I\u2019d like to welcome you to our “Spanish Website Translation for Financial Institutions Webinar”.<\/p>\n
It\u2019s an honor to have you all here. We will be using our time together sharing valuable information that you can use to generate significant value to your business<\/p>\n
This webinar is by no means a “one woman show”, so first i want to thank my wonderful team who helped make today a reality, especially Sheila and Dominic for their support and dedication to bringing high quality content to you today<\/p>\n
So, for those of you who haven\u2019t met me yet, I am Veronica Pastuch, executive vice president of translation operations here at MotionPoint. I\u2019ve worked in the language and localization industries for over 18 years, 16 of them helping localize over 1500 websites and working with countless fortune 500 customers.<\/p>\n
In case you were wondering where my is accent is from… Well… I was born & raised in Buenos Aires, Argentina. I moved to the us about 20 years ago to continue my education and to build a career that combines my passion of languages, technology, and social sciences.<\/p>\n
So yes, as an added bonus… I am a Hispanic immigrant in the us who has also experienced the challenges that we\u2019ll talk about today, particularly when navigating a financial services system that… Is quite different than that of Latin America.<\/p>\n
Needless to say, I am super excited to be sharing information with you today that\u2019s very near and dear to my heart so my intention for this webinar is that you leave informed and empowered to make decisions that will bring significant value to your companies and personally to your careers.<\/p>\n
We will be recording this webinar and we\u2019ll send you all the materials discussed today, so you can relax and enjoy… And not worry about taking notes.<\/p>\n
First, we will be learning<\/p>\n
When and why Spanish speakers are an underserved market for us based banks and credit unions<\/p>\n
Also, why Spanish speakers are dissatisfied with the financial information available to them<\/p>\n
We will be covering “the opportunity cost of not translating into Spanish”<\/p>\n
As well as “federal language compliance guidelines”<\/p>\n
And last but not least, my recommendations on how to translate websites for Spanish speakers<\/p>\n
So, let\u2019s get to it! There\u2019s a lot to cover<\/p>\n
Slide 2:<\/strong><\/p>\n Why are Spanish speakers an underserved market for US based Banks and Credit Union<\/p>\n Simply said, there isn\u2019t enough key financial information in Spanish from banks and credit unions and the fact is that the us Hispanic population continues to grow. This is a culture that values their heritage and language, and that will remain in the us for a long time.<\/p>\n In fact, 60.5 million Hispanics live in the U.S.<\/p>\n That means that 19% of the us population is or has Hispanic heritage… And almost all of them (95%) believe it\u2019s important for future generations to speak Spanish.<\/p>\n In the last 10 years, this segment of the population has grown 19% on average, and actually 26% in the U.S. South<\/p>\n When asked about their preferences,<\/p>\n 95% of Hispanics say it’s important that future generations speak Spanish<\/p>\n And they mean what they say, when we see that 80% of second-generation Hispanics speak fluent Spanish and that 73% of us Hispanics speak Spanish at home<\/p>\n However, the data also shows that the need is also significant, as<\/p>\n One-third of Hispanics speak English less than “very well” or at all. This means just under 20m us Hispanics can\u2019t consume English content online.<\/p>\n Slide 3<\/strong><\/p>\n The opportunity to better serve the Hispanic market is there, and we can\u2019t overlook the fact that us Hispanics have been thriving recently, in fact<\/p>\n Most Hispanic households earn more than $100,000 a year, an amount that has gone up 300% in the past 10 years.<\/p>\n Hispanic owned businesses are increasing at a significant faster pace than the us average.<\/p>\n And most importantly, 8\/10 Hispanics seek out financial information much more than the us average.<\/p>\n Slide 4<\/strong><\/p>\n Why are Hispanics dissatisfied with the financial information available to them?<\/p>\n A third of us Hispanics say that they\u2019re either unbanked or underbanked.<\/p>\n (for example only 50% have a checking or savings accounts vs 72% of Non-Hispanics)<\/p>\n The reality is that:<\/p>\n They have more problems accessing their funds because of a language and service barrier,<\/p>\n They are dissatisfied with the information available to them<\/p>\n And don\u2019t have enough information to know what services are right for them.<\/p>\n Slide 5<\/strong><\/p>\n So how can we better serve their needs?<\/p>\n Well, US Hispanics are seeking specific information:<\/p>\n Twice as many of us Hispanics want information about buying a home, compared to non-us Hispanics,<\/p>\n They\u2019re also twice as likely to invest in real estate, which makes offering them information about it even more lucrative.<\/p>\n They\u2019re also 1.5 times more likely to start a business and just as likely to invest in retirement accounts.<\/p>\n Slide 6<\/strong><\/p>\n So as businesses, what is the opportunity cost of not translating into Spanish?<\/p>\n Well…the US Hispanic market\u2019s banking intent…. Combined with how underserved it is, makes website translation a potential business catalyst for your bank or credit union.<\/p>\n The numbers tell us that<\/p>\n 67% of consumers with limited English proficiency prefer to transact online in their native language. But 40% prefer to read in their own language even if they know another.<\/p>\n 75% transact more than once when customer experiences are localized3 compared to 40% of people with limited English proficiency never transact on sites that aren\u2019t translated.<\/p>\n Slide 7<\/strong><\/p>\n So here is some insiders information you won\u2019t find anywhere else.<\/p>\n We looked at the data we\u2019ve recorded from our bank and credit union customers over the past year and we noticed that banks and credit unions saw a 30% YOY increase in web traffic to translated sites. And that Spanish language users generate more on-site engagement than English users.