72.4% of consumers are more likely to buy a product or service when information is available in their own language

Global lending industry offering multilingual support isn't just a nice-to-have—it's a necessity.

As lending companies expand their reach across borders, they come across customers who speak a variety of languages. This diversity brings both opportunities and challenges. Talking about challenges first, one of the biggest challenges is ensuring that every customer, regardless of their native language, receives the same level of care and service.

Language barriers over a phone call can lead to miscommunication, frustration, and ultimately, customer dissatisfaction. In an industry where trust and clarity are important, these barriers can be costly. Fortunately, AI Voice Agents are stepping up as a powerful solution, enabling companies to provide seamless, multilingual customer support.

The Problem of Language Barriers in Customer Service

When customers can't communicate easily with a support team, it leads to a disappointment in service. Think of this as a customer trying to understand a loan application process from a customer support agent in a language they're not fluent in. Misunderstandings are almost inevitable, and can lead to errors, delays, and frustration.

internalName: Survey by Common Sense Advisory, 72.4% of consumers are more likely to buy a product or service when information is available in their own language. caption: Source - CSA Research

According to a survey by Common Sense Advisory, 72.4% of consumers are more likely to buy a product or service when information is available in their own language. This statistic highlights the importance of language accessibility in customer service. For lending companies, where the details of loans, interest rates, and repayment terms are critical, the stakes are even higher.

Language barriers don’t just affect individual interactions—they can also damage a company’s reputation. Customers who struggle to get their questions answered in their preferred language are unlikely to return, and they may share their negative experiences with others. Over time, this can depreciate a company’s brand in key markets.

How AI Voice Agents Help in Breaking Down Language Barriers

AI voice agents are changing the way companies handle multilingual customer service. These advanced systems can interact with customers in multiple languages, offering real-time translations and understanding different accents. This means that no matter what language a customer speaks, they can receive accurate and timely support.

AI voice agents can identify the language of a customer’s inquiry and respond in the same language, ensuring that the conversation remains smooth and contextually appropriate. They can also handle various accents, regional variations, and even industry-specific jargons, making them incredibly versatile tools for customer support.

AI voice agents like Intelekt AI can handle multiple languages, making them highly versatile for global companies. They can understand customers and can switch languages easily during a conversation, ensuring smooth communication without losing context.

Beyond basic translation, these AI voice agents can understand the context and nuances of language, which is crucial in industries like lending, where precise communication is necessary to avoid misunderstandings regarding financial terms and conditions.

Benefits of AI Voice agents:

• Increased Customer Satisfaction: By interacting with customers in their preferred language, companies can gradually improve customer satisfaction rate which impacts the overall ROI. Customers who feel empathized and understood are more likely to trust the company and remain loyal.

• Expanded Market Reach: Offering multilingual support allows companies to expand their reach into new markets. With AI voice agents, companies can serve a global customer base without needing to hire additional multilingual staff and provide training to them.

• Operational Efficiency: AI voice agents can handle multiple languages simultaneously, optimizing operations and reducing the need for human agents to manage language-specific inquiries.

Let’s take a look at how one multinational lending company overcame language barriers and saw significant improvements in customer satisfaction rate.

Case Study: A multinational lending company implemented AI voice agents and increased customer satisfaction up to 35%

A large multinational lending institution operating in Europe, Asia, and North America faced challenges in providing consistent customer support across different regions. The diverse linguistic landscape of their customer base meant that support agents often struggled to communicate effectively with their targeted customers, particularly in non-English speaking regions. This led to lower customer satisfaction scores and a slower resolution of customer inquiries.

What came in as a solution?

The company implemented an AI voice agent capable of supporting over 20 languages. The voice agent was integrated into their customer service platform, where it handled initial customer interactions and common inquiries. For more complex issues, the AI seamlessly transitioned the call to a human agent, but only after gathering all necessary information in the customer's preferred language.

What were the Results?

Within six months of implementing the AI voice agent, the company reported a 35% increase in customer satisfaction scores in non-English speaking regions. Additionally, the AI voice agent helped them reduce the average handling time for multilingual customer inquiries by 25%, leading to faster resolutions and happy customers. The ability to offer personalized, language-specific support also allowed the company to expand its market reach into new regions where they previously had minimal presence.

Conclusion

This new era is increasingly interconnected, offering multilingual customer support is essential for lending companies aiming to succeed on a global scale. Language barriers can be a significant obstacle, but with AI voice agents like Intelekt AI, these challenges can be effectively managed.

AI voice agents have the capabilities needed to communicate with a diverse customer base, ensuring that every customer feels understood and valued. They not only improve customer satisfaction but also open up new markets and opportunities for growth. For lending companies looking to enhance their customer service and expand their reach, investing in AI-driven multilingual support is a smart move to stay ahead.

As you consider ways to improve your customer service, think about the role that Intelekt AI’s AI-powered voice agents can play in breaking down language barriers. It’s an investment that can pay off in better customer relationships and a stronger global presence.