Super funds snub millions of Aussies
Australia’s superannuation funds are ignoring the needs of the over five million Australians who do not speak English at home, according to new research conducted from LanguageLoop
More than eight in 10 (81 per cent) survey respondents said super funds give non-English speaking customers the least consideration. A similar number of respondents (79 per cent) also felt that mortgage lenders let them down in this regard.
“Banks appear to be making the greatest effort for customers who speak English as a second language, however 38 per cent of multilingual consumers still believe banks do not meet expectations or factor in multiple languages in their customer service.”
Elizabeth Compton, chief executive of LanguageLoop said this is one clear way for businesses to add value, differentiate themselves and grow revenue.
“You need to speak your customer's language. Our research demonstrates an enormous appetite for language services and is proving to be a win-win solution for consumers and businesses alike,” said Ms Compton.
“For many non-English speaking or low English proficiency consumers, this is not just a luxury, it is an essential service.
“Customer enquiries typically involve reasonably complex discussions regarding contracts, product disclosure statements and other financial or technical scenarios that are often hard to clearly communicate or understand even between two native English speakers.”
With economists forecasting a $1.6 trillion contribution from migrants into the economy by 2050, the opportunity for revenue growth should not be ignored.
“So for businesses, the commercial opportunities are clear. Our research confirms that consumers are more likely to buy, pay more, recommend, and stay with a company that speaks their language.”
Really Leon? According to the ABS in 2016, there were over 300 separately identified languages spoken in Australian homes so to take your article to its logical conclusion, there will need to be 300 interpreters for each super fund. Why not accept the suggestion put forward by Neanderthals like me that if you want to live in this great country that you conform to our way of life and speak our language. If any of the 300 wants an interpreter then perhaps they should arrive at the business with their own.