In the last five years, the BFSI sector of India has seen an exponential elevation in the consumer internet and mobile usage trends.
NEFT transactions have gone up by six times.
RTGS transactions have seen a 90% growth.
The number of mobile banking users have quintupled.
Mobile banking transactions have seen a whopping growth of 270%.
What can Reverie localize for BFSI?
Increasing numbers of local-language users are embarking on the digital financial journey.
With mobile apps facilitating online transactions and payments and the easy availability of smartphones, more local-language users are adapting to digital banking solutions.
However, there is a huge gap in the form of language barrier.
Millions of non-English literate users still have to physically appear in the local bank branches to process the simplest of transactions, leading to discomfort on the user’s part and increasing processing costs to the bank.
Banks must go multilingual in order to cater to these ever-increasing numbers and reach out to include the largely untapped local-language user base.
Reverie’s LaaS platform can help close this language gap by offering intelligent multilingual solutions in real-time. It can help localise:
- Content on all user touch points such as ATM interface, kiosks, banking websites, apps and mobile webs.
- All core banking activities such as opening and checking accounts, processing transactions, trading securities, viewing statements, and so on.
- All digital communications such as emails, text alerts, app notifications, and account statements.
How can we help you achieve your business goals?
Going multilingual has several other advantages other than increasing your user base. Reverie’s multilingual solutions enable:
Optimising cost for serving customers
By enabling local-language users to adopt digital solutions, banks can dramatically reduce their operational costs, cutting down the effort and time to process in-person transactions.
Users who are forced to come physically to the bank branch doors have to wait an indeterminate amount of time to even transfer money to their accounts. This involves manual intervention, time, and processing and operational costs to serve millions of customers.
Automating this process online and offering multilingual financial solutions to such users will mitigate this expense and optimise your bank’s cost model.
More visibility to new product offers/services
Offering SMS alerts and message services in multiple languages will help the local-language customers to better understand your product and services in their own language, thus increasing your visibility.
This also improves customer engagement and interaction with your bank.
Localising the users’ touch points such as ATMs, websites and apps will break the digital language barrier and on-board more local-language users. Now, users will be able to transact in their own language comfortably, leading to financial inclusion for all.
Financial inclusion also ensures a sizeable increase in your user base.
24/7 digital local-language services
The usage of LaaS platform automates the offering of multilingual solutions in real-time. This ensures that the users will have “anytime, anywhere” accessibility to your products and services.