It appears that over 68% of customers are likely to move to a competitor if your business doesn’t speak the language they are comfortable with
The Unbabel Global Multilingual CX Report 2021 reveals that over 68% of customers are likely to move to a competitor brand if your business doesn’t speak the language they are most comfortable in. In fact, approximately 29% of businesses say that they have lost clients because they failed to offer support in the customer’s native language. In the intensely competitive financial services landscape, can you afford this?
While English might be the most commonly used language on the internet, it is only used on the World Wide Web by 25.3% of internet users. Chinese comes in a close second, being used by 19.8%. Despite this, 60.4% of the top 10 million websites are in English.
Importance of Speaking Customer’s Language
Today, customer experience is King. It can make or break your brokerage. Speaking your customer’s language is a key aspect of this experience. Here’s a look at how speaking your customer’s language can help your brokerage.
Expand Globally
By speaking the language of your customers, you can establish a strong footprint across geographies. Research shows that 74% of customers are more willing to use the services of a company that offers support in their native language. As a broker, consider offering not just multilingual customer support, but also educational and informative content in multiple languages to attract and retain customers across borders.
Customer Satisfaction
Customer satisfaction is the key to growing your business. Nelson Mandela once said, “If you talk to a man in the language he understands, that goes in his head. If you talk to him in his language, that goes to his heart.” So, when you provide information, support, news, and market research in your customers’ language, you can turn a one-time deposit maker into a repeat depositor in their trading account.
Avoid Miscommunication
Speaking the language of your customers reduces the risk of miscommunication. There are cultural differences that can change the connotation of certain words and phrases. This can be avoided when you provide content in the customer’s native language. In fact, Natural Language Processing is a technology that takes care of such linguistic differences to translate content seamlessly and automatically into multiple languages, saving you time, effort and costs.
Gain a Competitive Advantage
By providing services in multiple languages, you can stay a step ahead of the curve. You get to differentiate yourself as a broker who understands local nuances, needs, and preferences. This can help you attract and retain customers better. With a multilingual approach, you might just be motivating your competitors’ customers to switch to your side.
How to Speak Your Customer’s Language
Do you know how many languages are being spoken globally? More than 7,100! But the good news is that many of these languages are spoken in very small regions, and there are 12 major languages you need to worry about. Getting in-house teams to cater to even 12 different languages can be a logistic and financial nightmare for most brokers. Plus, getting market research, analysis and opinions translated means you need to hire analysts who can write in the target languages.
At Autochartist, we have simplified this entire process for you. AI and Machine Learning technologies sift through thousands of news events, economic releases, analyst opinions, market research and more to draw out useful insights. Natural Language Processing then helps create high-quality, grammatically accurate content in natural language. This means you can engage your customers across channels in the language they speak, including on social media.
Are you ready to expand the reach of your business across geographies with the power of original, accurate, real-time, multilingual content? Contact us to learn more.
