Building trust with underserved communities is critical to closing more non-mortgage loans. PathFinder’s multilingual AI solutions enable banks to connect with non-English speaking borrowers in a way that fosters trust and drives engagement.
Did You Know?
A recent survey found that 75% of minority borrowers feel more comfortable applying for loans when they can do so in their native language. Multilingual AI tools can help banks tap into this preference, increasing engagement and loan approval rates. For example, banks using these tools have seen a 20% increase in loan applications from non-English speaking communities.
Opportunity to Monetize:
Multilingual AI tools provide an opportunity for banks to significantly increase their non-mortgage loan approvals by building trust with diverse communities. PathFinder automates the outreach process, making it easy for borrowers to understand their loan options in their preferred language. This leads to higher approval rates for products such as personal loans, auto loans, and small business loans.
Additionally, banks can cross-sell products like insurance, savings accounts, and retirement plans, increasing the lifetime value of each customer.
Monetization Insight: Using multilingual AI solutions can increase non-mortgage loan approvals by 15-25%, with additional revenue from cross-selling financial products.