Fintech which has already done rounds of growth to reach the unreached and enabled them to transact with ease with low dependence on intermediaries.
In the Global Fintech Festival GFF – Dr Bhagwat Kishanrao Karad minister of State for Finance along with Paytm CEO Vijay Shekar Sharma identified some key points of differentiation which fintech has changed in the country from the past few years. One of the key to adaptation was providing information in the local language to boost adaptation of fintech services and help them do it by yourself (DIY) mode.
Language translation services would help the overall penetration of the services PAN India.
Other points which were discussed are as follows: –
DBT which used to be a minimal percentage of the whole disbursed amount has now been disbursed 100% with completely verified bank accounts.
Penetration of Financial inclusion has help individuals transact in a cashless manner, DMT, AEPS, Micro ATM and UPI have helped this and are further reducing the dependence on cash in the economy.
ATM and Debit card has also helped the individuals to reduce need of cash.
Introduction of various affordable insurance policy, Mediclaim, pension scheme and other instruments such as kisan card have been seen good penetration with help of account seeding via Pradhan Mantri Jan Dhan yogana.
Our view – This can be adapted with proper information English to Hindi translation and other language translation.
Other Banking correspondence services have also helped in managing the financial transaction in assistance model. Bill payments with BBPS services has helped in ease of bill payments.
Our view – This can be aided with the help of DTP services in Hindi language and other languages in India.
Proper distribution of short-term loans for small vendors and traders have reduced the cost of capital and removed the high interest-based loan dependencies.
Our view – All of these have traction but the same would be able to be successful if there are information in local Indian language adaption in services and user menu.
Translation services in Delhi can be of lot of use to design such initiatives.
English to Hindi translation and English to Indian language translation can help the newer fintech initiatives reach every nook and corner of the country.
Wherever assistance is required in adaptation. Interpretation services in India can be used to archive the goal.
Summary
The session was well carried out by Vijay Shekar Sharma who applauded the initiates and plans and stated that the government was working like dedicated product strategist and thinks for each and every individual in the country. The PayTM CEO emphasized the importance of providing fintech services by using Indian language translation for localization. In fact localization of fintech services can also help in adaptation was something summarized by many.
Our Summary – Indian language translation agency in Mumbai the financial capital can help the RBI initiatives along with other information to be passed on PAN India.
Vijay Shekar Sharma PayTM CEO was also in an interactive session with individuals before the above session and was found interacting with all in Hindi Language. This itself calls that for fintech’s to grow in the lines of big organization translation services in India is going to be very essential.