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Major Retail Banks Reach Out To Spanish-Speaking Consumers

The addition of Spanish content in their website is expected to spark interest in these firms’ deposit products and services and offer opportunities for growth

Over the past several years, 71% of the America’s major 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 US – reported Corporate Insight.

In its latest study on foreign language services, Corporate Insight has mentioned the efforts of a few banks that go beyond the basics to provide necessary web-based features to Spanish speakers. It has said that Bank of America, Citibank, Wells Fargo, FifthThird, Wachovia and JP Morgan Chase some of the major banks that are offering foreign language online banking services and over-the-counter phone translation services to the Spanish-speaking population.

Doug Miller, senior analyst for banking and cards at Corporate Insight, commented: “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,” explained. As the Spanish-speaking population of this country has grown 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.”

Corporate Insight currently provides a selection of syndicated research to 90% of the financial services companies within the Fortune 500, representing 70% of the brokerage industry and 60% of US banking assets.