Global fintech and funding innovation ecosystem

Money Don’t Jiggle: How Localization Can Help Fintech Adoption

Jul 8, 2022

Fintech localization - Money Don’t Jiggle: How  Localization Can Help Fintech Adoption

As of 2022, 64% of all consumers have used one or more fintech solutions.

But what exactly is fintech and why is it so important? How can it help consumers and whole economies? Finally, how can translation services help accelerate the adoption of fintech in other countries?

This article will try to answer all of those questions and others about fintech.

What Is Fintech?

Before we discuss the adoption of fintech in other parts of the world, we have to define what it is.

Financial technology or fintech refers to technological innovations that are meant to deliver financial services. Fintech is meant to be disruptive since it aims to compete with traditional financial services.

Fintech can come in different forms. It can be in the form of mobile apps or through websites. It can be used to provide loans or investments. Some of the most commonly used ones are:

  • There are various ways that are available now for businesses and individuals can accept payments.
  • Digital wallets. These tech solutions can store your debit or credit card information so you can complete transactions without having to enter your details.
  • Most people now are familiar with cryptocurrencies because of the popularity of Bitcoin and others. Others are hailing cryptocurrencies to be the future of money.
  • Peer-to-peer lending. This solution allows users to lend money to other users at low-interest rates.
  • Other types of loans are also available through fintech these days.

These are just some of the types of fintech solutions that are currently available. These are all meant to make financial transactions faster and more convenient for users.

A Coming Inflation Apocalypse and What Does it Mean for Fintech

There are fears that the world is headed for a recession. While that may or may not happen, what’s certain is that the inflation rates are high and are still rising in many parts of the world. In Canada, consumer prices have risen at rates not seen for almost 40 years. For the rest of the world, energy and food prices are reaching record highs. These high inflation rates were driven by the COVID-19 pandemic but it was made worse by Russia’s invasion of Ukraine and the ongoing conflict. Some say that inflation will remain high in the foreseeable future.

There are those who believe that rising inflation might delay the acceleration of fintech use in some countries. In reality, it might slow down but the use of fintech will continue. The convenience brought by fintech is too much for countries not to take advantage of it.

Translating & Localizing Fintech

There is no stopping fintech adaptation. Countries are adopting fintech at an increasing rate. In the United States, 90% of its population has used some form of financial technology. In other countries, fintech has been the go-to solution adopted by the population because their traditional financial system is not working. One such country is Zimbabwe which has suffered one of the worst hyperinflations in history and its population had to turn to fintech so they can continue with their financial transactions.

The spread and adoption of fintech require that it should be localized for the target markets. Fintech solutions developed in other countries must be matched with the needs of the new market they are trying to enter. For instance, PayPal worked on data localization when it wanted to expand its operations in India. The American cryptocurrency exchange Gemini has expressed interest in expanding its operations in Southeast Asia but to do so, it will have to translate its marketing and content into the local languages.

Why Is Translation Services Crucial for Fintech?

The popularity of fintech solutions means that its adoption will be accelerated. This requires fintech solutions in the language of the users. It’s essential to have the fintech content and marketing available in the users' language to foster their trust. Just as consumers prefer the information about their product to be available in their language, the same thing is true about fintech solutions. This is where financial translation plays an important role. This form of translation focuses on financial texts and uses language that might be different from what is used in normal unspecialized documents. Financial translation services are typically handled by language experts with financial backgrounds or it can be the other way around. They specialize knowledge is needed not just in translation but in creating a glossary of terms with consistent definitions.

Over 72% of consumers say that they will spend time on a site with content in their own language and buy products or services written in the same. That’s how big of a role language has to play in fostering trust.

Fintech Translation and SMEs

SMEs play a major role in the adoption of fintech. That’s because the range of solutions offered by fintech is very attractive to small business owners who do not have the same resources as large companies. Many business owners are also tech proficient which builds a natural connection between SMEs and fintech.

Because of that connection, there is a need for financial translation services to help with providing content in the language used by SMEs. These types of language service providers that are familiar with financial terms. This is crucial for SME owners since they would want to get support in their own language. The fintech platforms should be accessible to their customers language-wise.

Fintech Translation and Understanding the Target Market

Fintech companies seeking to expand their services must work with financial translation services providers if they want to understand the market that they are getting into. More importantly, financial translation will allow their target audience to understand them and their services.

See:  CB Insights: Global fintech funding declines in Q1’22 while Europe, Canada and Australia see Growth

Financial translation includes the translation of the actual content of the fintech solutions, the marketing materials, and all the other documents connected. Translating these requires financial knowledge and familiarity with the target market and audience.

 Fintech Translation and Compliance

Translation services can also help fintech companies to comply with the local laws and regulations of the countries that they are trying to get into. Translation can help them to understand what’s needed from them and it can be used on the documents that they need to submit.

Fintech adoption will soon be the norm around the world. There will be fewer cash transactions and other traditional financial services. Countries are fast learning how to use fintech to their advantage. Importing financial technology from other countries can be a shortcut to developing one’s own but those platforms will have to be localized.

Hopefully, other countries can adopt fintech solutions like digital wallets now to make things more convenient for their people with the help of financial translation services providers.


NCFA Jan 2018 resize - Money Don’t Jiggle: How  Localization Can Help Fintech AdoptionThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Money Don’t Jiggle: How  Localization Can Help Fintech AdoptionFF Logo 400 v3 - Money Don’t Jiggle: How  Localization Can Help Fintech Adoptioncommunity social impact - Money Don’t Jiggle: How  Localization Can Help Fintech Adoption

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Money Don’t Jiggle: How  Localization Can Help Fintech Adoption




 

Leave a Reply

Your email address will not be published. Required fields are marked *