To break the language barrier in financial inclusion as it’s becoming multilingual, BankSathi customers from tier-2 and beyond can have the comfort of speaking with someone in their own language and understanding fintech products, which may otherwise appear confusing and intimidating. They can now use Telugu, Bengali, and Marathi for accessing accounts, product information, services and many other things through the BankSathi apps.
In a country as diverse as India, language is one of the most prominent barriers to financial independence. Among total 1.4 billion Indians, fewer than half qualify as active internet users, and of those, approximately 500 million are Indian language users. Interestingly, 70% of these users report difficulty with English and 60% attribute language issues to their inability to adopt online services. This isn’t just about a language barrier.
Using financial services also involves jargon and navigating confusing terms and clauses. In order to gain their trust, native language speaking customers can grasp these complexities with ease. When handling money, trust is key, and trust is generated by familiarity, comfort, and confidence.
Jitendra Dhaka, Founder & CEO BankSathi stated, “We have added three languages to our platform and will continue to introduce new ones in teh future. By introducing vernacular languages on the platform, we will eliminate language barriers. This is a natural step in our journey to become the one-stop financial advisory platform for the next billion users of India. Within next fiscal two more local languages will be added to the application in a future version. Our goal is for every Indian to be financially empowered, to have a professional financial advisor, and to take proactive steps towards saving and building wealth.”
Since BankSathi introduced Hindi as a language option last year, it has recorded a 25% adoption rate. Most BankSathi advisors and customers come from tier-two cities like Jaipur, Chandigarh, and Lucknow, as well as non-Hindi-speaking states like Visakhapatnam, Kochi, and Mysore. A key driver of BankSathi is the vision of having one adviser for every 100 families, and has trained over 800,000+ financial advisors. Furthermore, BankSathi aims to support 10 million people in starting small businesses.