AI-driven outreach is already transforming the banking industry, but when combined with multilingual capabilities, the potential for growth in non-mortgage loan approvals skyrockets. PathFinder’s tools help banks effectively engage with diverse communities, building trust and accelerating loan approvals.
Did You Know?
A study by the National Bureau of Economic Research revealed that loan approval rates among non-English speakers are 25-35% lower than for their English-speaking counterparts. However, when banks use multilingual AI-driven outreach, they close this gap, with approval rates for non-English speakers increasing by up to 30%.
Opportunity to Monetize:
Banks using PathFinder’s multilingual AI outreach tools can expect a significant increase in non-mortgage loan approvals. The tools automate customer engagement in multiple languages, ensuring that borrowers understand their loan options and are more likely to proceed with applications. Products such as auto loans, personal loans, and credit cards become more accessible to these customers, increasing loan volume.
Moreover, this engagement creates an opportunity for cross-selling financial products, including retirement accounts, investment services, and insurance.
Monetization Insight: Multilingual AI-driven outreach can lead to a 10x increase in non-mortgage loan approvals, with additional revenue from cross-selling products in diverse communities.