https://www.transperfect.com/ en Mon, 06 Oct 25 01:42:11 -0400 https://www.transperfect.com/blog/newcomers-canada-and-financial-confidence-gap-what-banks-insurers-need-know <span class="field field--name-title field--type-string field--label-hidden">Newcomers to Canada and the Financial Confidence Gap: What Banks & Insurers Need to Know</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>tanvi.channe</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2025-10-06T01:42:11-04:00" title="Monday, October 6, 2025 - 01:42" class="datetime">Mon, 10/06/2025 - 01:42</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-260963" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/newcomers-canada-and-financial-confidence-gap-what-banks-insurers-need-know"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="2000" height="1333" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/blog-fs%20%281%29%20%281%29.jpg?itok=HRHQrUCM 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="800" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/blog-fs%20%281%29%20%281%29.jpg?itok=s2JZcGGP 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="512" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/blog-fs%20%281%29%20%281%29.jpg?itok=gJGyIept 1x"/> <img loading="eager" width="2000" height="1333" alt="Banking & Insurance in Canada" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/blog-fs%20%281%29%20%281%29.jpg?itok=HRHQrUCM" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-260966" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-260965" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>For banks and insurers, serving newcomers isn’t just about opening an account or purchasing coverage—it’s about building confidence. Newcomers to Canada are eager to engage, but they face real challenges understanding financial systems and trusting advice. That lack of confidence directly impacts participation in saving, investing, and protecting their families. Recent research highlights just how wide this gap is, and why financial institutions need to act now.</p><h3>Banking for Newcomers to Canada: The Confidence Gap at a Glance</h3><p>According to <a href="https://stories.td.com/ca/en/news/2025-07-28-new-td-survey-reveals-76-25-of-newcomers-polled-fear-making-fi">TD Bank</a>’s Canada Newcomers 2025 survey, newcomers report higher financial anxiety than the general population. More than three in four (76%) worry about making a financial mistake, compared with 68% of the general population. They’re also less familiar with Canada’s financial systems: 38% say they have little or no understanding of banking basics and 51% say the same about investing. This uncertainty doesn’t just affect newcomers; it also reduces engagement with core financial products, delaying key decisions on saving, investing, and protection. Programs specifically designed for newcomers to Canada can bridge the gap and accelerate confidence.</p><p>This combination of financial stress, limited knowledge, and reluctance to ask for help shows that while newcomers are eager to engage, they face a steep learning curve. For banks in Canada, the message is clear: without proactive, culturally aware support, trust can erode at the very first interaction.</p><h3>Insurance Lens: Confidence and Coverage Gaps</h3><p>A companion survey from <a href="https://www.securiancanada.ca/content/dam/doc/sc/securian-canada-new-comers-report.pdf">Securian Canada</a> revealed that newcomers face an even deeper confidence gap when it comes to insurance. Fewer than half (49%) feel confident navigating their options, and only 9% describe themselves as “very confident.” Many worry about being misled (42%) or cite the cost and complexity of advice (33%) as barriers.</p><p>Coverage is another area of concern. One in five newcomers report having no insurance at all, and nearly 60% are underinsured. That includes a quarter without health or dental coverage and 40% of employed newcomers lacking disability insurance. For families, these gaps can translate into medical bills or lost wages without any safety net.</p><p>But newcomers do bring clear expectations about how they want to engage. More than half (53%) prefer to buy insurance online, and many express interest in tools for claims (39%), personalized recommendations (36%), and 24/7 support (36%). This digital-first mindset creates both a challenge and an opportunity: Providers that deliver seamless online experiences will gain loyalty, while those that lag risk losing relevance.</p><h3>Why This Matters</h3><p>The takeaway from both surveys is clear: confidence drives participation. When newcomers to Canada feel uncertain about banking or insurance, they hold back from saving, investing, and protecting themselves. But when institutions step in with clear guidance, trust-building support, and accessible tools, confidence grows—and so does economic participation. For banks and insurers, that gap represents an opportunity to build lasting trust and loyalty by focusing on three priorities:</p><ul><li><strong>Clarity:</strong> Plain-language, in-language resources that demystify banking, investing, and coverage basics. For example, a short multilingual video explaining credit scores can help newcomers avoid costly mistakes.</li><li><strong>Trust:</strong> Transparent advice and easy access to human help when customers need it. This might mean offering dedicated newcomer advisors or contact-center lines in multiple languages.</li><li><strong>Growth:</strong> Confident customers not only make better financial decisions, they also contribute more fully to Canada’s long-term economic growth.