Localization, which involves adapting a particular offering to the local context, is significant in every industry. But when it comes to banking, it is critical! The reason is apparent. Banking deals with finance and the aspects associated with it. Thus, the choices consumers make can affect their finances.
Multilingual banking solution that make localization possible also play a crucial role here. Hence, their choice proves as decisive as localization itself. Amidst so many though, choosing the right one can prove challenging. So, here are ten factors to consider while selecting a multilingual solution for banking localization and making an informed decision.
What is Banking Localization?
Also known as financial localization, banking localization involves adapting a financial website, mobile application, banking software, etc., to the local context. The idea is to make these platforms appear native, simplify understanding of the bank’s offerings, and personalized customer service. Banking localization involves translating text and localizing graphics, images, colors, etc., to match the local taste. It also covers localizing currency, payment gateways, phone numbers, date formats, reports and more.
Financial localization is extensive. However, it proves beneficial in various ways. So, let’s overview some benefits of banking localization solutions.
Benefits of Banking Localization
Overcoming Linguistic Barriers
When localized, language can work to your benefit. Otherwise, it may prove an impediment to growth. Thus, localization helps overcome language barriers. It helps users get a better understanding of the content and paves the way to better and more fruitful bank-consumer interactions.
Personalized Consumer Experience
Today, consumers look for personalized experiences. Language is fundamental to delivering them. A comprehensively localized website, mobile application, or interface can help make users feel at home and interact more productively.
Better Decision-Making
Localized content enables a better understanding of the content. The most significant benefit of such simplified understanding is informed decision-making. Localized content helps users understand every offering and make educated buying decisions.
Enhanced Compliance
Banking laws, rules, and regulations may vary with the region or country. A bank spread across various geographies has to deal with them. Localization helps banks do that. Localized content that complies with the specific rules and regulations of the target market can aid banks in ensuring compliance. The process involves adapting legal disclaimers, financial statements, and disclosures to comply with local standards.
Increased Customer Trust
This is the collective result of all the above factors. A bank providing localized content, delivering personalized experiences, and helping users make informed decisions is likely to win the customer’s trust and gain more traction in the local market.
Choosing a Multilingual Banking Solution – 10 Things to Consider
Localization is a significant strategic move. Hence, it demands a considerable investment. Banks should make a choice that delivers the value they expect from localization.
1. Establish Your Localization Needs and Goals
Establishing what you need and setting the right expectations is crucial from the viewpoint of making a suitable choice. This step may involve assessing the platform for which you need the multilingual banking solution – whether it is for your website, mobile application, software, or customer support. The choice of the multilingual solution will significantly depend on your requirements. However, a few solutions can cater to all these platforms, enabling you to localize comprehensively.
2. Know Your Target Audience
Next, understand your target audience and its needs. This could take time and demand a considerable amount of effort, as deciphering audience needs and delivering them precisely isn’t a cakewalk. It requires a comprehensive understanding of the local culture, preferences, behavior, tastes, etc.
One of the first things to streamline could be the language. Determine the language your audience speaks and see if the prospective multilingual solution for banking localization serves it. The choice will have to be even more comprehensive if you look to serve multiple geographies, be it different countries or various states within a country.
3. Compute the Volume of Content
Another significant consideration to make while choosing a multilingual solution is determining the volume of the content you need to localize. You should have a clear picture before you begin so that the project runs on track and is completed on time.
You may partner with a localization partner if you find it challenging to compute the total content volume. Besides, if you have too much to do on your plate, you may decide to localize in phases. For instance, you may begin with your website and then localize your mobile app or vice versa, whatever you prioritize.
Knowing the volume of content is necessary to choose the right multilingual solution. As mentioned earlier, some solutions may only address a website’s localization needs, while some may do it only for mobile apps. Thus, the choice you make should be capable of handling the volume you expect. Besides, knowing what volume to localize will also help you set a budget for the project.
4. Select Between Human and Machine Translation
Localization isn’t only about translation. However, the latter forms an integral part of the localization process. Earlier, you didn’t have a choice but to opt for human translation – the default option. However, advancements in technology have resulted in the emergence of machine or automated translations as well.