<\/p>\n 30% of web visitors are returning users and 70% are new users seeking information on products and services.<\/p>\n So, the numbers make sense from a macroeconomic perspective but these MotionPoint insights are telling that banks and credit unions can manage a big lift in engagement coming from translated sites for ourselves.<\/p>\n Slide 8<\/strong><\/p>\n The federal government is catching up to these statistics, and we now see that legislation is growing in this area.<\/p>\n We have an opportunity to get ahead of the curve and be the first ones to solve this business challenge<\/p>\n The consumer financial protection bureau (CFPB) recently issued language compliance guidelines.<\/p>\n Legislation would require lenders to provide translated materials.<\/p>\n Businesses that exploit limited English proficiency customers will have action enforced upon them.<\/p>\n And the us department of housing will penalize providers for discriminating based on language proficiency status<\/p>\n Slide 9<\/strong><\/p>\n Website translation is really hard as it needs to be marry translation and technology very well.<\/p>\n Buying linguistic and cultural fluency is challenging, but it can be done<\/p>\n Fluency in technology and a seamless combination of the two… That\u2019s much harder to find<\/p>\n That\u2019s because websites are becoming more and more complex, and technology needs to be able to:<\/p>\n Detect and capture all the content for translation<\/p>\n Be compatible with apps and dynamic content<\/p>\n Create a flawless user experience, that\u2019s fully functional<\/p>\n Must meet stringent security standards<\/p>\n Must incorporate workflows that allow for rapid access of the content for the translation team to be able to meet short turn around times<\/p>\n Slide 10<\/strong><\/p>\n Much of the complexity in translating websites for banks and credit unions has to do with the technical aspect of it.<\/p>\n While on the surface it may appear simple because what we see are elements like html, images, and documents, there is a whole different world underneath that requires a strong technology capable of handling:<\/p>\n Multiple tech stacks<\/p>\n Varied content sources and embedded tech like ajax and json<\/p>\n Secure applications<\/p>\n And progressive web apps<\/p>\n And we need to do all of that while ensuring that the user experience is flawless:<\/p>\n The text alignment needs to be right (as many languages are longer than English and the text tends to wrap on the page)<\/p>\n Navigation must be maintained<\/p>\n Metadata needs to be translated<\/p>\n On site search must work in the new language<\/p>\n And on top of that, we want to be able to localize and customize to the customer\u2019s preference<\/p>\n Slide 11<\/strong><\/p>\n So, what have we learned from that our banking and credit union customers are telling us?<\/p>\n It\u2019s that what they need help the most with is their ability to capture content from all these complex technologies.<\/p>\n And there are several ways that they prefer to do so. Some find that<\/p>\n Proxy technology is a great fit, because it enables them to have a fully functional translated website in Spanish with virtually no effort upfront or ongoing<\/p>\n Others prefer to use<\/p>\n CMS Connectors \u2013 for a customizable and scalable translation management<\/p>\n Or<\/p>\n Flexible APIs to leverage translated content for on-site and multichannel use<\/p>\n Slide 12<\/strong><\/p>\n My recommendation is that when selecting a vendor, you look for things such as:<\/p>\n Airtight security<\/p>\n Content detection – you want to make sure that all the content (but only the content that needs to be translated) is captured<\/p>\n That it provides a fully functional language experience with:<\/p>\n Intelligent Language Detection<\/p>\n Localized on Site Search<\/p>\n Global Site Maps<\/p>\n URL Translation<\/p>\n That allows you and your team the flexibility to be part of the translation workflow with easy to use editorial and localization tools<\/p>\n Slide 13<\/strong><\/p>\n MotionPoint has been doing this for the past 20+ years and we have been supporting 6 out of 10 top banks and credit unions offering an enterprise solution to translate websites, portals, images, videos, documents, apps and more<\/p>\n It\u2019s been an absolute pleasure having you here today, so now i am opening the floor up for questions.<\/p>\n","learn_more_cards":[{"learn_more_card_image":{"ID":18364,"id":18364,"title":"Technology-Guide.png","filename":"Technology-Guide.png","filesize":48664,"url":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide.png","link":"https:\/\/www.motionpoint.com\/resources\/videos\/motionpoint-webinar-spanish-website-translation-for-financial-institutions\/technology-guide\/","alt":"","author":"2","description":" \t","caption":"","name":"technology-guide","status":"inherit","uploaded_to":182069,"date":"2018-08-20 00:00:00","modified":"2021-09-21 19:11:58","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/www.motionpoint.com\/wp-includes\/images\/media\/default.png","width":394,"height":258,"sizes":{"thumbnail":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide-300x196.png","medium-width":300,"medium-height":196,"medium_large":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide.png","medium_large-width":394,"medium_large-height":258,"large":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide.png","large-width":394,"large-height":258,"1536x1536":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide.png","1536x1536-width":394,"1536x1536-height":258,"2048x2048":"https:\/\/www.motionpoint.com\/wp-content\/uploads\/Technology-Guide.png","2048x2048-width":394,"2048x2048-height":258}},"learn_more_card_heading":"The Technologist\u2019s Guide to Choosing a Website Translation Solution","learn_more_card_sub_heading":"The right translation solution does more than serve your global customers. 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