</li></ul><h3>Closing the Confidence Gap</h3><p>Newcomers don’t just need products, they need confidence. That confidence comes from being able to understand their options, get guidance they can trust, and manage their finances in ways that fit their lives. For banks and insurers, that means:</p><ul><li><strong>Support</strong> in multiple languages—whether in branches, over the phone, or online.</li><li><strong>Financial literacy resources</strong> that explain banking, investing, and insurance in plain, accessible language.</li><li><strong>Digital-first tools</strong> that make it simple to manage accounts, file claims, or ask questions anytime.</li></ul><p>At TransPerfect, we help financial institutions make this happen. Through multilingual content, seamless onboarding, and customer support, we partner with banks and insurers to build trust, remove barriers, and empower newcomers to thrive.</p><p><a href="https://www.transperfect.com/industries/finance-and-banking" target="_blank" rel="noopener noreferrer">Learn how we can help you close the confidence gap for your customers.</a></p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">By Brianna Farrell</div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Director of Strategic Accounts- Financial Services</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Mon, 06 Oct 2025 05:42:11 +0000 tanvi.channe 62992 at https://www.transperfect.com https://www.transperfect.com/blog/hispanic-heritage-month-time-reflection-financial-service-organizations-10-questions-ask <span class="field field--name-title field--type-string field--label-hidden">Hispanic Heritage Month: A Time of Reflection for Financial Service Organizations. 10 questions to ask yourself</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>juan.gonzalez</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2025-08-26T13:46:25-04:00" title="Tuesday, August 26, 2025 - 13:46" class="datetime">Tue, 08/26/2025 - 13:46</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-226421" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/hispanic-heritage-month-time-reflection-financial-service-organizations-10-questions-ask"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="1500" height="857" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/Hispanic-Heritage-Month2.jpg?itok=-BLhFci7 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="686" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/Hispanic-Heritage-Month2.jpg?itok=HpwXfu7L 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="439" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/Hispanic-Heritage-Month2.jpg?itok=JLWVcp0l 1x"/> <img loading="eager" width="1500" height="857" alt="Hispanic Heritage Month" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/Hispanic-Heritage-Month2.jpg?itok=-BLhFci7" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-226424" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-226423" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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. <span> </span>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.<o:p></o:p></p><p>We have a prepared ten questions for your reflection: <span> </span><o:p></o:p></p><ul style="list-style-type:disc;"><li>What are we doing during Hispanic Heritage Month to celebrate our Hispanic employees and customers? <o:p></o:p></li><li>Do we offer in-language Spanish talk or chat support for Hispanic customers when they have an issue or need?<o:p></o:p></li><li>Are our website, online banking platform, ATM, and app optimized to support the Hispanic population we serve? <o:p></o:p></li><li>Do we offer any of our disclosures, loan applications, account information, etc. in Spanish? <o:p></o:p></li><li>How often do we provide in-language financial education assets to the Hispanic population?<o:p></o:p></li><li>Do our Hispanic customers see a reflection of themselves in our employees or marketing campaigns? <o:p></o:p></li><li>Do we keep track of our customer’s language preferences?<o:p></o:p></li><li>Do we monitor Hispanic customer acquisition and attrition? <o:p></o:p></li><li>What are we doing as an organization to support our Hispanic customers better than our peers? <o:p></o:p></li><li>Why should the Hispanic community want to bank with us? <o:p></o:p></li></ul><p>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 TransPerfect Finance expert to learn how to better service a population so integral to the economic growth of the United States. <o:p></o:p></p><p>To chat more, reach out to us <a href="https://www.transperfect.com/industries/finance-and-banking" target="_blank">here</a>! <o:p></o:p></p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Isabella Martel</div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Director of Strategic Accounts, Financial Services</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Tue, 26 Aug 2025 17:46:25 +0000 juan.gonzalez 54693 at https://www.transperfect.com https://www.transperfect.com/blog/april-financial-literacy-month-your-organization-ready <span class="field field--name-title field--type-string field--label-hidden">April is Financial Literacy Month. Is Your Organization Ready?