Arkansas' Arvest banks on bilingual branches
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Arvest Bank launched a bilingual branch pilot this week, starting with a fully Spanish-speaking location in Springdale.
Why it matters: Language can be a barrier to any banking activity — but it becomes especially challenging for complex services like home loans, business lending and wealth management.
State of play: The lobby of the Springdale branch on South Pleasant Street is being remodeled, but the drive-thru is open.
- The entire staff at the location is proficient in Spanish, Julie Shook, Arvest regional sales manager, told Axios.
- "We will always be 75% or above at that location," she said.
A branch in Lawton, Oklahoma, and a yet-to-open branch in Kansas City, Kansas, are part of the launch. Signage and marketing materials in the locations will also be printed in English and Spanish, Shook said.
- Companywide, more than 500 employees are certified to offer products and services in Spanish.
What they're saying: "We want to really make sure we're providing that inclusive and accessible environment," Shook told Axios.
- "We want to do what we can to walk alongside them and their financial journey."
The big picture: The estimated U.S. Hispanic or Latino population grew by 23% between 2010 and 2020, according to U.S. Census Bureau data.
- But the growth was more rapid in NWA during that decade — the demographic grew by 47% in Benton County and 42% in Washington County.
Flashback: Fayetteville's Signature Bank of Arkansas launched Banco Sí, focused on serving Spanish-speaking customers, in 2022 and opened a second location two years later.
What we're watching: Shook said Arvest plans to expand the initiative to more branches in the future.