Human translations differ significantly from machine translation. The difference is obvious. Human translations could be time-consuming, depending on the volume of translation. However, they are meticulous and include a human touch that makes the content appear resonating. On the other hand, machine translations are quick. But they might require a comprehensive and careful manual check. Besides, they might lack the personalized touch, a crucial aspect of localization.
Blending both these options can help. While straightforward translations could be dealt with machine translations, the more complex ones could be taken up by human translators. It can help balance the timelines, pace, quality, and personalization aspects. Accordingly, choose a solution that lets you switch between both.
5. Assess the Solution’s Technical Capabilities
Another crucial aspect to check while selecting a banking localization solution is the solution’s technical capabilities. But what should they include? There’s a lot in this area that requires a check and thorough assessment. While the basic ones include translation, some advanced ones may also include content selection and capture, change management support, SEO-friendly content creation, linguistic expertise, and CMS integration. It is necessary to see if the solution has all the technical features required to deliver a truly memorable and highly personalized localization experience.
6. Inspect the Solution’s Localization Quality
Merely localization isn’t enough. Localization is crucial to every business’s success. Banking is no exception to it. Banking is something with which people deal every day. Hence, in the case of banks, localization holds even more relevance and significance.
Accordingly, the multilingual banking localization solution you choose should have multiple quality checks to ensure the quality of the translation and localization. Quality is a broad area encompassing various aspects. It includes technical accuracy, cultural correctness, and linguistic precision. Besides, elements like colors, layouts, formatting, etc., also have their unique significance in determining the quality proposition of a multilingual banking localization solution.
7. Get a Comprehensive Cost Estimate
While choosing a multilingual banking solution, you must also discuss the overall cost of the solution. Compare various multilingual solutions, their subscription costs, and rates for various services, features, and functionalities. Additionally, costs for customization, technical support, upgrades, change management, etc., should also be factored in while getting a comprehensive cost estimate. For that, of course, you should know what you need. It is here that the initial efforts and exercise helps. It will help you know what to expect from a particular solution and plan the phase-by-phase cost for localization.
8. Evaluate the Solution on Scalability
With business, your localization needs may also grow. The multilingual banking solution you choose should support you on this front with its limitless scalability. Of course, scalability has a cost attached to it. But some solutions wouldn’t scale even if you are prepared to pay for it. Hence, you must make a choice that enables you to scale endlessly and serve your growing needs for localization.
9. Fetch User Feedback and Reviews
Real-time user feedback and reviews matter as they help determine the multilingual banking solution’s credibility. Accordingly, you must research extensively to see reviews and get detailed feedback about the multilingual solutions you’ve shortlisted. If possible, you should also attempt to connect with the organizations that have used the solution in the past or are using it presently to understand its efficiency, performance, and value.
Do not rely on online reviews and feedback alone. Speaking with people who’ve used and experienced it can help you explore many hidden aspects of the solution.
10. Choose the Right Multilingual Solution Partner
Working with an experienced and expert multilingual solution partner can help save a considerable amount of your effort in finding the right banking localization solution. A company with a comprehensive approach towards localization would help you with everything, including initial technical and strategic consulting, budgeting, translating, change management, etc. It is worth investing in a partner that does everything for you and relieves you to focus on your core business.
Elevate Banking Experiences with LinguaSol’s Multilingual Solution for Banking Localization!
Upgrade and personalize your banking experience with LinguaSol’s multilingual banking localization solution – Linguify! Linguify is a comprehensive multilingual solution that caters to various business domains, including banking. It integrates the expertise of 100+ Indian and foreign languages, along with other aspects, including data security, search engine optimization, content extraction, change management, formatting, etc.
Amidst the highly competitive banking environment, localization can help you earn a competitive advantage. Linguify precisely helps you do that! Partner with LinguaSol and exemplify localization with Linguify. Please email us at [email protected] to explore more about multilingual banking solutions.
Ref. No- LSB12231037