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>tanvi.channe</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2025-03-06T03:37:06-05:00" title="Thursday, March 6, 2025 - 03:37" class="datetime">Thu, 03/06/2025 - 03:37</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-242033" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/april-financial-literacy-month-your-organization-ready"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="2000" height="1000" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/shutterstock_2270618001.jpg?itok=4_KsrmSB 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="600" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/shutterstock_2270618001.jpg?itok=_6UpaWtf 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="384" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/shutterstock_2270618001.jpg?itok=vDa8g5k5 1x"/> <img loading="eager" width="2000" height="1000" alt="Financial Literacy Month" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/shutterstock_2270618001.jpg?itok=4_KsrmSB" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <div class="clearfix paragraph paragraph--type--d-p-blog-text paragraph--view-mode--default"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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.</p><h3>Worksheets & Handouts</h3><p>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. <br>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.</p><h3>Webinars</h3><p>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. <br>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.</p><h3>Social Media</h3><p>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.<br>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.</p><h3>Podcasts</h3><p>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.</p><h3>Games</h3><p>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.</p><h3>Need help improving your inclusivity and accessibility this Financial Literacy month?</h3><p>Look no further than TransPerfect. 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!</p></div> </div> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Thu, 06 Mar 2025 08:37:06 +0000 tanvi.channe 58549 at https://www.transperfect.com https://www.transperfect.com/blog/emerging-trends-commercial-lending-ai-localization-and-inclusion <span class="field field--name-title field--type-string field--label-hidden">Emerging Trends in Commercial Lending: AI, Localization, and Inclusion</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>tanvi.channe</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2025-02-04T03:37:32-05:00" title="Tuesday, February 4, 2025 - 03:37" class="datetime">Tue, 02/04/2025 - 03:37</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-234395" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/emerging-trends-commercial-lending-ai-localization-and-inclusion"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="2000" height="1127" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/shutterstock_2327658919%20%282%29.jpg?itok=vbCHVh_M 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="676" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/shutterstock_2327658919%20%282%29.jpg?itok=5abrMHpX 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="433" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/shutterstock_2327658919%20%282%29.jpg?itok=3eszhN7- 1x"/> <img loading="eager" width="2000" height="1127" alt="Ai blog" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/shutterstock_2327658919%20%282%29.jpg?itok=vbCHVh_M" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-234396" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-233873" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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.</p><h3>1. Personalized and Localized Customer Experiences</h3><p>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 <strong>LEP programs</strong> (Limited English Proficiency) come into play.</p><p><strong>Why LEP Programs Matter:</strong></p><ul><li><strong>Inclusivity:</strong> They allow non-native English speakers to access loan products, fostering financial inclusion.</li><li><strong>Compliance:</strong> Many regions mandate language accessibility in financial services to meet regulatory requirements.</li><li><strong>Enhanced Customer Trust:</strong> Borrowers feel valued when they can interact in their preferred language, leading to stronger relationships and brand loyalty.</li></ul><p>By integrating localization efforts into digital tools and customer service, lenders can reach broader demographics and address underserved markets effectively.</p><h3>2. Expansion of Alternative Lending Platforms</h3><p>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.</p><h3>3. Sustainable and Socially Responsible Lending</h3><p>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.</p><h3>4. Enhanced Risk Management Through AI-Powered Data Analytics</h3><p>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.</p><h3>5. Compliance with Evolving Regulations</h3><p>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.</p><h3>The Business Case for LEP Programs in Lending</h3><ul><li><strong>Market Growth:</strong> LEP populations are a rapidly expanding segment, offering significant untapped lending opportunities.</li><li><strong>Brand Differentiation: </strong>Demonstrating inclusivity through LEP programs positions lenders as leaders in corporate social responsibility.</li><li><strong>Operational Benefits: </strong>LEP-friendly processes can improve overall borrower satisfaction and reduce friction during the lending journey.</li></ul><p>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.</p><p><br> </p><p>Ready to shape your strategy? Let’s talk!