Adaptation, the Goose of Golden Eggs
Miami has become one of the greatest financial hubs in the US, second to only New York banking center. Florida’s banking has flourished in the last years, but what is their goose of golden eggs? How have the financial services of the sunshine state thrived?
In a word, the answer is adaptation
. This does not refer to natural selection, but to opening to new markets –the Hispanic.
According to the data from the US Census, about 18% of the U.S. population, which is approximately 58.9 million, corresponds to Hispanics. Miami’s financial institutions have seen the opportunity and adapted their services and products to reach Latin American consumers. The purchasing power of this growing population plays a key role in Miami’s economy; actually, Florida's Latin households generate $6.7 billion in buying power.
As a response to the Latin population growth both at the Southern borders and in the whole country, most banking and financial institutions have adjusted their offer to the needs of Hispanic clients. The first step they took was to bring Spanish directly into their institutions by staffing with Spanish speaking employees, internationalizing and localizing their product offerings, and culturally adjusting them to these new communities.
When Spanish-speakers come into institutions like Bank of America, Citibank, Wells Fargo or any other important financial institution in Florida, an assistant will greet them and ask them the reason of their visit. If the assistant knows they speak Spanish, he/she will immediately switch the language, which can evoke different emotions in clients, such as the following:
- Feeling the institution cares about them.
- Feeling safe in an environment that can be quite hostile.
- Feeling assured that they will more easily understand the financial jargon.
- Feeling confident enough to make questions.
- Feeling at home.
Having a clear communication strategy is a key factor to succeed in business. Opening your market to new languages does not necessarily entail exporting products or services but adjusting to the new local market. It is of paramount importance that financial institutions generate trust and security to all their clients, including the Spanish speakers. A wise investment in translation is essential to achieve it. Baquero Translation is eager to help you reach Hispanic consumers by providing its top-notch translation services.
By: Andrea Chetti