Attention all banks, credit unions and other financial institutions in the Tri State Area, Greater LA, the Bay Area, Chicagoland, and more: This is for you! We have summarized the main points from an article published in American Banker, below, on how other banks are supporting Chinese speaking Americans, the rewards, and challenges they face.
An Underserved Market
Chinese speaking Americans make up a significant portion of the U.S. population, but a surprising number find themselves disconnected from mainstream banking. This is in large part due to language constraints and a lack of support.
Opportunity and Reward
Making your materials accessible in language is not a “luxury” but a necessity for your own growth. A parallel can be drawn from the Spanish market, where companies saw a surge of up to 25% in their customer base by merely accommodating language preferences. (study from the US Hispanic Chamber of Commerce).
The Cost of Inaction
Choosing to do nothing about supporting the Chinese community isn't just an opportunity missed - it is a business mistake. A lack of support in language deters potential clients, but it also risks alienating an already established customer base as highlighted by the experience of two banks mentioned in this article.
Basics and Being Creative
The most successful companies have gone above and beyond just providing language support. The essential components are still translating digital platforms, offering bilingual customer support, etc. One organization is implementing strategies like the "passbook" to resonate with their customers. Find more on it here.
For more information, reach out to the team today!