</p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Samantha Weinstein </div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Account Executive | Financial Services </div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Tue, 04 Feb 2025 08:37:32 +0000 tanvi.channe 57879 at https://www.transperfect.com https://www.transperfect.com/blog/how-managed-services-empower-fast-growing-fintechs-and-digital-banks-financial-services <span class="field field--name-title field--type-string field--label-hidden">How Managed Services Empower Fast-Growing Fintechs and Digital Banks</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>tanvi.channe</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2024-12-09T04:02:10-05:00" title="Monday, December 9, 2024 - 04:02" class="datetime">Mon, 12/09/2024 - 04:02</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-234395" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/how-managed-services-empower-fast-growing-fintechs-and-digital-banks-financial-services"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="2000" height="1333" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/digital-bank%20%281%29%20%281%29.jpg?itok=cMLfnAT9 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="800" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/digital-bank%20%281%29%20%281%29.jpg?itok=5HkRAjGB 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="512" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/digital-bank%20%281%29%20%281%29.jpg?itok=B-HAdXTS 1x"/> <img loading="eager" width="2000" height="1333" alt="how-managed-services-empower-fast-growing-fintechs" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/digital-bank%20%281%29%20%281%29.jpg?itok=cMLfnAT9" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-234396" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-233873" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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.</p><p>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.</p><h3>Resources for Short- to Mid-Term Projects</h3><p>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.</p><h3>Resource Planning Sales & Marketing</h3><p>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.</p><h3>Insights and Performance Marketing</h3><p>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.</p><h3>Strategy and Execution for Customer Funnels</h3><p>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.</p><h3>AI-Driven Content Strategy (LLMs & AI Engines)</h3><p>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.</p><h3>Why Partnering with MSPs Makes Sense</h3><p>Managed services programs bring specialized expertise, scalability, and flexibility, enabling fintech's and digital banks to focus on their core innovations. By leveraging TransPerfect 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.</p><h4>Ready to learn more? Get in touch today!</h4></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Mariana Ordonana </div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Director, Business Development Financial Services</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Mon, 09 Dec 2024 09:02:10 +0000 tanvi.channe 56692 at https://www.transperfect.com https://www.transperfect.com/blog/expected-2025-business-strategies-financial-services <span class="field field--name-title field--type-string field--label-hidden">Expected 2025 Business Strategies for Financial Services. Are They on Your Radar?</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>jpressman</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2024-12-06T10:05:19-05:00" title="Friday, December 6, 2024 - 10:05" class="datetime">Fri, 12/06/2024 - 10:05</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-233871" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/expected-2025-business-strategies-financial-services"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/png" width="960" height="566" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/tl-finance-blog.png?itok=wuAZAxui 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/png" width="960" height="566" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/tl-finance-blog.png?itok=cWnW_nzg 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/png" width="768" height="453" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/tl-finance-blog.png?itok=aTUpOsGR 1x"/> <img loading="eager" width="960" height="566" alt="tl-finance-blog" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/tl-finance-blog.png?itok=wuAZAxui" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-233874" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-233873" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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? </p><p>TransPerfect 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. </p><p>Across the financial services industry, we’ve identified four areas critical to 2025 business strategies—and how TransPerfect can support them.</p><h3>Digital</h3><p><strong>The digital maturity of your organization directly impacts customer acquisition and satisfaction.</strong></p><p>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. </p><p><strong>How TransPerfect can help:</strong> TransPerfect 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.</p><h3>Customer Experience</h3><p><strong>Investing in and optimizing CX channels drives customer retention and financial performance.</strong></p><p>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. </p><p><strong>How TransPerfect can help:</strong> TransPerfect 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.