In an increasingly global marketplace, it is easier than ever for companies to reach their customers around the world. But, companies now need to build lasting connections and ensure that all of their customers in different markets receive the same value, even if it is perceived in different ways. While it can be “easy” to do business in English (especially in sophisticated finance), for maximum gains, the best-performing companies adapt their strategies for each market and make sure they speak the language of their local customer—in the most literal sense.

While a significant portion of Europeans have some level of English proficiency, not every European can hold a conversation, much less make a transaction, in English. The regional and demographic differences in terms of English proficiency within Europe are significant, and understanding these differences is vital to be able to define an effective strategy for entering a new market. While large cities tend to have a more international environment, and hence higher English proficiency, 2023 English Proficiency Index shows that some European countries, including France, Italy, and Spain, still report lower rates.

Reaching customers in their native language is not only important for intelligibility, but it also affects their market behavior. In Common Sense Advisory survey of 2,430 web consumers across eight countries, 56.2% of consumers said that receiving information in their native language is more important to them than price.

So, the consequences of not providing local customers with in-language content, especially in markets with low English proficiency, are that they are either driven to competitors who are speaking their language, or customers will use readily available machine translation tools to bring the content into their native language. The latter not only harms the customer experience but also creates new risks—mistranslations can send customers in the wrong direction or create misunderstandings and wrong impressions of your brand.

As Nataly Kelly puts it in 2023 HBR article, “Instead of doing ‘all things in all markets,’ be selective and show a true willingness to adapt.” This will in turn make local experiences truly equitable. Below are some points to consider to achieve this.

• 76.1% of internet users are using social media to research companies and brands. Having a localized presence on these platforms and running targeted campaigns gives financial institutions the ability to effectively meet their customers where they are and give them a good understanding of their brand. It also allows these institutions to humanize themselves and build trust with customers.
• Simply translating a website from the home market into the local language will allow local customers to understand the contents, but it will likely fall short of effectively providing the customers with what they are looking for. Websites build up organically with more products and services being added over time, so starting with a microsite that contains the most important information on the company and the core offerings will allow local customers to easily get an understanding of the most important parts.
• Understanding the search behaviors of a local market is key to optimizing the content in a way that the local sites are found. Defining a data-based SEO strategy for a local market and reassessing this strategy regularly will make the website easy to find, decrease bounce rates, and increase the time spent on the website.
• While acquiring new customers in a foreign market is important, retaining them is critical to ensure long-term success. To create these lasting connections with customers, companies need to ensure that they provide a seamless customer experience. An effective way of doing this is to adopt an omnichannel approach. Touchpoints between companies and their customers are becoming increasingly smaller and more frequent, with customers wanting access to their finances 24/7, across devices. An essential part of the customer experience is to reduce any friction, which, in a foreign market, is oftentimes the language barrier at various points in the customer journey.
• This is especially relevant in the direct touchpoint of customer service. Having a chatbot that can provide first-level support in-language and around the clock is an efficient way of increasing the time spent on the website and increasing satisfaction. Providing phone support by local reps during business hours will enhance the experience even further and can shorten resolution times significantly.

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• https://www.ef.com/assetscdn/WIBIwq6RdJvcD9bc8RMd/cefcom-epi-site/reports/2023/ef-epi-2023-english.pdf?_gl=1*11cra9u*_ga*MTgwMTQyODg2OC4xNzA1MDY4NzE5*_ga_25YNHDZQQP*MTcwNTA2ODcxOC4xLjAuMTcwNTA2ODcxOC4wLjAuMA..&_ga=2.1189042.2067922149.1705068719-1801428868.1705068719&utm_source=euronews.com&utm_medium=referral
• https://intelligentrelations.com/insights/financial-services-marketing-trends/
• https://hbr.org/2023/08/how-global-companies-can-create-a-consistent-customer-experience
• https://hbr.org/2012/08/speak-to-global-customers-in-t
• https://www.chatlingual.com/why-speaking-your-customers-language-is-important-and-how-to-tie-it-into-your-customer-support-strategy/