5 reasons why the Fintech industry is flourishing in Telugu-speaking states?

In today’s time, we all are already aware of the crucial role played by the fintech industries in giving rise to digital innovation and making the accessibility of financial services simple and sound.

During current times, there is an ever-rising upward trend in the flourishing of such fintech companies in the states where the majority of the population speaks the Telugu language.

What must be the most probable reason that will explain the reason behind such an industry's success?

The key factor that is a super portion to this success is the effective and large-scale adoption of English to Telugu translation of the financial information that resulted in a larger user diversity that could easily understand the content of fintech companies in their regional language.

To understand such key factor of translation acting as evidence behind this industrial success let's explore the above-stated 5 points:

1.     Helped in building strong customer trust

Translation of data from fintech platforms from English to Telugu enhanced the inclusivity of a larger section of the audience. The people who preferred their local language benefited as it removed proficiency in English as a barrier. This led to a higher participation in the modern-day financial ecosystem.

2.      Relatable content = Higher customer retention

Telugu as a language that stays in the heart and soul of the people speaking and embracing it on a daily basis gives a sense of comfort and relatability. Hence, the finance-related content provided by the fintech companies in such a regional language did the same thing. Through such translation initiatives, a greater rate of customer retention and user loyalty was achieved in the fintech industries.

3.     No regulatory compliance barriers

Often there are a number of regulatory industrial companies that demand an effective and proper translation of finance-related data into local languages like Telugu. Such problems were directly combated by the fintech industries through translation and the meeting of legal obligations became easier than before.

4.     Larger reachability with potential customers

English to Telugu translation of information related to financial services helped the companies to penetrate deeper into finding more potential customers. This helped to cover people from all backgrounds where the only thing that binds them is their local language. Such a smart initiative opened doors for greater market reach and yielding higher revenue.

5.     Lead to informed financial decisions

The translation of finance content into the Telugu language notably boosted the levels of financial literacy among the audience. This evoked a sense of interest and understanding of concepts among the people that helped them to make informed financial decisions. This opened the opportunities for people to make use of that literacy in real-time by saving and investing money wisely.

Conclusion

In summary, the English to Telugu translation was a smart and tactical move that led to a strong upward growth in the graph of performance by fintech industries in the Telugu-speaking states. In the end, localizing the content, keeping the mindsets and comforts of local people's language, and removing linguistic barriers helped in such tremendous growth.