</p><h3>Financial Inclusion</h3><p><strong>Serving historically underserved markets fosters economic growth, stability, and loyalty.</strong></p><p>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. </p><p><strong>How TransPerfect can help:</strong> TransPerfect 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.  </p><h3>Data Collection</h3><p><strong>Effective data collection and analysis can set you apart in a competitive financial landscape.</strong></p><p>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. </p><p><strong>How TransPerfect can help:</strong> TransPerfect 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.</p><p> </p><p>If you’ve been tasked with achieving goals in any of these four areas, connect with a TransPerfect 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. </p><p>Get in touch <a href="https://www.transperfect.com/industries/finance-and-banking">today</a>!</p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">By Isabella Martel, Director, Strategic Accounts, TransPerfect Financial </div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Fri, 06 Dec 2024 15:05:19 +0000 jpressman 56561 at https://www.transperfect.com https://www.transperfect.com/blog/how-managed-services-empower-fast-growing-fintechs <span class="field field--name-title field--type-string field--label-hidden">How Managed Services Empower Fast-Growing Fintechs</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>tanvi.channe</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2024-12-03T04:43:30-05:00" title="Tuesday, December 3, 2024 - 04:43" class="datetime">Tue, 12/03/2024 - 04:43</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-233861" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/how-managed-services-empower-fast-growing-fintechs"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="800" height="405" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/shutterstock_2045138555.jpg?itok=AC0kjqFl 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="800" height="405" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/shutterstock_2045138555.jpg?itok=fJIHHqx0 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="389" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/shutterstock_2045138555.jpg?itok=9MLWavRK 1x"/> <img loading="eager" width="800" height="405" alt="How Managed Services Empower Fast-Growing Fintechs" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/shutterstock_2045138555.jpg?itok=AC0kjqFl" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-233864" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-233863" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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.</p><h3>Resources for Short- to Mid-Term Projects</h3><p>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.</p><h3>Resource Planning Sales & Marketing</h3><p>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.</p><h3>Insights and Performance Marketing</h3><p>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.</p><h3>Strategy and Execution for Customer Funnels</h3><p>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.</p><h3>AI-Driven Content Strategy (LLMs & AI Engines)</h3><p>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.</p><h3>Why Partnering with MSPs Makes Sense</h3><p>Managed services programs bring specialized expertise, scalability, and flexibility, enabling fintechs to focus on their core innovations. By leveraging TransPerfect 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.</p><p>By aligning strategy, execution, and technology, MSPs empower fintechs to thrive in a competitive, rapidly evolving market.</p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Mariana Ordonana </div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Director, Business Development Financial Services</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Tue, 03 Dec 2024 09:43:30 +0000 tanvi.channe 56558 at https://www.transperfect.com https://www.transperfect.com/blog/how-generative-ai-transforming-content-publishing-financial-services <span class="field field--name-title field--type-string field--label-hidden">How Generative AI is Transforming Content Publishing in Financial Services</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>juan.gonzalez</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2024-11-05T09:33:11-05:00" title="Tuesday, November 5, 2024 - 09:33" class="datetime">Tue, 11/05/2024 - 09:33</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-231743" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/how-generative-ai-transforming-content-publishing-financial-services"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="1300" height="867" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/How%20Generative%20AI%20is%20Transforming%20Content%20Publishing%20in%20Financial%20Services.jpg?itok=5sQjHFJh 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="800" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/How%20Generative%20AI%20is%20Transforming%20Content%20Publishing%20in%20Financial%20Services.jpg?itok=YBrh8RYT 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="512" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/How%20Generative%20AI%20is%20Transforming%20Content%20Publishing%20in%20Financial%20Services.jpg?itok=TOBeJAEe 1x"/> <img loading="eager" width="1300" height="867" alt="How Generative AI is Transforming Content Publishing in Financial Services" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/How%20Generative%20AI%20is%20Transforming%20Content%20Publishing%20in%20Financial%20Services.jpg?itok=5sQjHFJh" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-231746" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-231745" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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: <strong>How can we leverage generative AI without risking our brand's reputation and credibility?