Retail Banks Improve Outreach to Spanish-Speaking Consumers
Posted September 2, 2009on:
With Bank of America leading the firms offering Spanish language sites the race is on for big business to address the Spanish speaking population.
Over the past several years, 71% of the nation’s largest online and click-and-mortar banks have added foreign language content to their public websites, providing important product information and services in Spanish for the approximately 45 million Hispanic Americans living in the United States. The addition of this content should spark greater interest in these firms’ deposit products and services and offer opportunities for growth, a key objective given today’s challenging business conditions in the retail banking industry.
Recent immigrants to the United States are often identified as ‘under-banked,’ which is unsurprising since most banking information and services have traditionally been offered almost exclusively in English. As the Spanish-speaking population of the USA grows in both size and affluence, top retail banks have come to recognize the importance of serving this group through Spanish language site content, customer service support and account statements.