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Why FinTech Needs Multiple Languages Support?

Why Does Fintech Need Multiple Language Support

Fintech is revolutionising how we access banking and finance services. Fintech is the harmonious marriage of finance and technology that creates opportunities and solutions for banking services to reach people very easily. When making fintech solutions accessible, a fintech applications development company should think about multi-lingual support. 

Multi-lingual support in the fintech industry is becoming more and more popular in India. To make electronic banking services and other fintech services available in every neighborhood of the country, a custom fintech app development company in India needs to offer multi-lingual support to the app users.

A] Why Multiple Languages Support Is So Important?

Let us understand why FinTech app development services should focus on multiple language integration and easy translations. Multiple languages integrated into a singular app can help reach more people with accessibility and convenience. 

1.  A Key Tool For Globalisation 

Multiple language support is the factor that binds people together across borders. When the goal is to expand the user base and connect with a larger, more dispersed audience, you will need to integrate multiple languages into the application so a larger group of people can use the app. When targeting an international audience, the fintech mobile app development company also has to acknowledge the diversity and segmentation of this population based on different languages. 

The FinTech mobile app development services have to develop an inclusive app that is not bound by the constraints of a traditional banking environment. In a traditional banking environment, the offices are set up regionally, and the staff usually focuses on one or two languages. However, a fintech app will easily reach a wider audience. Therefore, a fintech app needs to integrate multiple languages from different parts of the world when integrating the language algorithm. 

2. Meet Compliance and Regulatory Requirements 

The inclusion of languages makes the fintech application more accessible to people all around the world. On a global basis, regulatory requirements and compliance guidelines state that a fintech application should integrate the official languages of different countries of a particular region to be accessible to their population. 

The team responsible for fintech app design and development has to add official languages required by the compliance guidelines. For ethical and legal operations, a fintech software development company has to adhere to language compliance rules related to the area of operations. Before entering a region or a country, the development company has to focus on learning the most used and official languages of that region so the application is compliant with the regulations and is actually useful to the audience. 

3. Local Language Ensures Understandability

If your customers are not able to understand the languages that your app offers, they will not be able to access the financial services you provide. To include people from different regions and economic groups in the user base, the software developers have to pay attention to the languages they use. Financial inclusion cannot be realised without making all necessary financial services open to people. Language adaptability and translation play a major role in this. 

When creating a fintech app that targets a large population, the best fintech app development company will include multi-language support with a specific focus on local languages and scripts. This allows the fintech apps to reach even the most rural villages.

4. Builds Customer Trust

In the area of fintech and internet banking, customer trust matters the most. Every fintech app should ideally have a high level of trust with its user base. Apart from high performance and low downtime, the fintech app also needs to add features that make the app accessible and relatable. Local languages built into a fintech app make the process of finance easier for the users, and the user trusts the app better. 

The user identifies that the fintech app has taken a step further to make financial services accessible to their region, and so they will prefer this app over others. The relatable and accessible nature of fintech apps in regional languages is what makes them the first choice for banking services. 

5. Quicker Local Market Expansion 

Every fintech business would want their app to reach a wide range of users as quickly as possible. Enabling the users in a local market to access the app in their native language, is one of the best ways to ensure that. Multi-language support with different local languages can expand the market reach of your fintech app. This also increases customer loyalty. 

Choosing the right localisation partner is an important aspect of ensuring the translation is correct and not offensive. For example, if India is a prominent market for you, you should choose a fintech app development company in India, as they would be better aware of the local languages and compliances.

6. Promotes Language And Cultural Diversity

There are over 7000 languages in the world, each has its own nuances and cultural significance. While languages, such as English, French, or Spanish are generally always included in most fintech apps, including lesser-known or local languages can be a good sign of inclusivity. 

We are not saying that your app should offer 7000 language options, but adding certain local languages according to your target audience is always a good idea. For example, if you are targeted market is India, in addition to including Hindi and English, you should consider languages like Tamil, Telegu, Bengali, Punjabi, and Marathi.

Further, also read: Top Strategies For Fintech Applications Development In 2024: Types, Requirements, Development Stages, And Cost

B] Efficient Solutions To Incorporate Multiple Languages Support In Fintech Apps

  • Incorporating AI: AI technologies, such as natural language processing (NLP) and machine translation can be used to translate financial documents and buttons instantly and accurately.
  • Language Agnostic Design: Building apps that do not rely on a specific language helps to offer multiple language support efficiently. It is a cost and time-efficient method of ensuring global language support.
  • Remote Multilingual Support Teams: Hiring a remote multilingual support team can help you scale quickly. You also get access to an expert talent pool and improved response times and service quality.

Further, also read: A Guide To Selecting The Top Fintech Software Development Company in 2024

Conclusion

Fintech is a new-age technology that has the potential to completely change the BFSI sector in India. By partnering with a leading fintech app development company like us and actively collaborating, you can target a wide audience in this populous country and make the best fintech app for your audience. 

At Siddhatech, we create fintech applications with advanced features and inclusive design for better lead conversion and customer retention. If you are planning to build an app for your fintech business, contact our team today! We are always ready to help you. 

Further, also read: Banking as a Service (BaaS): What You Need To Know In 2024

FAQs

What does a fintech company do?

A fintech software development company develops new-age fintech applications that can be marketed and used by people for virtual banking and finance services.

What is fintech software?

Fintech software is a customised software solution that is used to break the mould of traditional banking systems and make banking actions easier in the virtual space. Fintech software brings the bank to your phone or tablet.

What are FinTech developments?

Fintech development is the process of developing a fintech application for the target audience, keeping the software and design requirements in mind. It is an extensive process involving design and developer teams that specialise in fintech app development.

What is an example of a FinTech development?

Mobile payment systems that foster cashless payments through your phone are great examples of fintech applications that people use today.

What is the role of FinTech in development?

Fintech, as a technological advancement, has the capacity to revolutionise the banking and BFSI sector. Fintech allows people and businesses to develop by making financial resources and services available.

What is the role of a fintech consultant?

The role of a fintech consultant is to study the target market and provide the application development company with insights and suggestions so that the final output in terms of the digital application is high-performance and useful for the target audience.

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