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Global Business 07.15.19 BLOG 

Future of FinTech: How to Monetize Multilingual

By The TransPerfect Finance Team

Future of FinTech: How to Monetize Multilingual

TransPerfect is fresh off CBInsights’ Future of Fintech conference in NYC and ready to share. After hearing from incredible speakers and meeting the minds behind some of the biggest disruptors in banking, we can all agree that the key theme expressed for banks of the future is “agility.”

One of the most visible examples of agility is a mobile UX/UI—a mark that many banks keep missing or haven’t yet hit the mark on. In order to attract and retain millennials and next-gen customers, the financial services space needs to become more customer-centric. challenger banks are starting with seamless experience delivery and lower fees. Customer acquisition is coming less frequently from someone walking into a bank and much more often via an online and mobile-friendly application. This means that for a growing number of consumers, their only interaction with their financial institution is digital—and so it needs to be seamless.

Consumers are also expecting an increasingly tailored and inclusive experience, as we see with demographic-specific investing platforms such as OpenInvest, Ellevest, and Wahed. At her “fireside chat,” Ellevest CEO Sallie Krawcheck drove home the importance of understanding the specific goals of your customers and how important it is to adapt to them, rather than have them adapt to you. Future of Fintech invested in its diverse customers by serving up live interpretation into Chinese, Spanish, and Japanese via TransPerfect. This is part of what it means to be customer-centric and provide clients with the easiest and most seamless experience—by being in-language and by understanding their needs without having to ask.

Agility is also defined by the ability to move toward artificial intelligence (AI). As CBInsights noted during one of their talks, if you don’t make the move to AI, someone else will. And in that move they will appeal to a changing customer base, improve their margins, and generate additional revenue. They will be able to predict customer needs and financial events and be prepared to meet a need before their customer starts looking elsewhere. AI will also allow financial institutions to cut down time related to document review and KYC, giving them increased bandwidth without extra manpower.

TransPerfect believes in helping our clients stay agile as we move into the future of banking together, and this starts with in-language UX/UI technology for desktop and mobile. Through the use of technologies such as Applanga and our GlobalLink Product Suite, we are able to enable rapid localization across all platforms. Further AI capabilities relate to compliance and training and provide real-time access to AI contract analysis, which significantly cuts down on document review time. When, not if, financial services find the need to move in a more agile direction, give us a call.

 


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