As we look ahead to the end of the financial year, it got the team at Albion Languages thinking about localisation in the financial services sector. The modern finance sector has a language challenge on its hands, namely keeping potential and existing customers worldwide engaged with their finances. At Albion Languages, we help financiers communicate with foreign customers like they’re locals; we place engagement and brand loyalty at the heart of what we seek to promote.
In this blog, we discuss how crucial localisation is in financial services and the language obstacles faced by banks and financial service providers…
Handling language barriers in financial services
Localisation in financial services is crucial but presents its own challenges. Financial regulations need to be considered, as well as differing lifestyles and attitudes to money. Overcoming language barriers in financial services is key to engaging customers who can often be relatively disinterested. As financial decisions can have a huge bearing on people’s lives, it is crucial that customers fully understand contracts and the options open to them.
The question remains though: ‘How can you overcome language barriers in financial services?’ Many banks are increasingly leaning towards digital ways of managing finances, including online banking and apps. Digital information is easy to update and can be done as and when information changes.
Marketing is key in this sector as building trust among local markets is crucial. Overcoming language barriers is about understanding local markets and their particular attitudes to money. This includes the problems or barriers experienced in specific markets when it comes to accessing finance or understanding the range of options. The finance sector is heavily regulated around the world so ensuring that information is regularly updated is vital.
Coping with language challenges – what needs to be considered?
When dealing with language challenges in a heavily regulated sector, it is important to ensure that translation and localisation work is accurate. Another major consideration is security – any localisation projects should be transferred securely, and information sharing kept to a minimum. At the same time, large banks and financial institutions need to consider how to keep messaging on brand when tackling language challenges. It is crucial that messaging isn’t lost in translation to ensure customer loyalty and proper communication of brand values.
Localisation of apps and online services can help to reduce pressure on local customer service teams and keep an easily accessed digital record of agreements and services. This can enable banks, insurance providers and other financial institutions to use compliant data to improve their offering around the world. Cross-selling and upselling opportunities can be identified as a result of effective localisation too.
Getting localisation in financial services right – why is it so crucial?
Businesses often invest significant time and money in attracting new customers, adopting advanced systems, and providing personalised customer service. This can be costly, especially in the financial sector where security is of paramount importance. Genuinely ‘local’ customer service teams and communications can also help build consumer trust.
Localisation in financial services can not only help to win new customers and retain existing ones, but it can also help businesses identify areas of weakness or opportunities within their various marketplaces. Overall, investment in localisation can help financial service providers better understand consumers, therefore influencing their wider business decision-making.