BankSathi adds 3 languages to bring financial inclusion to its 30 lakh users
Users can now use Telugu, Bengali, and Marathi for accessing accounts, product information, services and many other things through the BankSathi apps
image for illustrative purpose
Seasoned Investor Kunal Shah-backed Financial Advisory platform BankSathi has added Telugu, Bengali, and Marathi to its platform to support and encourage awareness for locals to bolster the growth in the lesser-known financial domain. This move will benefit 30 lakh customers and 5 lakh advisors Pan India.
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, 70per cent of these users report difficulty with English and 60 per cent 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.
Talking to Bizz Buzz, Jitendra Dhaka, Founder & CEO BankSathi said: "If you talk to a man in a language he understands, that goes to his head, if you talk to him in his own language, that goes to his heart." This quote by Nelson Mandela, which has stood the test of time, may as well define the next wave of the growth story for the Indian banking and financial sector."
The underdeveloped parts of India are where India's high ambitions are coming into fruition. One of our most important aims as we move forward with our company is to provide a really democratic service that the overwhelming majority of people in India will be able to make use of, he said.
The Real Bharat-the country of expanding potential, we need to embrace multilingualism. From creating localised content to putting out engaging content, India's banking and financial sector needs to create an entire vernacular ecosystem to make the most of the next phase of growth. Since India's vernacular population is close to 70 per cent. In a similar vein, we are thrilled to announce that we have added support for three new languages to our platform, and we have every intention of continuing to add support for additional languages in the future.' Engage and Connect with Others Don't Alienate '-this is the mantra by which we live by. If we include vernacular languages on the platform, we will be able to eliminate linguistic barriers once and for all. This is a natural step for us to take in our aim to become the financial advisory platform in India that serves the requirements of the next billion people who will live there. When it comes to putting money down and developing their wealth, every Indian ought to be able to make their own decisions on their finances, have access to a trained financial counsellor, and be willing to take the initiative on their own behalf.
This is the endpoint of our efforts, he added. 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, he added.
Since BankSathi introduced Hindi as a language option last year, it has recorded a 25 per cent 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 8,00,000 financial advisors. Furthermore, BankSathi aims to support 10 million people in starting small businesses.
