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Why Is Localisation Important for Fintech Companies?

Published on July 14th, 2022

fintech localisation

Fintech companies are built for international expansion and the mobile web can put your products at people’s fingertips wherever they go. Unfortunately, it takes more than an internet connection to scale overseas and fintech brands have a particularly hard time adapting products for local markets and meeting the necessary regulations.

To build a global fintech brand, you have to localise your products and messaging for each language audience while satisfying the legal requirements for each territory. In this article, we explore some of the most important reasons fintech companies need a localisation strategy to expand internationally.

Maximise reach, brand awareness & relevance

This first point isn’t specific to fintech companies but it is especially important for marketing software products. An effective translation strategy will help maximise reach and brand awareness in all target language markets, but localisation achieves the third (and most important) quality: local relevance.

Without relevance, you are simply promoting a message to people in their own language, but nothing is done to ensure this message strikes a chord with them.

Localisation assesses the unique needs of each market so you can adapt your message to touch on the points that really matter to them. For fintech companies, it is not only the message that you’re adapting, either; it is about localising your products to make them more relevant, usable and engaging for each user base.

Improve the understanding of your product

Expanding upon the previous point, a key goal in any fintech localisation strategy is to improve the understanding of your product(s) in each market. Technology preferences and capabilities vary greatly across markets and consumer habits can be even more diverse – e.g. phone payment adoption, vs card payments and cash.

Fintech companies have to ensure every target audience understands their products and the role they’re designed to play in their lives. This starts with fintech companies knowing their audiences, their individual needs and what they can do to offer something that is both unique and valuable compared to the other solutions available in each market and the more traditional spending habits people already have.

Build trust & increase credibility

When typing the query “trust fintech” into Google, pages will appear that are filled with reasons explaining why fintech has a trust problem. Few of them should come as a surprise either. New technology always faces a certain amount of resistance, especially when this new technology is inherently designed to replace more traditional means (i.e. banks).

None of this is helped by the security concerns legitimately raised with mobile technologies and data privacy – or the growing distrust of major tech brands in general.

Fintech companies have to address these concerns head-on by showing consumers they take active steps to protect their money and personal data. They have to back this up with positive customer experiences and deal with any issues their customers face instead of sending automated messages on social media and then disappearing from the conversation.

Companies need to understand that consumer expectations vary from one market to the next and strive to appease them.

Enhance the user experience for everyone

As with any software product, user expectations can vary across markets and fintech companies need to ensure their products are localised for each target audience. Above all, you have to ensure each language version is optimised to deliver the best possible experience – for example, making sure translated text doesn’t break interfaces or layouts.

With the essentials covered, fintech companies can enhance the experience further by tweaking aspects of their software for specific audiences. You’ll often notice certain features or tools in fintech products being used more regularly by audiences in certain markets than in others. In this case, you might consider adapting the navigation of your app so the most important tools are easier to access for each audience.

For fintech companies, software localisation is an ongoing process where you constantly optimise your products to achieve the best results in every market.

Maximise usage, engagement & revenue

With a comprehensive fintech localisation strategy, you can strategically increase usage time, engagement and revenue through target actions, such as payments, transactions, transfers, etc.

The first aim is to maximise downloads, account creations and other primary conversions by localising marketing campaigns. This brings us back to the first point we discussed in this article related to reach, awareness and relevance.

Fintech success doesn’t end with the initial download of a given product, though. The entire experience needs to be optimised to establish the product as a key part of a consumer’s life. In the last point, we discussed software localisation as a strategy for optimising the user experience. This strategy expands into any long-term sales strategies for maximising retention and customer lifetime value. And this is something that also reaches beyond the product itself into customer support and brand management (think press coverage, product reviews, user reviews, etc.) as well as overall reputation management.

If your fintech company or product needs help expanding into the international market sphere, our localisation team can help. Contact us via +44 (0)20 7324 0950 or fill out the form on our contact page to discuss your project’s localisation needs in more detail.

Posted on: July 14th, 2022