Speak to any bank employee or mutual fund distributor, and they will throw complicated English terms such as exit load, NAV, and unit balance. This throws non-savvy investor off-balance, and they end up investing in the funds at the mercy of distributors. The majority of Indians who are not comfortable in using English and struggle in cutting through these jargons face the language barrier in the financial world. Most people in regional India are either weary of using English in their financial activities, or are outright uncomfortable using it.
Sqrrl, an app based savings & investment platform, is India’s first mobile app platform to have recently launched 8 Indian languages with an aim to simplify and put quality financial services within everyone’s reach. The app is live in English and 8 Indian languages, viz. Hindi, Tamil, Telugu, Bengali, Marathi, Gujarati, Kannada and Malayalam.
The app based investment platform has started on a dire quest to bring about financial inclusion in India. Besides, expanding the scope of financial services to migrants and underserved segment in Metro and Tier-1 cities, Sqrrl aims to make the biggest impact in Tier-2 and Tier-3 cities and districts as well, where language is one of the most prominent barriers to financial independence.
“Because of language barrier, a large section of our society prefers to stay away from investment options like mutual funds. We don’t just need financial literacy in native language, availability of financial product in native language is also a prime need of the hour,” said Samant Sikka, Founder and CEO, Sqrrl Fintech.
There is a heavy dependence on the English language in the investment sector. Many users who are avid investors but unable to understand the jargonised language & terms such as NAV, dividend reinvestment, etc., have to depend upon advisors and third parties for their investment needs. The app especially aims to simplify investments for such avid investors, who would now be able to take control of their investments.