Fifteen years ago no one had heard of FinTech, but since the 2008 financial crisis, it has been one of the fastest growing sectors in the world. Its rapid expansion and success has caused massive ripples into virtually every industry (not least of all, more traditional financial institutions) and this growth has required a different approach to global trading.
Within the FinTech industry, you won’t find bricks and mortar shop fronts (like established high street banks), instead they are unrestrained by geographical limitations and can target consumers, end users, and potential clients anywhere in the globe through technology and nimble infrastructures.
However, these dexterous formations, such as Crowdfunding, Mobile payments and instant money transfer services require an element of customer trust for brand faith to become established, and without the formal structures of traditional banking (bricks and mortar) it can be difficult to navigate foreign markets or reach new potential clients,
This is where the translation industry has been beneficial to the FinTech industry.
Through offering effective language services to FinTech businesses, they have been better able to engage with local audiences and improve their global reach.
Language Services and FinTech
As we’ve already discussed, FinTech companies are unlike traditional financial institutions – they tend to be small, fast-growing, with staff who are young, dynamic and very tech-savvy!
As a result of this, the way they market their products, and communicate to customers, is also different to traditional financial institutions.
FinTech companies tend to be less formal and communicate in a straight-forward manner, so they connect with younger audiences in a no-fuss, simple way.
This means that any language adaptions made for new audiences must communicate this same brand voice for various languages, cultures and audiences, but this can be difficult in foreign markets in which you are likely to be unfamiliar with the language and cultural norms.
Therefore, the best way to ensure parity across borders, and audiences, is to use a professional translation and localisation services provider who offers expert insights into local audiences’ requirements and expectations so that products are understood and utilised.
Translation, as a stand-alone service, doesn’t consider regional and local differences – it is simply an adaption of the language or message and does not account for local variances in language, dialect, tone of voice, culture or societal norms and expectations.
Leading FinTech companies have instead used localization experts to adapt their message and promote their services with great success.
Localization offers a unique language adaption that takes account of local needs and expectations, and for FinTech companies looking to offer their financial services in a local market, there may be issues around what types of services they can supply and how these can be utilised by the customer.
For instance, in parts of the world where there are large contingents of foreign workers who may not have access to the country’s traditional banking systems, such as, the UAE where nationals only make up 10% of the population, FinTech companies will most likely need to educate their potential customers on what services they offer and how to use them.
If a FinTech company isn’t using the right language, terminology and cultural approach they may end up alienating customers, or have customers who aren’t accessing the full range of services available to them.
Creating financial inclusion for developing countries, and the people who reside there, has become a real possibility with mobile technology and the Fintech industry, but without a localized solution for customers language requirements this is more difficult.
In the long run, FinTech companies face the same issues as other industries when becoming a global concern – they need to adapt to the needs of a changing audience and promote their brand in a way that is understood by unique and varying audiences.
This challenge can be overcome by use of effective localization services from a professional translation company and can be successfully managed for the benefit of both the company and its customers.
If you would like advice regarding any of our localization or translation services, please contact us.
© Copyright 2020. All Rights Reserved