The banking sector in India has witnessed rapid digitization in the last decade. The digital penetration in the banking sector in India is set to reach 45.02% in 2024. That’s not it, India has the second-largest digital user base worldwide. This presents a vast potential for digital financial services in the country. However, there is still a digital divide in India given its linguistic diversity.
With 22 officially recognised languages banks need to make their services available to end consumers in their native language for better customer outreach. Reaching out to customers in their native languages can bridge the communication gap between financial institutions and their customers. It is a transformative strategy that can help institutions to tap into the linguistically diverse Indian marketplace. Banking localisation can be a game-changer for marketers in the financial and banking sectors.Â
This blog post shines a light on how banking localisation is redefining marketing strategies in financial services domains. Let’s first get familiar with its essence and evolution in India.
The Essence of Banking Localisation
When it comes to the financial sector, it is crucial for financial institutions, like banks, to gain customers’ trust. Banking localisation involves adapting banking services, products, and communication to fit the cultural and linguistic nuances of various regions. This approach makes banking more accessible and engaging for consumers from a varied linguistic background. It also enables marketers to tailor their marketing strategies to local preferences, leading to increased loyalty and market penetration.
The Evolution of Banking Localisation in India
To understand the significance of banking localisation for marketers in India, it is important to get familiar with its evolution in the country. The progression has been remarkable in recent years fuelled mainly by technological innovations. The advancements in technological innovations, such as Reverie’s suite of language technologies, including Translation API, Transliteration API, Text-to-Speech API, and more, take this evolution even further.Â
Initially, it started with simple translations. But now, it has evolved into a comprehensive localisation strategy that covers all customer touchpoints. It reflects a strategic pivot towards inclusivity, which aims to democratise access to financial services across India’s multifaceted linguistic tapestry. This progress has made banking and financial services linguistically and culturally accessible for all Indians.
One instance of such progress that stands out is the deployment of Internet banking in several regional languages by the State Bank of India (SBI). This move bridged the gap between banking services and the country’s diverse linguistic groups. By localising banking services in regional languages, financial institutions can enhance their customer engagement in rural India as well.Â
Along with SBI, other banks such as ICICI Bank, HDFC Bank, and Axis Bank have also adopted this approach. It resulted in a sharp increase in user engagement and transactions across the country. This shift emphasises the importance of localisation for marketers in India.
The Significance of Banking Localisation for Marketers in India
Expanding Market Reach to Non-English Speaking Consumers
As we delve deeper into the transformation of banking localisation, one significant outcome that emerges is the expansion of market reach to non-English speaking consumers. A substantial portion of the country prefers communicating in their mother tongue.Â
Hence, by localising banking services and marketing materials, financial institutions can penetrate market segments that were previously untapped. This inclusivity brings a vast array of financial products and services to the doorsteps of millions. It also fosters a more inclusive financial ecosystem while also respecting cultural and linguistic diversity and offering a more personalised customer experience.
Enhanced Customer Engagement and Retention Through Personalised Experiences
The expansion of market reach to non-English speaking consumers also leads to enhanced customer engagement and retention. Banking localisation enables institutions to provide their customers with a more personalised experience building more meaningful relationships. This tailored approach captures the essence of local dialects and cultural contexts, which resonates deeply with customers. It further encourages loyalty and long-term engagement with institutions. It further helps marketers with enhancing the online visibility of the financial institution.
SEO Benefits of Banking Localisation
In an era where digital presence dictates visibility, it is important for financial institutions to focus on their online visibility. Localising content for banking services also gives a significant boost to the search engine rankings for local searches. With this strategy, banks and other financial institutions can leverage the growing trend of users using their native languages to find relevant content online. Such SEO optimization attracts more traffic to banks’ websites and attracts new customers while retaining existing ones.
While banking localisation is transforming the financial landscape, there are still a few challenges that come with its implementation. One of the most common challenges is the technological complexity involved in accurately translating and localising content across multiple languages. Let’s dig deeper into this challenge and understand how Reverie’s advanced language technology can help financial institutions overcome this hurdle.
Challenges and Solutions
As mentioned, technological complexity is one of the biggest challenges of implementing banking localisation. It involves accurately translating the content into multiple languages while maintaining the integrity and context of the original message. This becomes even more challenging given the nuanced and technical nature of financial terminology. The terminologies can vary from language to language and their cultures. In addition, ensuring compliance with regional regulatory requirements adds more complexity to the entire process.
Financial institutions also require technological infrastructure to support seamless localisation across digital platforms. This is another challenge that institutions face during the localisation process. To solve this issue, banks and other financial institutions need to integrate advanced technology to adapt to the diverse linguistic landscape of India.Â
Reverie Language Technologies addresses these challenges head-on with its suite of language technology tools. These tools include:
- Translation API,Â
- Transliteration API
- Text-to-Speech APIÂ
- Speech-to-Text API
- Natural Language Understanding (NLU)
These solutions are designed specifically for the Indian context and offer comprehensive solutions for effective localisation. Reverie’s voice solutions further enable interactive voice-based banking services. This caters to the growing popularity of voice commands in digital banking. Reverie’s advanced tools provide financial institutions with solutions to enable seamless and effective localisation.
Final Words
Banking localisation is transforming the financial landscape for marketers. It is expanding market reach, enhancing customer engagement, and optimising SEO for financial institutions in India. Localisation has become a cornerstone of marketing strategies for marketers across the country in today’s fast-evolving financial sector. Platforms like Reverie are providing tools necessary for effective localisation, making it easier for financial institutions to cater to their customers across the country. To get a better understanding of how Reverie can elevate your business through its advanced language technology, click here.
