social media, and digital product offerings, has become indispensable for financial service organizations aiming to stay competitive and seize new growth opportunities. With the right strategy in place, organizations can navigate industry and technological disruptions and shape the future of the financial landscape.

How ��ɫ can help: ��ɫ Finance operates as a full service, multi-market digital agency, leveraging its global presence to strategize and create content, improve digital performance through SEO andSEM, and deliver valuable market and audience intelligence.

Customer Experience

Investing in and optimizing CX channels drives customer retention and financial performance.

CX channels play a critical role in shaping brand perception, driving customer satisfaction, and fostering loyalty. While offering a multi-channel experience to meet the preferences of a diverse customer base is essential, it’s not enough. Every touchpoint must deliver a consistent brand experience while ensuring efficient, productive, and (ideally) personalized customer interactions.

How ��ɫ can help: ��ɫ Financial enhances and supports a multi-channel CX approach by outsourcing contact center agents, providing interpreters for improved in-language support, training and localizing chatbots, and managing email, chat, written, and voice inquiries.

Financial Inclusion

Serving historically underserved markets fosters economic growth, stability, and loyalty.

Financial inclusion opens up access to banking and financial products for individuals historicially excluded from traditional services due to income level, geography, credit history, or education. By engaging underserved populations, financial institutions can expand their customer base, create new revenue streams, and simultaneously support local economies. This also empowers underserved individuals to plan for their family’s future, reduce fraudulent risks, and make informed financial decisions.

How ��ɫ can help: ��ɫ Financial offers a 360 solution, through localization and consultation, to help your organization advance financial inclusion. We can also create your language access plan—or enhance an existing one—to better serve diverse populations.

Data Collection

Effective data collection and analysis can set you apart in a competitive financial landscape.

Financial institutions rely on data to improve operations, mitigate risk, enhance customer experiences, comply with regulations, and drive growth. However, without a clear process for data collection and storage, organizations risk missing critical insights needed to propel their business forward—such as customer language preferences, opportunities for tailored services or products, process inefficiencies, potential fraud indicators, and emerging market trends.

How ��ɫ can help: ��ɫ Financial supports data collection and analysis through a comprehensive range of services, including CCMS implementation, consulting on AI strategy, coaching and training AI engines, and annotating data.

If you’ve been tasked with achieving goals in any of these four areas, connect with a ��ɫ Financial expert today. With over 30 years of experience delivering ROI and shaping business strategies, we’re here to help you succeed in 2025 and beyond.

Get in touch today!

By Isabella Martel, Director, Strategic Accounts, ��ɫ Financial

Financial Services

Finance & Banking

How Managed Services Empower Fast-Growing Fintechs

tanvi.channe — Tue, 03 Dec 2024 09:43:30 +0000

How Managed Services Empower Fast-Growing Fintechs tanvi.channe Tue, 12/03/2024 - 04:43

Blog

Managed services programs (MSPs) can often provide significant value to enterprises that need to act fast, face resourcing constraints (and want to avoid onboarding FTEs without knowing the long-term impact), and need to deploy capital to scale. Let’s explore how MSPs can deliver value through key services that accelerate growth.

Resources for Short- to Mid-Term Projects

Fast-growing, agile banks and fintechs often require specialized resources for short- to mid-term projects, such as app launches, compliance audits, or infrastructure upgrades. However, hiring full-time staff for these projects can be costly and inefficient. MSPs offer on-demand expertise, providing skilled professionals who seamlessly integrate with your team. Whether implementing new software or supporting market expansion, MSPs ensure projects are completed efficiently without overburdening internal teams.

Resource Planning Sales & Marketing

Top-line revenue growth is almost ALWAYS a priority for this cohort, which means marketing programs must maximize the impact of every euro, pound, or dollar spent. Qualified leads matter. An effective MSP provides strategic guidance on optimizing sales and marketing resources. By analyzing data and forecasting trends, they help fintechs allocate budgets, manpower, and tools where they’ll have the greatest impact. MSPs can also recommend scalable solutions, such as automated lead scoring systems or outsourced sales teams, to meet growing customer demand without straining internal resources.

