Dec 27, 2022
2 min read
Despite India’s long history of financial inclusion initiatives, India has had limited success in attracting its most vulnerable citizens (nearly 280 million) to use banks and financial services.
According to the most recent India linguistic survey report, India has 121 languages spoken by over 10,000 people, with 21 recognized as official languages. Even though 90% of Indians cannot speak English, English makes up most of the country’s central banks and financial institutions’ content.
In this situation, with such a diverse range of languages, How can banks, financial services, and BFSI reach the masses and gain customer trust in India?
The answer is – banking localisation and financial service localisation.
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Language Barriers – The Roadblock to Financial Inclusion in India
According to Statista, 300 million people in India own smartphones as of 2017. The majority of these smartphones have internet access. It’s quite agreeable and understood that language barriers prevent clear communication between banks and customers, impacting trust and satisfaction.
This is attributed to reports that say – 90% of Indian internet users prefer to consume online content in their native language. Also, nearly 68% of Indians claim that banking services in their native language help build trust.
This data demonstrates the enormous potential native content has for Indian banks and the opportunities that Indian banks are missing out on.
What role does Reverie play in resolving the problem?
Reverie’s market-leading AI-powered localisation solutions assist banks in building customer trust and satisfaction by digitally adapting to local language customer needs while maintaining a consistent brand voice across diverse regional markets. Reverie’s AI-powered banking localisation solutions, such as Anuvadak and Prabandhak, allow banks to communicate with their customers in their native language by localising end-to-end banking services and communications in multiple Indian languages.
South Indian Bank (SIB), one of India’s leading private sector banks, has adopted Reverie’s banking localisation technology to improve digital user engagement for its indigenous customers.
SIB collaborated with Reverie to create and deploy an NLP-powered multilingual chatbot to provide their customers with self-service multilingual support in a language of their choice. The chatbot is designed to engage native language users by assisting them in finding specific information by simulating human-like conversations with them. SOnA (South Indian Bank Online Assistant) responds to customer inquiries in Indian languages, mirroring the bank’s brand voice and tone throughout the user’s digital journey.
Our Award-Winning financial service localisation solution can help you build trust – Ask How?
Reverie’s End-to-End Localisation Solutions for Financial Service Localisation
Localising banking and financial services can assist companies in building solid trust among existing customers through seamless omnichannel communication. This includes localising your websites, applications, web portals, chat/voice, IVR, SMSs, emails, and other customer support solutions.