Millions of U.S. residents face significant challenges in managing their finances due to language barriers. This is not a small issue. It impacts a substantial portion of the population, making basic banking services inaccessible for many.
The consequences of these barriers are profound, pushing individuals towards expensive check-cashing services or causing them to miss out on financial opportunities that could enhance their well-being.
The Challenge: Language as a Barrier to Financial Inclusion
Remarkably, more than 12% of non-English-speaking households in the U.S. do not have bank accounts, with less than half of Latinx immigrants having one. This challenge is profound, as one in five U.S. residents speak a language other than English at home, with more than 25 million being considering limited English proficient (LEP).
The obstacles non-English speakers encounter are numerous, including complex financial documents, limited access to bilingual staff, and a general feeling of discomfort in bank branches.
Such challenges not only lead to higher fees and a lack of access to beneficial financial products, but also significantly impact individuals' financial health and inclusion.
PNC Bank: Breaking Down Language Barriers with Financial Translation
PNC Bank, with its extensive presence across 27 states and the District of Columbia, is at the forefront of addressing these challenges.
Committed to serving all customers regardless of language, PNC has turned to LanguageLine to ensure that language barriers do not hinder banking access.
When a non-English-speaking customer enters a PNC branch, they are connected with a LanguageLine interpreter who can create mutual understanding between parties. These interpreters are skilled in financial terminology and capable of assisting in the explanation of complex financial concepts.
The service is also available to those who call into a branch or the main PNC customer service line.
LanguageLine’s team of 20,000 professional interpreters provide language access in more than 240 languages. The service is available on-demand 24 hours a day, seven days a week. It can be accessed via phone, mobile device, or laptop.
Benefits of Bridging the Language Gap
The collaboration between PNC Bank and LanguageLine offers significant advantages for both the bank and its customers. For PNC, it means attracting a wider customer base, enhancing customer satisfaction, and unlocking potential growth opportunities. For customers, it translates to improved financial management, access to superior financial products, and a more positive overall banking experience.
As the U.S. continues to grow more linguistically diverse, the need for multilingual banking services becomes increasingly critical. PNC Bank's use of LanguageLine offers a blueprint for how financial institutions can better serve non-English speaking customers.
LanguageLine can improve communication at every touchpoint. We provide on-demand video interpreting for bank branches, translation of financial documents, and document simplification services to meet the requirements of the Dodd-Frank Act. We can also test bilingual staff for language proficiency and assess and train interpreter skills.
Interested in how LanguageLine can help your financial institution? Let’s talk solutions. We would very much like to learn more about the opportunities that exist within your organization. We invite you to contact us for a free consultation or quote.