Insights and Performance Marketing

The fintech industry is highly competitive, making data-driven marketing essential for standing out. MSPs provide advanced analytics tools and actionable insights to refine marketing strategies. By analyzing user behavior, market trends, and campaign performance, MSPs help fintechs identify what works—and what doesn’t. Performance marketing services, including A/B testing, personalized ad targeting, and real-time optimization, empower fintechs to maximize ROI on their marketing spend while driving customer acquisition and retention.

Strategy and Execution for Customer Funnels

AI-Driven Content Strategy (LLMs & AI Engines)

Why Partnering with MSPs Makes Sense

Managed services programs bring specialized expertise, scalability, and flexibility, enabling fintechs to focus on their core innovations. By leveraging ��ɫ Financial MSPs, fintechs can accelerate time-to-market, reduce operational costs, and deliver exceptional customer experiences. In an industry where speed and adaptability are key, MSPs provide the foundation for sustainable growth and success.

By aligning strategy, execution, and technology, MSPs empower fintechs to thrive in a competitive, rapidly evolving market.

Mariana Ordonana

Director, Business Development Financial Services

Financial Services

Finance & Banking

How Generative AI is Transforming Content Publishing in Financial Services

juan.gonzalez — Tue, 05 Nov 2024 14:33:11 +0000

How Generative AI is Transforming Content Publishing in Financial Services juan.gonzalez Tue, 11/05/2024 - 09:33

Blog

The rapid advancements in generative AI and large language models (LLMs) are reshaping the landscape of content creation and localization across industries—and financial services is no exception. Financial institutions, long reliant on high-quality, timely content to communicate complex information and market perspectives, are now exploring how to harness these technologies effectively. However, they face a crucial question: How can we leverage generative AI without risking our brand's reputation and credibility?

This question is particularly relevant as pressure from senior leadership mounts. Many organizations see potential in generative AI to drive efficiencies and reduce costs, but content creation in finance requires both precision and integrity. So, is generative AI solely a cost-saving tool, or are there broader benefits to its adoption in content workflows?

Beyond Cost: Key Advantages of Generative AI in Financial Content

While reducing expenses is one appeal, generative AI and LLMs can offer much more to financial services organizations aiming to refine and optimize their content strategies. Here are some of the most impactful benefits:

Accelerated Time to Market

For financial institutions, delivering timely content—especially in the form of market outlooks and economic commentary—is crucial for customer acquisition and retention. With LLMs, content teams can produce high-quality, data-informed insights faster, keeping pace with the rapid changes in financial markets. This ensures that customers and prospects receive valuable insights when they need them, increasing engagement and trust.

Optimized Budget Allocation

Generative AI enables financial firms to streamline content expenditure by automating lower-priority content, such as routine compliance updates or minor website copy. This allows budget allocation to be more strategic, directing funds toward high-visibility content that requires SEO optimization and performance-focused improvements. The result? Improved ROI, as resources are funnelled into high-impact areas that drive brand presence and customer trust.

Continuous Improvement Through Machine Learning

LLMs can continuously improve with feedback loops, learning from data provided by local marketing teams. For example, content that receives regional updates or audience-specific tweaks can inform the model, enhancing its accuracy and relevance over time. This self-improvement capability means that the more the AI is used, the better its future outputs, adapting to the nuanced needs of different audience segments.

The Future of Content in Financial Services

As generative AI technology continues to evolve, its role in financial content creation will expand, enabling institutions to deliver more value to their customers. By embracing these tools strategically, financial organizations can not only reduce costs but also enhance their responsiveness to market shifts and improve the consistency of their content. With careful implementation and a clear focus on quality, generative AI can become a valuable asset in navigating today’s complex content landscape. Financial services firms that recognize this potential will find themselves well-equipped to keep pace with an increasingly digital and data-driven world.

