Is Spanish a Key Part of Your Latino Growth Strategy? Here’s the Why and How.
As the Latino population continues to grow, so does the demand for Spanish-language financial services. Latinos represent nearly 20% of the U.S. population and are one of the fastest-growing segments of financial services users. However, many financial services companies, including credit unions miss opportunities to engage, serve, and retain these customers simply because they lack a well-defined Spanish-language strategy.
A strategic approach to Spanish-language services goes beyond translation—it’s about building trust, ensuring accessibility, and fostering long-term financial relationships. With 43 million U.S. residents speaking Spanish at home and many Latino consumers wanting businesses to communicate with them in their native language, financial institutions that invest in bilingual services gain a clear competitive advantage. In fact, a study by CSA Research, revealed that Fortune 500 companies that increased their translation budgets were 1.5 times more likely to report an increase in total revenue.
Here are six key insights I assist clients with to successfully implement a Spanish-language strategy at their organization:
1. Build your Spanish-Language Strategy in Phases and as Part of a Latino Growth Strategy
Implementing a comprehensive Spanish-language strategy takes time and should be part of a phased approach that aligns with a long-term Latino growth strategy. This strategy will outline your business plan for engaging with the Latino market, including strategic goals, impacted operational areas, growth metrics, key initiatives, and target audiences. A phased approach allows you to gather feedback, refine processes, and meet customer needs at a sustainable pace. Additionally, your strategy should include plans for maintaining Spanish-language content and resources over time to minimize future costs, keep content relevant and avoid creating market confusion.
2. Understand the Difference Between Translation and Interpretation
Translation involves converting written content from one language to another, while interpretation focuses on verbal communication. Both are essential, but it's crucial to provide accurate interpretation services, especially for customers who engage via phone or in person. Clear interpretation is key to avoiding miscommunication in critical areas like loan terms, interest rates, or financial advice. I vividly remember interpreting for my parents during the mortgage closing for our first home—as a teenager, with little knowledge of financial terminology, I likely missed important details, which means my parents also missed those important details. Sadly, this is common, as immigrant families often rely on children for interpretation. Ensuring your institution has trained interpreters familiar with Spanish financial terminology, or tools to assist them, is crucial. Addressing both translation and interpretation ensures seamless interactions with your institution.
3. Ensure Language Support Across All Contact Points
It’s not enough to offer translated materials—you need to ensure that every contact point within your institution is language-friendly. This includes bilingual and bicultural staff at branches, customer service centers, and digital platforms. Having Spanish-speaking representatives available will build trust and foster positive customer experiences. Training staff on how to properly engage with Spanish-speaking customers ensures that language is not a barrier at any stage of the customer journey. And if bilingual and bicultural staff are not available, consider other tools and resources to facilitate accurate cultural interpretation.
4. Not Everything Has to Be Translated to Spanish, but Transparency is Essential
In crafting a successful Spanish-language strategy, it’s essential to understand that not everything needs to be translated. Rather than translating all materials at once, businesses should assess and prioritize key content that has the highest impact on their Spanish-speaking audience. Start with the most crucial touchpoints—such as customer support materials, product descriptions, specific marketing messages and an online presence—and expand from there. Over time, as your strategy evolves and you better understand your audience’s needs, you can add more content in Spanish. The key is transparency: always clearly communicate which materials are available in Spanish, which are not and what language legal documents are signed. This ensures that your Spanish-speaking customers feel valued and informed without overextending your resources.
5. Focus on Cultural Relevance, Not Just Translation
A successful Spanish-language strategy goes beyond direct translation—it must consider cultural relevance. Spanish is spoken across many countries, and regional differences influence how people perceive and respond to marketing messages. Work with cultural experts or native speakers to ensure your content reflects the values, customs, and priorities of your Latino customers and prospective customers. Ensure that your messaging acknowledges cultural nuances that could help deepen engagement.
6. Seek Professional Guidance from Consultants or Experts
While internal efforts are essential, collaborating with external experts in culturally relevant marketing and bilingual services can make a significant difference. An expert with experience in the Latino market can help design a comprehensive Spanish-language strategy, identify cultural nuances, and ensure your approach is both authentic and effective. Their insights can prevent common mistakes and ensure your organization is equipped to serve Spanish-speaking and bilingual customers with precision and care. Engaging with the right consultant can set your strategy up for long-term success.
Final Thought: Make Spanish-Language Services a Long-Term Commitment
Implementing a Spanish-language strategy isn’t a one-time project—it’s a long-term investment in growth. The demand for bilingual financial services is only increasing and organizations that successfully engage Latino consumers increase financial inclusion, strengthen their brand, and drive sustainable growth. By following these six steps, your organization can position itself as a trusted financial partner for Spanish-speaking customers—ensuring long-term success for both the institution and the communities it serves.
