Reverie Language Technologies Spotlights the Impact of Language Barriers on Financial Inclusion

Reverie Language Technologies highlights the lack of financial inclusion due to language barriers

– Launched a new video campaign to draw attention to the language barriers that are preventing many people from accessing financial services and technology.
– The campaign highlights the need for language equality in order to democratize the banking, financial services, and fintech sectors, and advocates for mandatory “choice of language” options in the know-your-customer (KYC) process.

Bengaluru, India 18th January: Reverie Language Technologies, a provider of Indian language localization and user engagement solutions, has launched a video campaign that shines a spotlight on the challenges faced by many Indians in accessing online banking services due to language barriers. The campaign highlights the digital divide caused by the prevalence of English on the internet, and how Reverie’s advanced AI and ML technology is working to make financial services more accessible to speakers of all 22 official Indian languages.

The dilemma of digital, yet native languages first customer is captured through the video:

The video illustrates the stark contrast between the ease with which English speakers can access digital channels and the difficulties faced by non-English speakers. According to Reverie, 9 out of 10 Indians find it difficult to use banking products in English, causing them to rely on cash and traditional methods for managing their finances.

The company believes that trust is a crucial component of banking and that to achieve true financial inclusion, native languages must be integrated into internet banking solutions to make navigation easier and more seamless for non-English speakers. Reverie’s technology is designed to make financial services accessible in all 22 official Indian languages, making it an essential element of Digital Bharat, which comprises of three pillars: access through smartphones, affordability and pervasiveness of data, and languages.

“Banking solutions must be designed for citizens’ language choices first, rather than replicated from English first interface. Forget local languages; very few banks fulfill the 3-language policy in the country, making online banking cumbersome for people who don’t understand English. Our aim is to get people to access the internet intuitively by easing the transition process, and ensuring that banking augments their aspirations, rather than serve as an obstacle to it. Our technology trains voice and chatbots to equip them for natural human understanding, which allows them to understand direct instructions rather than go through multiple automated suggestions. We appeal that language as a choice should be integral to the mandatory Know Your Customer (KYC) process. ” said Vivekananda Pani, Co-founder and CTO at Reverie Language Technologies. 

Capturing the spirit of “Athithi Devo Bhav:” , just getting the customers to the digital frontier is not enough , it’s important that they experience empowerment through democratisation of India’s financial custodians, be it core banking or platform led financial inclusion efforts.

Reverie Language Technologies works with major enterprises and government organisations by retaining the essence and nuance of all 22 official Indian languages across industries, especially for banking and financial services.