Financial Solution in Local Languages
Setting the Tone for Linguistic Financial Empowerment, Bhashini (DIBD) and RBIH Collaborate for an Inclusive Vision
In a nation as diverse as India, the collaboration between Reserve Bank Innovation Hub (RBIH) and Digital India Bhashini Division (DIBD) Bhashini takes aim at breaking down the language barriers prevalent in the financial services landscape. Through their combined efforts, both are set to explore and develop innovative solutions that foster linguistic inclusivity.
Recognizing the pressing need for linguistic inclusivity within the financial services sector, the DIBD and the RBIH have already signed a ground-breaking Memorandum of Understanding (MoU) during Global Fintech Fest. This strategic partnership is poised to revolutionize financial services by enabling communication in local languages. The primary objective is to extend the reach of digital financial services to users in their native tongues, ultimately striving for seamless banking experiences for all.
Amitabh Nag, CEO of the Digital India Bhashini Division during Global fintech Fest in Mumbai, highlighted the potential of voice as a medium in this endeavour. He emphasized, “Utilizing voice as a medium, BHASHINI can promote financial inclusivity, economic empowerment, and enhance financial literacy. BHASHINI, with its capabilities in language translation and voice processing, will play a pivotal role in achieving these goals. Through this partnership, we will work together to find new ways to break down language barriers in India’s financial services sector. Our goal is to make financial services more accessible and user-friendly for everyone, regardless of the language they speak.”
Rajesh Bansal, CEO of RBIH, stressed the importance of trust, speed, and convenience in the digital age. He asserted, “In this rapidly evolving digital world, three pillars guide innovation: trust, speed, and convenience. Digital solutions provide speed and convenience, but the trust of the user has to be earned. Offering financial services in the mother tongue of users will help boost their confidence in digital financial solutions. With our combined capabilities, we are confident that we can bridge the language barriers that exist in the financial services space. Together, we will work towards building an inclusive economic ecosystem where language will no longer be a barrier.”
This collaboration arises against the backdrop of a transforming fintech sector, driven by increased smartphone penetration and reduced data usage costs. As a significant initial step, Bhashini plans to launch a Public Tech Platform for Frictionless Credit in multiple languages. This platform aims to streamline and enhance credit delivery by financial institutions, contributing significantly to greater financial inclusion.
While these advancements have propelled the country’s financial inclusion endeavours, specific sectors and segments of the population remain on the fringes of the formal financial sector. This collaboration signifies a pivotal stride toward integrating them into the established financial ecosystem.
Digital India Bhashini Division is a Division under Digital India Corporation, section 8 Company under Ministry of Electronics and Information Technology, Govt of India. The vision of Bhashini is to “harness natural language technologies to enable a diverse ecosystem of contributors, partnering entities and citizens for the purpose of transcending language barriers, thereby ensuring digital inclusion and digital empowerment in an Aatma Nirbhar Bharat. To read more, visit www.bhashini.gov.in or mail firstname.lastname@example.org
The Reserve Bank Innovation Hub (RBIH) – a wholly-owned subsidiary of the Reserve Bank of India (RBI) – is an organisation that works to enable frictionless finance for a billion Indians. RBIH acts as an enabler and facilitator in the ecosystem, bringing together members from financial, technological, and academic institutions to promote and accelerate innovation across the financial sector. With a robust ecosystem that facilitates the exchange of ideas and supports the research and development of prototypes, RBIH aims not only to strengthen the Indian financial system but also to position India at the forefront of global financial innovation. To learn more, visit www.rbihub.in or write to us at Communications@rbihub.in