3 Reasons Why Banks Should Localize Online Financial Apps
As the world of mobile continues to grow at a rapid rate, more and more people are using a banking app to keep their money in check—so much so that a new industry has formed.
Fintech—financial technology—has revolutionized the banking landscape, allowing us to access our accounts from anywhere in the world, in seconds.
In fact, 88% of incumbent financial institutions believe that part of their business will be lost to standalone fintech companies in the next five years.
A seamless digital experience is no longer a “nice to have” but is vital for consumers looking to manage their finances online.
According to Insider Intelligence's UK Mobile Banking Competitive Edge Report, 89% of survey respondents said they use mobile banking. Furthermore, a massive 97% of millennials indicated that they use mobile banking.
And, of course, not all of these users speak English as their first language.
To remain competitive in the fintech marketplace, banks need to weigh the investment of localization for their diverse customers versus the reward of attracting a growing demographic and maintaining the trust of current international customers.
1) Build Trust
Above all, a customer needs to trust the organization that looks after their money. This starts with language.
From financial details when opening a new account to personalized notifications, it’s crucial for users to completely understand the information provided so they can navigate the app as easily as possible. The goal is to instill maximum confidence, not frustration.
Trust is much more likely to be built and maintained through communication in the consumer’s first language during their digital journey.
2) Maintain Convenience
Apps are made for convenience. They travel around with us wherever we take our phones. They allow us to access our bank accounts within seconds, wherever we are in the world. But if someone is trying to navigate past a language barrier to do so, it negates the convenience entirely.
Removing this barrier not only creates a much more seamless experience for international users, but also strengthens customer relationships.
It is estimated that 21% of the US population over the age of five—over 65 million people—speaks a language other than English at home. Of this group, more than 26 million people speak limited English.
Unfortunately, each segment within this population faces significant barriers to participating in the consumer financial marketplace due to language limitations. These restrictions place hurdles on understanding and completing key financial documents, managing bank accounts, resolving problems with financial products, and accessing financial education.
With a focus on customer experience, banks can expect a much higher satisfaction rate, resulting in growth in acquisition and increased retention.
3) Enable Personalization
Through localized content, banks can serve international customers with much more personalized information. This includes anything from clear and concise transactional notifications to the in-app upsell of financial products that are specifically targeted to that audience.
Customers are much more likely to respond to information that has been curated especially for them. With hundreds of companies now offering this tailored experience to key segments around the globe, the competition is fierce. Enabling personalization is something companies simply can no longer go without.
Whether you’re looking to grow into new markets or improve digital experience for existing international clients, localizing financial apps can seem like a daunting task.
Given the high exchange of financial information and security requirement on all activity, it’s best to work with a trusted third party that has extensive experience working with fintech companies all over the world.
Our finance-focused team at TransPerfect can help. Contact us today to get started.