Best Practices: How To Localize Your Digital Financial Services|
Technology developments, changing consumer behaviours, the extra convenience facilitated by challenger apps like Revolut, Monzo or Nubank generated not only a paradigm shift but also ushered in a new era for digital financial services. The more financial services providers discovered the potential of new technologies – especially mobile – to transform the way finances are managed and accessed, the more focus they placed on the simplification of customer journeys.
The shift in mindset was so impactful that even traditional banks like Barclays, for instance, have pivoted from in-person to digital financial services. Thanks to this shift, the market saw unprecedented growth in quite a short time. What seemed like sci-fi ten or twenty years ago became the status quo for financial services marketing.
Social media opened a new land of opportunities for financiers but also for loan seekers, as they could more easily and instantly make their voices heard. In turn, financiers learnt to use sophisticated social listening and other digital marketing tools to analyse customer habits and hone their offerings accordingly. So, instead of offering people “a mortgage loan,” banks fine-tuned their approach to reach more customers by “accompanying clients in their journey to finding the best solution for them.”
And naturally, clients no matter who or where they are in the world expect financial services providers to improve their daily lives. But how can digital financial services reach and improve clients’ lives if they do not address them in their language? How can anyone receive the support they need from their banker if the banker does not support their language? This brings us to the essence of this article – localization of digital financial services.
When localizing their digital financial services, institutions such as banks, investment providers, family offices and wealth management firms should consider the following financial services localization best practices:
1. Drop the industry slang when localizing your digital financial services
2. What does it mean to localize your digital financial services?
Localize your website and apps
Localize your user journey
3. Fonts are more than a thing of beauty in digital financial services!