As we approach the end of 2024, many financial services companies are solidifying their budgets and strategic plans for 2025. Exploring new avenues to incorporate generative AI and LLMs is high on the list as organizations look to maximize ROI and drive more value from their content budgets. For those navigating this process and seeking guidance on implementing these technologies effectively, feel free to reach out to ��ɫ. We’re here to support your journey in making AI an integral, cost-effective part of your content strategy. Give us a shout if you’d like to chat more!

Rahul Fernandes

Financial Services Account Manager

Financial Services

Finance & Banking

A Reflection & Recap of NAHREP San Diego 2024

juan.gonzalez — Tue, 01 Oct 2024 12:39:45 +0000

A Reflection & Recap of NAHREP San Diego 2024 juan.gonzalez Tue, 10/01/2024 - 08:39

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Five thousand and six hundred attendees. A who’s who of the financial services world. Executives from some of the most powerful and recognizable brands in the US (and abroad). Participants who’ve flown thousands of miles, flocking to San Diego for education, inspiration, and some networking sprinkled in. Workshops. Keynotes. Discussions. Break-outs. A list of speakers, musicians, award-winning authors, movie stars, and athletes. ESPN. Disney. The NBA. All united by the current opportunity for the Latino/Hispanic community in the United States.

Yes—it’s about real estate. And invariably, financing and banking as connective tissue. However, what stands out more is the collective commitment this group has to advance opportunity across the entire US, leveraging a voice that is, by some measures, 63 million strong (Latinos/Hispanics in the US).

NAHREP wasn’t just about powerful brands. It was about brands, and people, that EMPOWER. So many of my conversations revealed a theme of wanting to do more. To be an advocate in the community. To share advice with others back home. To find ways to access capital, leverage capital, repeat success, or innovate. Some of the attendees’ trips were funded by large corporations. But many others were independent brokers and advocates adamant about spending their time and dollars to get to San Diego. Some of the very evident takeaways were:

In the next 20 years, 70% of the mortgage growth in the US will be from Hispanic/Latino buyers.
Brands MUST covet this economy if they want to be relevant. Those that don’t will suffer the fate of dinosaurs.
Product diversification is more relevant than ever. Latinos/Hispanics represent a tremendous growth in private wealth/wealth management access.
It is imperative that banks, from single branches to the largest national entities, have an appetite to support a desire to start, grow, and amplify businesses—the Hispanic/Latino community is bringing jobs to America and Americans.
Commit to a strategy with your chief strategy/brand/marketing leaders. This is a top down requirement. Staff or find the resources and then execute. It’s not enough to have a website with some Spanish content. The leaders at NAHREP acknowledged that success is in Spanish and English in all channels—phone, digital, and print. It is activating in Spanish. It’s creative adaptation. It’s being knowledgeable of and proactive with the local communities with responsive messaging. It is being clear and intentional. .
Properly building out and supporting an LEP program could be expensive, but it will be worth it. It was even argued that each dollar of LEP programming could have a higher ROI than its English counterpart.
There is more risk in doing nothing than doing something. Being late to adopt an LEP strategy will be noticed by consumers and even employees.

Want to chat more? Contact us here.

Avery Sturtevant

Regional Director, ��ɫ Financial Services

Financial Services

Finance & Banking

Financial Service Coalition Seeks Changes to Language Rules in Regulation X Revamp

muna.abdulkader — Fri, 27 Sep 2024 13:14:59 +0000

Financial Service Coalition Seeks Changes to Language Rules in Regulation X Revamp muna.abdulkader Fri, 09/27/2024 - 09:14

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The CFPB's proposed changes to Regulation X raise concerns for housing industry and consumer advocacy groups, especially regarding language access for borrowers with limited English proficiency (LEP) and a fee ban for distressed borrowers. Key issues include unclear language mandates, the challenge of tracking language preferences, and the opposition to certain fee restrictions.

