Language Line Services announced today it is launching Language Line Revenue Maximizer, a new service that gives financial, insurance and other types of firms the ability to cross-sell in their customers’ native languages, thus increasing top line revenue, strengthening multi-lingual customer satisfaction and loyalty, and reducing customer attrition.
Language Line Revenue Maximizer ensures that firms have access to professional interpreters, knowledgeable in specialized business terminology, and available in over 170 languages, to assist their representatives at cross-selling the services their limited English proficient (LEP) customers and prospects seek.
“Language Line Revenue Maximizer, though based on the latest state-of-the-art technology, appears to the user to be quite simple,” said Louis F. Provenzano, Jr., President and CEO of Language Line Services. “Our trained interpreter remains on the line after the initial call to assist a banking client, let’s say, in providing additional product information. Since a rapport has already been established between the bank’s representative, their LEP customer and the Language Line Services interpreter, the customer is quite often very willing to hear about other services the bank has to offer. Several studies have shown that LEP consumers are far more likely to buy in their own language, thus presenting a very real opportunity for new revenue streams from existing clientele.”
Over 85 percent of the respondents in a study conducted by Common Sense Advisory, a market research firm specializing in globalization, viewed having information available in their own language as a critical factor in buying financial services. Banking and financial services also top the list at 86 percent in a Wordbank study of the industries where it is most important to communicate “in-language.” Consumers polled by the marketing translation company also rated pharmaceutical and beauty products (78%) and consumer electronics (73%) as industries in need of accessible communication.
“The financial services industry is well aware an increasing number of limited English proficient customers are skeptical of making financial decisions and, when doing so, would prefer to speak in their native language,” Provenzano said. “While certain companies are successfully conquering the language barrier with existing customers, Language Line Revenue Maximizer can now help them and others close the cross-selling gap by leveraging the customer relationship through a professional interpreter.”
Language Line Revenue Maximizer is the first offering from the new Language Line Innovation Center, an R&D think tank launched to spur open innovation to improve language access across all technology platforms and all markets. The new service, soon to be rolled out to clients in other industries, is only available to current customers of Language Line Services and its underpinning technology is protected by various patent-pending submissions to the U.S. Patent Offices and corresponding foreign patent offices in Australia, EEU, Canada, Japan and China.