</strong></p><p>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?</p><h3>Beyond Cost: Key Advantages of Generative AI in Financial Content</h3><p>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:</p><ol><li><strong>Accelerated Time to Market</strong></li></ol><p>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.</p><ol start="2"><li><strong>Optimized Budget Allocation</strong></li></ol><p>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.</p><ol start="3"><li><strong>Continuous Improvement Through Machine Learning</strong></li></ol><p>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.</p><h3>The Future of Content in Financial Services</h3><p>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.</p><p>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 TransPerfect. We’re here to support your journey in making AI an integral, cost-effective part of your content strategy. <a href="mailto:TPTFS@Transperfect.com">Give us a shout</a> if you’d like to chat more!</p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Rahul Fernandes</div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Financial Services Account Manager</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Tue, 05 Nov 2024 14:33:11 +0000 juan.gonzalez 56025 at https://www.transperfect.com https://www.transperfect.com/blog/reflection-recap-nahrep-san-diego-2024 <span class="field field--name-title field--type-string field--label-hidden">A Reflection & Recap of NAHREP San Diego 2024</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>juan.gonzalez</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2024-10-01T08:39:45-04:00" title="Tuesday, October 1, 2024 - 08:39" class="datetime">Tue, 10/01/2024 - 08:39</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-229089" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/reflection-recap-nahrep-san-diego-2024"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/jpeg" width="1539" height="1000" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/san-diego.jpg?itok=OC6f0E6M 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/jpeg" width="1200" height="780" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/san-diego.jpg?itok=QfeXrYJ1 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/jpeg" width="768" height="499" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/san-diego.jpg?itok=IJ5MCAUU 1x"/> <img loading="eager" width="1539" height="1000" alt="San Diego" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/san-diego.jpg?itok=OC6f0E6M" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-229092" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-229091" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>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.</p><p>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).</p><p>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:</p><ul><li>In the next 20 years, 70% of the mortgage growth in the US will be from Hispanic/Latino buyers.</li><li>Brands MUST covet this economy if they want to be relevant. Those that don’t will suffer the fate of dinosaurs.</li><li>Product diversification is more relevant than ever. Latinos/Hispanics represent a tremendous growth in private wealth/wealth management access.</li><li>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.</li><li>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. .</li><li>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.</li><li>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.<br> </li></ul><p>Want to chat more? Contact us <a href="https://www.transperfect.com/industries/finance-and-banking">here</a>.</p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Avery Sturtevant</div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Regional Director, TransPerfect Financial Services</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Tue, 01 Oct 2024 12:39:45 +0000 juan.gonzalez 55360 at https://www.transperfect.com https://www.transperfect.com/blog/financial-service-coalition-seeks-changes-language-rules-regulation-x-revamp <span class="field field--name-title field--type-string field--label-hidden">Financial Service Coalition Seeks Changes to Language Rules in Regulation X Revamp</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>muna.abdulkader</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2024-09-27T09:14:59-04:00" title="Friday, September 27, 2024 - 09:14" class="datetime">Fri, 09/27/2024 - 09:14</time> </span> <div class="field field--name-field-blog-category field--type-entity-reference field--label-hidden field__item">Blog</div> <div class="field field--name-field-blog-media-main field--type-entity-reference-revisions field--label-hidden field__item"> <section id="paragraph-t_com_image-228557" class="wrapper-t_com_image"> <div class="clearfix paragraph com-image paragraph--type--t-com-image paragraph--view-mode--default"> <div class="container"> <a href="https://www.transperfect.com/blog/financial-service-coalition-seeks-changes-language-rules-regulation-x-revamp"> <div class="field field--name-field-t-com-image field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 