Language Access Requirements: A coalition of 10 groups is concerned about unclear mandates for communicating with LEP borrowers. They highlight the challenge of tracking language preferences across different companies, especially when the loan servicer changes from the original lender.
Fee Restrictions: Industry groups, like the MBA and HPC, oppose the proposed fee ban for distressed borrowers. They argue that certain fees (e.g., late fees, third-party costs) are necessary and should not be restricted, suggesting the CFPB’s fee prohibitions might overstep its authority.
Dual Tracking: The HPC is concerned about new rules on dual tracking, where foreclosure and loss mitigation efforts occur simultaneously. They recommend distinguishing between "retention" (keeping the borrower in the home) and "disposition" (selling the home) efforts to avoid negative impacts on both borrowers and investors.

Leading financial institutions large and small are navigating these changes, one at a time OR wholesale, by:

Empowering the enterprise to be multilingual now and in the future à Communicating effectively with LEP borrowers

Education: Translating key documents, financial literacy material, and blogs into Spanish and, in some cases, languages that support other large LEP demographics
Opportunity with customer intent and funnel: Enabling real-time interpretation and support through phone, video, or in-person to assist in conversations between a potential or existing borrower/customer and your bank
Customer acquisition marketing: Ensuring marketing and informational materials are available in the necessary languages
Product delivery: Enabling UIs in Spanish and other languages for improved product access and reduced operational support costs for customers that have questions

Using automated technology to their advantage à Tracking and managing borrowers' language preferences across multiple touchpoints

Technology integration: Providing platforms that store and manage borrower language preferences to ensure smooth communication, even if servicing transfers

Maintaining LEP compliance à Staying compliant with CFPB mandates

Auditable workflows: Ensuring all interactions with LEP borrowers are recorded to meet regulatory standards
Tailored language programs: Building customized programs to meet operational requirements and avoid non-compliance

Ensuring cultural competency à Enhancing cultural and linguistic awareness

Staff training: Improving LEP borrower satisfaction and regulatory compliance

These holistic approaches could position your group as a valuable partner for the LEP community while also addressing the CFPB's language access requirements under the Regulation X revamp.

Want to chat more? Reach out to tptfinancial@transperfect.com

Jady Bailey

Account Executive | Financial Services

Financial Services

Finance & Banking

Celebrating Hispanic Heritage Month: Banks as Allies and Facilitators

muna.abdulkader — Tue, 10 Sep 2024 13:00:49 +0000

Celebrating Hispanic Heritage Month: Banks as Allies and Facilitators muna.abdulkader Tue, 09/10/2024 - 09:00

Blog

Hispanic Heritage Month, celebrated from September 15 to October 15 each year in the United States, is a time to honor and recognize the rich cultural contributions of Hispanic and Latin Americans. But it's not just a month of festivities; it's an opportunity for institutions like banks to deepen their connection with the Hispanic community and become allies in their financial journeys.

The Origins of Hispanic Heritage Month

Hispanic Heritage Month has its roots in the cultural celebrations of several Latin American countries. It begins on September 15, the anniversary of the independence of five countries: Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Mexico and Chile also celebrate their independence days on September 16 and September 18, respectively. Hispanic Heritage Month culminates with Día de la Raza, in observance of the arrival of Europeans to the Americas.

In the United States, Hispanic Heritage Month was officially established by law in 1988 to honor the diverse and vibrant contributions of Hispanic and Latin Americans to the nation's history, culture, and society. It's a time when communities across the country host events, art exhibitions, performances, and educational programs to showcase the richness of Hispanic culture.

Banks as Allies in the Hispanic Community

Banks play a pivotal role in the financial well-being of individuals and communities, and they have a unique opportunity to facilitate the fulfillment of financial and life goals within Hispanic communities. It is important for banks to not only acknowledge Hispanic Heritage Month, but also to cultivate Hispanic experiences. Banks can improve their engagement in a variety of ways:

1. Financial Inclusion

Many Hispanics face barriers to accessing financial services, including language barriers, lack of knowledge about banking options, and limited access to affordable financial products. Banks should address these challenges by providing bilingual services, offering financial literacy programs, and creating products tailored to the unique needs of Hispanic customers.

