UK Financial Services Industry Missing Out On 46% Of Polish Market

Research carried out by Language Line Services indicates that an incredible 46% of Poles living in London who were interviewed found it challenging to communicate with their UK banks and credit services companies.
Language Line interviewed Poles currently residing in London to gain intelligence on how they view the financial service industry and its ability to meet their expectations and requirements. With 46% of respondents finding it difficult to communicate, financial services organisations are clearly limiting themselves from the opportunity to up-sell products and more importantly, provide a high quality experience for all of their customers, regardless of their ethnic background.  
The study also highlights that language barriers do exist when doing business with non-English speakers:

• 20% of the Polish respondents indicated that because of their limited-English they would not feel comfortable applying for further services.
  

• A staggering 85% of the Polish community would feel more comfortable discussing their financial requirements in Polish.
  

• 30% of Polish respondents felt that there was a language barrier preventing them from exploring other financial products.

To reap the benefits and maximise the potential revenue opportunities such communities can offer and, critically, to avoid mis-selling products and services, financial services organisations need to ensure that their communication strategies are able to overcome any language barriers.  By doing so, they can gain competitive advantage in a tough business environment.

It is imperative for financial service providers to deploy more enhanced customer service strategies to ensure that their agents can apply their strong and effective communication skills and be able to understand every customer requirement, regardless of their nationality. This will ultimately lead to customers remaining brand loyal, which in turn will increase profitability. Implementing additional services such as telephone interpreting can prove to be a long term benefit for financial services organisations that are looking to build and maintain their customer relationships to ensure a consistently, high quality service when customer and organisation do not speak the same language.


ABOUT LANGUAGE LINE SERVICES
Language Line Services, the world’s leading provider of language-based services, is a trusted partner to thousands of organisations whose focus is to effectively serve the rapidly expanding market of limited English speakers.

The company delivers a dynamic suite of solutions spanning translation, transcription, phone and video interpreting interpreter certification, localisation and localised software and devices, enabling clients to communicate with customers in their preferred language.

Through its leading-edge technology infrastructure, Language Line Services provides support for more than 170 languages to its industry-leading portfolio of clients in sectors including healthcare, financial services, government, telecommunication, manufacturing, insurance, entertainment, travel, and more.

For information on how Language Line Services is helping clients, please call +44 800 169 2879.