The non-mortgage lending sector, particularly in underserved and minority communities, remains largely untapped due to one often overlooked factor: language barriers. Banks that want to win in these markets need to focus on building trust by communicating in a way that makes their customers feel understood. What many executives don’t realize is that multilingual AI solutions can play a crucial role in addressing this issue and closing more non-mortgage loans.
Did You Know?
According to Pew Research, 67.3 million people in the U.S. speak a language other than English at home, representing nearly one-fifth of the population. Despite this, very few banks offer comprehensive multilingual loan services, resulting in a loss of potential borrowers. Non-mortgage loans—such as auto loans, personal loans, and small business loans—present a significant revenue opportunity, particularly for Spanish-speaking and Asian-American communities, which have higher rates of business ownership.
Opportunity to Monetize:
PathFinder’s AI-powered multilingual tools offer banks the ability to communicate with potential borrowers in their native language, increasing engagement and building trust. This leads to higher loan approval rates and greater customer satisfaction. For example, banks that have integrated multilingual capabilities into their lending platforms report an average 15% increase in loan approvals from non-English speaking clients.
The ability to offer done-for-you multilingual marketing means that banks can focus on closing deals, while PathFinder automates the outreach and engagement processes. In doing so, banks save time and resources, and can focus on scaling their non-mortgage portfolios in fast-growing, diverse communities.
Monetization Insight: By removing language barriers, you not only capture more loan approvals but also open doors to cross-selling opportunities such as credit cards, personal lines of credit, and insurance products to underserved customers.