Imagine signing in into a banking website that speaks your language or interacting with a multilingual AI chatbot that provides personalized and accurate responses in your language. Incredible it is for sure! But this isn’t a painted picture. It is real. Core banking multilingual solutions are making it possible with their remarkable LangTech capabilities. However, the above experience is merely a glimpse of the wonders multilingual core banking can work. Let’s look at some more ways through which multilingual solutions can transform core banking experiences.
7 Ways Multilingual Solutions Can Make Core Banking Even More Delightful!
Digitalization has helped revolutionize banking. However, as online banking penetrates deeper in the social ecosystem, it is time for banking organizations to take the next step – deliver multilingual services. These benefits make it evident and also denote the significance of multilingual solutions from the customer service context.
1. Improved Customer Experiences
Although this is the result of everything a multilingual solution can do, we’d like to highlight it in the beginning. It is because modern banking isn’t merely about give-and-take. It transcends the scope of purely transaction-based conventional banking. Today, it is also about providing service, building relations with clients and retaining them by delivering exceptional experiences across every stage of their journey with the bank.
Language and technology make it possible. Core banking multilingual solutions enable banks to speak the customer’s language accurately and deliver them answers to their queries and provide services to them in their language. Such a personalized approach makes them feel cared for and elevates their core banking experience. Retention, trust and confidence in the banking system are factors that follow.
2. Enhanced Communication
Language facilitates communication. However, it can also impede communication if the parties involved in the interaction don’t understand each other’s language. What’s even worse is misunderstanding that can lead to transactional errors.
Multilingual solutions can help minimize these risks by ensuring clear, transparent and comprehensible communication between the banking system and the customer. For instance, a multilingual mobile application and website can help a customer understand a bank’s offerings and make informed buying decisions.
3. International Transactions
Every business person aspires to go global. But what if everything else supports their global endeavors except the banking system? Each transaction will become challenging if the banker’s language is incomprehensible for the business person.
For such customers engaged in international transactions, international business or travel, multi-language core banking solutions can help simplify cross-border transactions and account management. The multiple language support they provide can help streamline various processes, simplify decision-making and smoothen many financial activities other impeded by language barriers.
4. Seamless Migrant Remittances
Another dimension of core banking is expatriate remittances. People working in foreign countries transfer a certain amount to their account in home countries to support their families. However, often, they cannot understand the bank’s language, thus requiring a translator or the bank’s employee to assist them. But for example, if a bank from the Arab world has a Thai language option, the person can select the language and transfer money seamlessly to the desired account.
The above isn’t just a facility but refers to empowering people with capabilities that enable self-service. Multilingual financial services can help do that efficiently!
5. Increased Alertness and Risk Awareness
Let’s say a bank takes an initiative and sends generic banking alerts and makes efforts to increase awareness about digital finance within its consumers. However, the bank does so in its native language or English, which is the world’s default language. It may be fine with consumers who understand the language or English. But what about those who don’t? For them, the message is as good as useless!
Here, multilingual core banking solutions can help. They can help banks and other financial institutions send language-specific fraud alerts, important notifications, central bank guidelines, crucial updates, changes to interest rates, etc., via messages, emails and WhatsApp messages in the customer’s language. It can help the latter comprehend the message, understand its criticality and therefore remain alert and informed.
6. Access to Personalized Financial Education
This may not be part of core banking experience but surely part of the extensive digital banking ecosystem. Financial literacy and education about digital finance have become imperative to empower people and help them leverage the benefits of the contemporary banking system. It intends to bring those deprived of banking services into the mainstream economy through increased awareness and use of banking. Multilingual resources help banks provide training and educational resources in various languages to help them use core banking services effortlessly and benefit from them.
7. Customized Interactions
Another significant aspect of core multilingual banking solutions is that they enable banks to customize a particular message, product offerings, emailers, etc., in the customer’s language and communicate them. While that helps them understand the message, it also builds trust about the bank and strengthen its local presence.
Additionally, integrating multilingual AI-driven chatbots can deliver quicker, more personalized and more accurate responses to customers. It enhances the customer’s overall banking experience and makes their interactions more meaningful.
Deliver Exemplary Customer Service with Linguify!
Linguify is a thoughtfully designed multilingual solution with features and functionalities to deliver phenomenal multilingual banking experiences! The solution has numerous capabilities that contribute to quicker, better and more comprehensive translations, helping banks redefine personalized service.
If you are a banking organization looking to broaden your customer base and improve your banking experience, LinguaSol’s Linguify has got you covered. With a language coverage of over 100 Indian and foreign languages, accurate translations, and many other supporting features like change management, constant updates, etc., Linguify can help you deliver top-notch multilingual financial services.
Please email us at [email protected] to explore more about Linguify.
Ref. No- LSB4241044
