New Delhi: The Reserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division (DIBD) have joined forces to address the language barriers that exist in the financial services industry. With their collective expertise, they are committed to exploring and developing innovative solutions that promote linguistic inclusivity.
This groundbreaking partnership is set to revolutionize the financial services sector by facilitating communication in local languages. The primary aim is to expand the accessibility of digital financial services to users in their native languages, ultimately working towards creating effortless and seamless banking experiences for all individuals.
Highlighting the potential of voice as a medium in this endeavor, Amitabh Nag, CEO of the Digital India Bhashini Division, emphasized, ‘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.’
Bhashini intends to launch a Public Tech Platform for Frictionless Credit in a variety of languages. This platform has the objective of simplifying and improving the delivery of credit by financial institutions, making a substantial contribution to promoting greater financial inclusion.
