As new devices, tools and apps are continually being developed, businesses that want to cross linguistic borders need to be at the top of the game to become more competitive. Banking and finance industries are no exception.
An increasing number of users around the world are turning daily to banking apps to keep their money under control. This has led to rapid growth in the industry, a trend that is most likely to continue.
Find out why is it extremely important for banks to localize financial apps:
The COVID-19 pandemic has definitely transformed the way we know business. The way we interact with others has changed significantly, as well as the way we make our purchasing decisions. As more companies try to expand their businesses in the global market, the need to translate or localize their content and platforms increases.
As new devices, tools and apps are developed on a daily basis, businesses that want to cross linguistic borders need to be at the top of the game to become more competitive.
Banking and finance industries are no exception. There are some pretty strict standards when it comes to dealing with anything related to numbers and money. Within the translation industry the best way to ensure quality is to work with certified translators who are subject matter experts. Also, Artificial Intelligence and Machine Translation can help to improve the translation procedure to ensure accuracy and avoid misunderstandings. But let’s see why localizing financial apps is so important nowadays…
Why banks should localize online financial apps
The global pandemic has increased the use of mobile devices. More and more users around the world are turning to banking apps to keep their money under control, causing the industry to expand rapidly. Financial technology, or fintech, has revolutionized the banking landscape. We can now access our bank accounts from anywhere in the world, within seconds.
According to BuiltIn, “many traditional banks are supporters and adopters of the technology, actively investing in, acquiring or partnering with fintech startups because it is easier to give digitally-minded customers what they want, while also moving the industry forward and staying relevant.”
But what about language? Within machine learning algorithms, blockchain and data science we shouldn’t miss the importance of language and cultural background. It’s not the same to make a banking app more user friendly to an American public than to a Latin one. And more importantly, each region has its own language usages. Vocabulary, grammar, syntax and idioms change tremendously from one country to another, which can really determine whether a message is well understood or it isn’t.
Why localization matters in app development
An article published by DataProt shows us some key mobile banking statistics:
- 86.5% of Americans used a mobile device to check their bank balance in 2020
- 79% of smartphone owners have used their device for an online purchase in the past six months.
- The total value of payments made using mobile devices reached $503 billion in 2020.
- Bank of America continues to be an industry leader with 30 million active mobile users.
- In 2021, there are 5.22 billion unique mobile users worldwide.
Approximately 97% of millennials indicated that they use mobile banking. And as it is evident that not all of these users speak English as their first language, apps need to be adapted to each target language. To remain competitive in the fintech marketplace, banks need to invest in localizing their digital products for their diverse customers and audiences.
Benefits of localizing financial apps
1) Improving customers’ trust
Any company needs to earn the trust of their customers, especially a company that deals with its customers’ money. The first key point to take into consideration is that transactional aspects and procedures have to be clearly understood. It is crucial for users to fully understand the information provided so they can use the app easily.
But this is not only about proper comprehension of a message, it is also essential to accomplish a positive reach with each client. To sum up, it’s like speaking each customer’s own language – or even language variety – or, as we call it within the translation industry, localizing.
The ultimate goal must be to earn the client´s trust and the best way to do so is by speaking their same language.
2) A personalized experience
Localized content allows banks to offer their clients a much more personalized experience. This involves notifications and even products that target that particular audience. Users respond better when content is specifically tailored for them and expressed in their own language.
One excellent strategy to overcome fierce competition is by localizing content and making it more appealing to each specific segment.
3) Overcoming language limitations
Localization can definitely help to overcome language barriers. Every company that wants to expand in the global market and become noticed by a larger portion of the population needs to pay attention to the several non-English speakers that are also part of their audience.
When language barriers are overcome, as content is properly localized in each target language, user experience improves, as does the relationship between the company and its clients.
When banks focus on customer experience, satisfaction rates increase, and with them the rates of acquisition and customer loyalty.