2. Representation Matters

When Hispanics see themselves reflected in the staff and leadership of financial institutions, it fosters trust and a sense of belonging—two factors of the relationship that are hard won, but easily lost. Banks should actively recruit and promote Hispanic employees, ensuring their voices are heard in decision-making processes. This diversity also allows banks to better understand and serve the unique financial needs of Hispanic communities.

3. Community Engagement

Hispanic Heritage Month is a great time for banks to engage with the community, but it’s certainly not the only time to engage. Hosting financial education workshops, partnering with local Hispanic organizations, and participating in cultural events are ways banks can demonstrate their commitment to the Hispanic community beyond just providing banking services. Earnestness and authenticity are the critical elements to community engagement; token efforts do more harm and can increase the impediments to building trust.

4. Accessible Services

Banks should ensure their services are accessible to all, including those with limited English proficiency. Offering over-the-phone or in-branch interpretation services can make banking more accessible for Hispanic customers, who may feel more comfortable speaking in their native language.

5. Tailored Products

Banks need to understand the financial goals, trends, and challenges of Hispanic customers, and then create products and services that align with those needs. Whether it’s mortgage programs, savings accounts, or small business loans, customization can go a long way in fostering lasting relationships.

Hispanic Heritage Month is an invaluable opportunity for banks and communities to celebrate and amplify the immeasurable contributions of Hispanic and Latin Americans to the fabric of the United States. For banks, it's also a call to action. By becoming allies and facilitators of Hispanic experiences at banks, financial institutions can empower this vibrant community to achieve their financial dreams.

The celebration of Hispanic Heritage Month shouldn't be confined to cultural events and festivals; it should extend to a commitment to financial inclusion, representation, and engagement. As banks actively—and compliantly—embrace these principles, they can build stronger relationships with Hispanic customers and contribute to the economic well-being of all communities they serve.

This month and beyond, let's celebrate not just the heritage but also the potential of Hispanic and Latin Americans, acknowledging their vital role in shaping our nation's past, present, and future.

Todd Wangaard

Global Program Director, Financial Services Consulting

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Financial Services

Finance & Banking

Hispanic Heritage Month: A Time of Reflection for Financial Service Organizations. 10 questions to ask yourself

juan.gonzalez — Thu, 29 Aug 2024 17:46:25 +0000

Hispanic Heritage Month: A Time of Reflection for Financial Service Organizations. 10 questions to ask yourself juan.gonzalez Thu, 08/29/2024 - 13:46

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Hispanic Heritage Month is here, and from September 15 to October 15, it is once again time to honor the rich and diverse contributions Hispanic and Latin Americans have woven into the fabric of the United States. While this month is a time for celebration, it should also serve as a time of reflection for Financial Service organizations. With Financial Services historically being so English language focused, every single financial organization has room to improve the support they provide to the Hispanic population they serve.

We have a prepared ten questions for your reflection:

What are we doing during Hispanic Heritage Month to celebrate our Hispanic employees and customers?
Do we offer in-language Spanish talk or chat support for Hispanic customers when they have an issue or need?
Are our website, online banking platform, ATM, and app optimized to support the Hispanic population we serve?
Do we offer any of our disclosures, loan applications, account information, etc. in Spanish?
How often do we provide in-language financial education assets to the Hispanic population?
Do our Hispanic customers see a reflection of themselves in our employees or marketing campaigns?
Do we keep track of our customer’s language preferences?
Do we monitor Hispanic customer acquisition and attrition?
What are we doing as an organization to support our Hispanic customers better than our peers?
Why should the Hispanic community want to bank with us?

If the answer for your organization is “no” or “I’m not sure” to at least one question above, it’s time to reach out to a ��ɫ Finance expert to learn how to better service a population so integral to the economic growth of the United States.

To chat more, reach out to us here!

Isabella Martel

Director of Strategic Accounts, Financial Services

Financial Services

Finance & Banking