Fintech has been expanding at an increasingly rapid rate, and total investments in the industry reached $102 billion in 2021, an increase of more than 180% year over year.
Although India has seen significant growth in this sector, propelling financial inclusion for all, consumer sign-ups have not been satisfactory. Financial services localisation and fintech localisation enter the picture here as a critical solution to alleviate the issue of language barriers, which is a major reason to limited consumer exposure and engagement in the sector. This is because the fintech sector online communicates with its prospective customers in a single language. Revenue generation, customer acquisition, and conversion figures have all been impacted owing to the same.
Our Solution: End-to-End Language Localisation
Financial Services Localisaton: Reverie’s All India inclusive venture that promotes brand Credibility
While the Covid-19 pandemic has had a rather abhorrent impact on several industries, it has also had the opposite effect on others. Thanks to the digital alternative that most industries quickly sorted out, there was tremendous growth in multiple domains across the globe, including India. In the fintech industry, a number of fintech apps were made available in the financial inclusion space, which made it possible for remote users in urban and rural India to bank, invest, and save money from anywhere in the country.
Following the COVID-19 pandemic, the fintech sector has continued to grow quickly. The Indian fintech market is expected to grow at a 22.7 percent CAGR from Rs 1,920.16 billion in 2019 to Rs 6,207.41 billion by 2025.
While the simplicity of quickly creating an account and having 24/7 support appeals to many, billions of people are still skeptical. According to 22% of non-adopters in 2019, they chose to stick with their traditional financial provider because they trusted them more than fintech companies.
As a language localisation partner, Reverie helps 11 industries, including BFSI, with end-to-end language support that improves customer interaction, customer engagement, customer satisfaction, brand trust, and brand credibility.
Also Read – How to overcome language barriers for enabling inclusive Indian FinTech
Localisation in the Fintech industry: A Strategic Move to Build Brand Trust & Credibility
Financial service localisation is the new secret to success when it comes to building or maintaining brand recognition. Speaking the language of their customers is one of the most important ways that fintech businesses can increase trust, conversions, and revenue generation 5X.
Customers expect a seamless digital experience when transacting online. Confusion and frustration can result when users are forced to use a website or app in a language other than their own. But it can also foster mistrust in the world of financial services. For fintech companies and financial service providers, financial service localisation is a key strategy to establish trust.
Rupeek, India’s leading digital lending fintech platform, has partnered with Reverie to create customer-centric, transparent, and hassle-free online gold loan disbursement solutions for their target audience in multiple Indian languages.
Customers can now access Rupeek’s website and banking app in six Indian languages thanks to Reverie’s AI-enabled hybrid localisation solutions. Furthermore, to improve user engagement, lead generation, and cross-selling, their customer communication, such as promotional messages, in-app push notifications, and more, were localised in 6 Indian languages.
Conclusion
Fintech Localisation or financial service localisation is well worth the investment to offer an in-language mobile app or digital multilingual onboarding experience.
The customer-centric strategy of fintech companies must include speaking the customer’s language. Offering apps, online content, and all other communications in multiple languages is the first step in this process.