1201px)" type="image/png" width="1930" height="879" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/finance%20blog.png?itok=h27ROIXa 1x"/> <source media="all and (min-width: 993px) and (max-width: 1200px)" type="image/png" width="1200" height="547" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/finance%20blog.png?itok=o8KMZnO6 1x"/> <source media="all and (min-width: 577px) and (max-width: 768px)" type="image/png" width="768" height="350" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/finance%20blog.png?itok=XYgxJuei 1x"/> <img loading="eager" width="1930" height="879" alt="an overhead picture of a stop sign formed by people" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/finance%20blog.png?itok=h27ROIXa" /> </picture> </div> </div> </div> </a> </div> </div> </section> </div> <div class="field field--name-field-blog-sections field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-t_post_info-228560" class="wrapper-t_post_info theme-default margin-bottom-default margin-top-default padding-bottom-default padding-top-default"> <div class="clearfix t-post-info paragraph content-moved-inside paragraph--type--t-post-info paragraph--view-mode--default"> <div class="t-post-info-inner"> <div class="t-post-info-content"> <div class="field field--name-field-t-post-info-content field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-228559" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p><span>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.</span></p><ul style="margin-top:0in;" type="disc"><li><strong>Language Access Requirements:</strong> 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.<o:p></o:p></li><li><strong>Fee Restrictions:</strong> 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.<o:p></o:p></li><li><strong>Dual Tracking:</strong> 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.<o:p></o:p></li></ul><p><span>Leading financial institutions large and small are navigating these changes, one at a time OR wholesale, by: <o:p></o:p></span></p><p><span><strong>Empowering the enterprise to be multilingual now and in the future </strong></span><span style="font-family:Wingdings;"><strong>à</strong></span><span> Communicating effectively with LEP borrowers <o:p></o:p></span></p><ul style="list-style-type:disc;"><li><span><u>Education</u>: Translating key documents, financial literacy material, and blogs into Spanish and, in some cases, languages that support other large LEP demographics <o:p></o:p></span></li><li><span><u>Opportunity with customer intent and funne</u>l: 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<o:p></o:p></span></li><li><span><u>Customer acquisition marketing</u>: Ensuring marketing and informational materials are available in the necessary languages<o:p></o:p></span></li><li><span><u>Product delivery</u>: Enabling UIs in Spanish and other languages for improved product access and reduced operational support costs for customers that have questions </span></li></ul><p><span><strong>Using automated technology to their advantage</strong> </span><span style="font-family:Wingdings;"><strong>à</strong></span><span> Tracking and managing borrowers' language preferences across multiple touchpoints<o:p></o:p></span></p><ul style="list-style-type:disc;"><li><span><u>Technology integration</u>: Providing platforms that store and manage borrower language preferences to ensure smooth communication, even if servicing transfers</span></li></ul><p><span><strong>Maintaining LEP compliance</strong> </span><span style="font-family:Wingdings;"><strong>à</strong></span><span> Staying compliant with CFPB mandates <o:p></o:p></span></p><ul style="list-style-type:disc;"><li><span><u>Auditable workflows</u>: Ensuring all interactions with LEP borrowers are recorded to meet regulatory standards<o:p></o:p></span></li><li><span><u>Tailored language programs</u>: Building customized programs to meet operational requirements and avoid non-compliance</span></li></ul><p><span><strong>Ensuring cultural competency</strong> </span><span style="font-family:Wingdings;"><strong>à</strong></span><span> Enhancing cultural and linguistic awareness<o:p></o:p></span></p><ul style="list-style-type:disc;"><li><span><u>Staff training</u>: Improving LEP borrower satisfaction and regulatory compliance</span></li></ul><p><span>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. </span></p><p><span lang="EN-GB" dir="ltr">Want to chat more? Reach out to </span><a href="mailto:tptfinancial@transperfect.com"><span lang="EN-GB" dir="ltr">tptfinancial@transperfect.com</span></a><span lang="EN-GB" dir="ltr"> </span><o:p></o:p></p></div> </div> </div> </section> </div> </div> </div> <div class="t-post-info-author"> <div class="t-post-info-author-image"> </div> <div class="t-post-info-author-content"> <div class="field field--name-field-t-post-info-author-name field--type-string field--label-hidden field__item">Jady Bailey</div> <div class="field field--name-field-t-post-info-author-pos field--type-string field--label-hidden field__item">Account Executive | Financial Services</div> </div> </div> </div> </div> </section> </div> </div> <div class="field field--name-field-blog-topic field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/blog/category/financial-services" hreflang="en">Financial Services</a></div> </div> <div class="field field--name-field-blog-industries-categories field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/resources/category/finance-banking" hreflang="en">Finance & Banking</a></div> </div> Fri, 27 Sep 2024 13:14:59 +0000 muna.abdulkader 55227 at https://www.transperfect.com