Let’s be honest—money talks, but what happens when your customers don’t fully understand the language your money is speaking? In a country where over 68 million people speak a language other than English at home, the financial industry has a language issue it needs to address. And it’s a big one.

The Risks of Language Gaps in the Financial Industry

I’ve spent nearly three decades working in multicultural communications, and I’ve seen up-close-and-personal how language gaps erode trust and accessibility. Nowhere is this more evident than in the banking sector. It’s one thing to translate an ad or post bilingual signage. It’s another to build a multilingual infrastructure that actually serves people where they are, with dignity, clarity, and cultural competence. Allow me to expand.

When banking services aren’t accessible in a client’s preferred language, the risks go beyond missed opportunities. We’re talking about financial exclusion, misinformed decisions, and costly mistakes. People may sign contracts they don’t fully understand. They might avoid financial services altogether out of fear or confusion. And banks lose out on entire communities of loyal, long-term customers.

This isn’t just a social issue—it’s a business issue. According to the FDIC, Hispanic (multilingual) households are among the disproportionately unbanked and underbanked populations. If the industry is serious about closing this gap, language access can’t be an afterthought. It must be a core business strategy.

Unfortunately, adding a “Select Language” toggle on your website isn’t enough. True multilingual banking means:

  • Hiring ACTFL® certified bilingual frontline staff who can guide clients through complex processes to ensure that language accessibility is embedded in every touchpoint—online, on the phone, and in person.
  • Offering financial literacy programs in multiple languages.
  • Providing translated legal documents, not just marketing materials.
  • Training employees in cultural fluency, not just language basics.

Build Trust with Your Clientele by Speaking Their Language

Trust is currency in banking. And trust is built through understanding. When a customer walks into a branch and is greeted in their native language, there’s an immediate emotional shift. Walls come down. Questions surface. Conversations begin. That connection can be the difference between a missed opportunity and a lifelong client.

It’s time for banking leaders to move from good intentions to intentional action. It’s a win-win for all parties involved. This is especially critical for first-generation Latinos, many of whom come from a culture where banks aren’t traditionally seen as trustworthy. For these customers, a language barrier doesn’t just block a transaction—it reinforces an unsavory feeling that they don’t belong in the financial system. When banks cater to multilingual customers through language proficiency, they tap into market segments that are often ignored and up for grabs.

 Recommendations for Making Your Services Accessible

Here’s where to start:

  1. Audit your business’s language accessibility, evaluating how well your institution is currently serving non-English speakers at every touchpoint.
  2. Invest in ACTFL Proficiency Assessments to ensure your team has the language and cultural skills needed to serve Limited English Proficiency (LEP) communities.
  3. Collaborate with community organizationswho are trusted messengers in the co-creation of financial education resources in relevant languages.
  4. Celebrate multilingual employeesrecognizing that they’re your competitive advantage.

Multilingual banking is about reimagining the role of financial institutions in a multilingual society. It’s about saying to your customers, “We see you. We hear you. We speak your language.”  The question isn’t whether we can afford to prioritize language access. The question is—can we afford not to?

Sources

Dietrich, Sandy and Hernandez, Erik. “Nearly 68 Million People Spoke a Language Other Than English at Home in 2019”, U.S. Census. December 06, 2022. https://www.census.gov/library/stories/2022/12/languages-we-speak-in-united-states.html

Siles, Marcelo. “Latinos and the United States Banking System”, Michigan State University Julian Samora Research Institute. Accessed on May 15, 2025. https://jsri.msu.edu/publications/nexo/vol-xxv/no-2-spring-2022/latinos-and-the-united-states-banking-system

“Why Does Cash Remain King in Latin America and the Caribbean?”, The Dialogue – Leadership for the Americas. Accessed on May 15, 2025. https://thedialogue.org/analysis/why-does-cash-remain-king-in-latin-america-and-the-caribbean

Samí Haiman-Marrero is the President/CEO of URBANDER, a Minority and Women Business Enterprise (MWBE) solution-based agency that assists the corporate, nonprofit and government sectors overcome their Diversity, Equity, Inclusion and Multicultural Marketing challenges. Under Samí’s leadership, URBANDER was awarded with the Orlando Business Journal’s 2020 Diversity In Business “Helping Hand” Award for their caused-based work and its impact on underrepresented and underserved communities.

Samí is one of the nation’s leading experts specializing in the U.S. Hispanic market. Her career started over 25 years ago working in Public Relations, Marketing and Publishing companies headquartered in New York City. Career highlights include handling the first-ever Spanish language media effort for a U.S. Presidential candidate which led to winning the highly coveted Hispanic vote in 1996, becoming the Publisher of a national Spanish-language magazine, and being interviewed by international, national and regional media such as The Wall Street Journal, El Nuevo Día (Puerto Rico), Huffington Post, MSNBC, Florida Trend magazine, NBCnews.com, and Canada’s CBC News, regarding the Latino experience in the U.S.

Haiman-Marrero holds a Master’s in Communications from the University of Puerto Rico, and was recognized as one of the 25 Most Influential Hispanics in Central Florida in 2016 by VISION Magazine. She has served on several prestigious boards such as Visit Orlando, United Arts, the Hispanic American Professional and Business Women’s Association, the Hispanic Business Initiative Fund’s TAC committee (Orlando chapter), the University of Central Florida’s Office of Diversity and Inclusion (ODI) Community Engagement Council, and the Hispanic Chamber of Commerce of Metro Orlando’s Supplier Diversity Council. In 2019, she was appointed by Orange County Florida Commissioner Maribel Gómez-Cordero to the county’s Arts and Culture Council, where she also serves as Chair of the Diversity, Equity and Inclusion Committee (DEI), and she was invited to be an Official Delegate of the 2nd Annual Latino Leadership Summit held at the United Nations by the We Are All Human organization.

As a dedicated community leader, Samí co-Founded Proyecto Somos Orlando in 2016, a culturally competent community program that assists survivors and families impacted by the Pulse tragedy. And in 2017, she decided to launch a nonprofit organization, SOS by Urbander, after the devastating impact of Hurricane María on her beloved Puerto Rico, which now hosts Talleres de Bienvenida (Welcome Workshops) and the Azalea Project which she also co-founded. SOS is also the fiscal sponsor of Del Ambiente and Gender Advancement Project (GAP) which focus on providing programs and support to LGBTQ+ people of color.

Along with her husband Scott, Samí is head-over-heels for son Pedro, daughter Catalina, and the family’s Lab/Pit mix, Oreo.

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