Why Financial Service Leaders Should Care About Limited English Proficiency Clients
The journey to homeownership is a significant milestone often fraught with complexities. For many, the process is challenging enough; but for non-English speakers, these challenges multiply. The Urban Institute highlights the intricacies of the homebuying process, noting that language barriers add a layer of difficulty for many prospective buyers. According to their research, these barriers can lead to misunderstandings, miscommunications, and ultimately, missed opportunities.
Language barriers can prevent potential buyers from fully understanding their mortgage options, legal rights, and the various steps required in the homebuying process. This gap in understanding can result in less favorable loan terms or even the abandonment of the homeownership pursuit altogether. Financial service providers who neglect this aspect risk alienating a significant and growing market segment.
Recognizing this critical issue, TransPerfect hosted a webinar featuring Arlyn Kalinski, SVP of Fair & Equitable Lending Strategies at Guaranteed Rate. Kalinski shared valuable insights into their approach to building an inclusive customer journey, specifically by offering services in Spanish. This forward-thinking strategy not only helps break down language barriers but also demonstrates a commitment to equitable service delivery. By implementing a limited English proficiency (LEP) program, financial institutions can better serve their diverse clientele and enhance customer satisfaction. Listen in to the webinar here.
Moreover, addressing the needs of LEP clients is not just a matter of regulatory compliance or corporate responsibility; it makes sound business sense. As the population of non-English speakers continues to grow, so does their purchasing power. Financial institutions that proactively develop strategies to engage with these clients can tap into a significant market opportunity, fostering loyalty and driving growth.
For those interested in exploring this topic further, we invite you to join us at GlobalLink NEXT in NYC on June 25–26. This event will provide a unique opportunity to gain insights from industry leaders and discover how emerging AI technologies can enhance your customer acquisition and support functions, among other benefits. By embracing these innovations, financial service providers can improve their outreach and service delivery, ensuring they meet the needs of all clients, regardless of language proficiency.
