The UK’s best-selling author Agustin Rubini wrote, “Money makes the world go round and financial services regulate how fast it spins”. In the past decade or so, developments in technology have evolved how the financial system works. Customers are having high expectations from their financial institution, which keeps rising due to technological advancements. The amalgamation of technology with financial services has led to the coining of the term ‘FinTech’.
The nebulous term FinTech refers to any advancement in technology that aids the consumption or delivery of financial services. It means to take the help of newer technology and go hassle-free, and evolve over the existing methods. It includes a computer or mobile-based software, algorithms, or applications. A check deposited by snapping a photo of it using the bank’s application, payments made using Google Pay or PayPal, and many more are examples of FinTech.
The FinTech industry has been booming for quite some time without being noticed by many of us. Implementing the technology many businesses have improved their services and have received better results. Now the industry is expanding and extending its roots beyond borders, and getting its roots into new areas.
The global financial market is growing. Institutions providing these services now need to enforce their presence in the local markets. Getting local is the only way to ensure growth and sustenance. From becoming more licensed and regulated to understanding people’s changing needs from one country to another, there are several areas in which localizing a business can bring a significant change. Considering the present and potential impact FinTech has on the financial market, LanguageNoBar – the professional Localization services company has laid down important aspects explaining why the localization for FinTech is crucial.
Better Understanding of Services
One of the primary reasons for localization being a key factor for FinTech is ease. What it means is people like talking about the money in the language they prefer and are comfortable in. We all know when it comes to handling funds, trust is everything. People must feel that you are capable and credible, and they can entrust you with their money. How can it be done? By making sure that people understand the core values for which your business stands.
Additionally, showing that you care for their cultures and traditions and cater to their needs. Localization enables you to remain close to and communicate more effectively with the customers. When you translate and localize your websites and products you ensure that your customers have a greater understanding of your services, regardless of their preferred language.
Stay Ahead of Competition
While financial inclusion is on the rise, on one hand, a lot of people do not have access to financial services even today. The World Bank estimates that there are roughly about 1.7 billion adults without bank accounts. For FinTech companies, it presents a great opportunity as two-thirds of them have mobile phones. But language can be a great barrier in the financial sector. It becomes more critical when people have very little to no knowledge about it.
Many people face difficulties in understanding it even if it is in their preferred language. Through localization, like employing a professional agency for document translation and translating the process in simple formats of native language, you can provide a more personalized service, talk local, and cross the cultural boundaries. This makes you have more reach and better connect with the people and keeps you ahead of the competition.
Be More Credible
By localizing you send a message to your potential customers that you care. You care for everything about them and are dedicated to providing them with a more personalized user experience. Credibility is an essential element in the financial services market. As a FinTech company, you are unsettling a sector that has long been controlled by banks and established financial organizations. Localization allows you to prove that you are as dependable as the existing institutions are.
In order to be successful and reach a wider audience, you need to develop a reputation for your brand. This reputation must be built with numbers and facts that people can easily comprehend. The best way to gain the trust of people is by familiarizing your product, services, and yourself. Since you are asking them to entrust you with their life savings, retirement funds, investments, etc. the least you can do is be more local.
Greater Acceptance in Local Market
Properly done localization is an outstanding way of gaining the trust of local customers. When you provide tools and customer service in local languages, you make people feel they are well cared for. Once people are confident with your product, they become your brand advocates. That’s why FinTech companies need professional native translators. These professionals know the audience and what makes them tick.
In other words, using professionals to adapt your services and communications comes with additional benefits. People start to talk about you and advertise your services. Effective localization helps you to consolidate your brand reputation and increases brand awareness in the local market. Thus, you will have greater acceptance by people regardless of their financial knowledge.
FinTech is a huge industry and there are massive investments involved. By 2022, the market size is estimated to be well over $26.5 trillion. All this money needs to come with compliance with various laws and regulations like taxes, anti-money laundering, etc. In different countries, different laws bind financial services providers to furnish details, contracts, disclaimers, etc. in the local language. Which, by the way, is essential for the protection of people and their money against any scam. Using content writing tool may help you in some ways.
Hence, localization becomes a crucial part of the business when expanding to new markets outside your native country. Trying to communicate or connect with an international audience while speaking one language, is not so wise. It is like writing a message, putting it in a bottle, & throwing it in the ocean. Maybe someone will find it, read it, and understand it. But if any of the three is missing it’s a total failure.
Therefore, as a FinTech company, you must cater to the needs and expectations of your potential customers in a new market. Localization is your key to unlocking the doors of massive opportunities. But you are also obliged to deal cautiously and professionally with localization. You need to have a native professional translation company on your side to excel in localization. Having experienced professionals is like having all the aces in a must-win game.