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The financial technology industry, or fintech, is one of the most rapidly expanding industries, along with health technology. We will see in this post how many users use mobile banking and how vital it is to provide localized content in mobile banking apps (hint: you may be surprised).
We witness many changes in people’s behaviour and habits around money. Now, we have cryptocurrencies, mobile banking apps, digital wallets, etc.
What’s more, established companies have no doubt about the necessity of these new technologies.
Users expect a seamless digital experience while using mobile banking apps to handle their finances.
If a financial company wants to stay up to date it must provide such a service.
Because innovative technologies have become the norm.
How many people use mobile banking apps?
81% of CEOs in banking are even concerned about the speed of technological change. See more about the future of mobile banking.
What’s more, 46% of people exclusively use digital channels for handling their finances (Singularity University)
Financial companies (and not just those in financial services) have realized that the most significant part of their products needs to be online, intuitive, and easy to use. They are aware that this is something that needs continuous improvement, but that the starting date for this is now.
As a result, financial technology needs to adapt and be consumer-centric.
To ensure that they have the most valuable features, bank executives are aware of the importance of customer feedback. In order to encourage people to give feedback and share their experiences, you must give them the space needed to do it effortlessly. What could be better than giving them the question, the interface, and the overall experience in their native language?
More than a third of fintech industry deals are made outside the US, the UK, and China.
Together with the list of most spoken languages worldwide, it can give you a clue in which languages to localize your content.
Millennial fintech app statistics show China, together with Sweden and many other societies are getting closer to becoming completely cashless as online native generations mature.
Moreover, generations who grow up with digitalization feel that waiting in line to pay their bills is completely time-wasting.
Mobile banking is a must-have for financial services.
The total transaction value of digital payments grew from $4.1 trillion in 2019 to $5.2 trillion in 2020 according to Statista.
From statistics, 95% of millennials use mobile apps for paying bills and have all kinds of money transfers.
Why do you need to have apps in your customers’ native language?
Localized content is not just translation, it is also adapting the translated content to the local audience.
Users expect a seamless experience from their mobile banking applications, no matter where they are or what device they are using.
1. Builds trust
75% of people are more likely to buy something if it is in their native language. Research Can’t read won’t buy explains this in detail. How many of them would handle their finances in an app that is not in their native language?
Customers need to trust the organization that manages their money. For most people to even consider trusting your organization with their money, the app must be in their language.
It’s imperative that users understand the information displayed.
The goal is to make it flow as smoothly as possible, not to develop a sense of frustration.
2. Reduced barrier to entry
Localized content implies that you have thoroughly researched the market, and it can give you a significant competitive advantage.
3. Improved brand awareness
Your brand sounds and looks more familiar to users.
4. Personalization
Moreover, having a mobile banking app with localized content helps you serve your customers with much more personalized information. And, when it is personal people are much more likely to respond.
This includes transactional notifications, and in-app upsell of financial products (specifically targeted to locale audience).
5. Convenience
The localized content of mobile banking apps, together with their design and interface, makes them more convenient to use.
Apps are made for convenience. But if someone is trying to navigate past a language barrier, it is not that convenient at all.
6. Better engagement
All this will increase your customer engagement, satisfaction, revenue, and feedback for your future improvements.
Some businesses take it one step further and combine marketing localization with new localized features.
Localizely for your mobile banking apps localization
77% of traditional financial institutions plan to increase their focus on innovations to boost customer retention according to PWC.
To increase innovation across all the markets you are in, you will need to implement a continuous localization process. Localizely takes care of that.
Localizely is a translation management platform that helps you translate texts in your apps for global expansion.
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Image and article originally from fintechreview.net. Read the original article here.