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The Rise of Financial Sector (FinTech) Localization: the Future of the Banking and Financial System

18.11.2020
Why Localization is Key in the Financial Services Sector
Author:

Financial technology/FinTech sector has been developing actively in the last 5 years. Today one of the prerequisites for success is localization in the financial services sector. In the life cycle of each financial services company, sooner or later there comes a moment of choice:

  • make a leap forward and go international
  • play it safe and stay at the same level of development and income

If your goal is to expand and enter the international market and localization of your business in financial services will be an indisputable formula for your success.

Our web developers have devoted today's blog to tell you how to properly localize financial services and enter the international market. Even if your company is already on the international market, then in the blog you will find a lot of useful information to improve and get more benefits. In short, if you are in the financial services sector, you will find this blog useful!

What does localization mean in the financial services sector?

Localization in the financial services sector means that local customers will understand you and choose your company among thousands of others. It is especially needed for the financial services sector — we explain in detail why below.

The financial sector itself is serious because it deals with customer’s money.. Therefore, gaining customer trust is very important, especially if you are not local.

Localizing your business will allow you to win the hearts of your customers. Personalization and availability of all information in an understandable language is a prerequisite for localization.

The next equally important stage of successful localization in the financial services sector is compliance with all local laws If you want to win more customers in your new territory, you must obey and comply with local regulations.

But remember — localization in the financial services sector today means 98% success.

Top 6 challenges with FinTech localization

FinTech companies that want to gain international markets should know that there will be challenges on their way. Among the typical problems localization in the financial services sector meets are:

1. Be in compliance with all governmental requirements

You must understand that you are new to this territory and people may be afraid to trust you. Make every effort to comply with the regulations of doing business in a particular area to gain their trust.

2. Adapt your business for local clients

When expanding your business to new marketplaces, don't forget to consider all the important cultural aspects. Your business needs to be culturally appropriate in order to know how to gain customer’s trust.

3. Overcome language barriers

If you want to get more clients - submit information in their native language. Make all your website content available in different languages to do business with the whole world.

4. Be familiar with foreign exchange rates

Since you are new to this area, you will need to delve into foreign exchange rates. Difficulties in managing payment methods and currencies often become a major challenge. Do your best to do your research ahead of time.

5. Ensure the highest level of privacy and security

Maintain the highest levels of privacy and security for your FinTech company at all times in order to gain the trust of users. Just one mistake often leads to a complete loss of trust.

6. Be aware of regional markets

If you are working in new territory for you, you need to be familiar with regional markets and local competitors. The main challenge for you will be to become familiar with new regional markets.

Besides these typical challenges, others will appear. In order to overcome all these inconveniences and take a confident leadership position, you should keep up with digital development and constantly upgrade your site as much as possible.

Top 6 challenges with FinTech localization

Top 6 tips on how to localize your financial services sector

1. Create a new domain for new location

In order for your customers to choose  your company, you'd better create a new domain name for this particular location.

2. Make your website multilingual

The availability of the site in different languages shows your desire to please customers. They will appreciate it.

3. Fill in meta tags for search

By prescribing meta tags, you increase the likelihood that search engines find you, and you will be in the SERPs more often.

4. SEO optimization for local search

Your business needs SEO optimization so that users can find you on search engines. SEO optimization is a prerequisite for the financial services sector.

5. Add suitable payment options to the site

Depending on the territory in which you plan to work, you should add appropriate payment options to make the site more user-friendly.

6. Integrate Google maps into your financial services sector

Integration with Google Maps is another way to reach the top, especially if you want to become first in a particular local territory.

Top 6 tips on how to localize your financial services sector

Localise your business in the financial services sector with the Internetdevels web development company!

Localization in the financial services sector provides good results for those looking to develop their business, gain new markets, and expand their client base.

Internetdevels web development company has been working with clients in the financial services sector for many years, so we know from our own experience how important it is to do things the right way when expanding globally. If you are also interested in the effective localization of your financial business, then we are always available.

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