The vital role of multilingual talent in European fintech
To operate successfully in an interconnected yet multifaceted world, the ability to communicate and relate in different languages has become increasingly important. Brits abroad are renowned for being lazy with language, relying on the widespread use of English in most parts of the world. Not only is this slightly mortifying, but this has resulted in an actual language deficit in the UK, which has been identified by the UK government as a barrier to trade.
For any UK Fintech with international expansion and cross-border partnership aspirations (probably many), language skills are a crucial asset. They strengthen basic international communication and transactions between parties, increase cultural understanding among clients and end users, but also allow for informal but authentic connections – critical for successful interactions and outcomes. At the end of the day, business is built on relationships and without a relationship or connection, there is no decision-making.
Any fintech will only too readily understand that the fintech-bank partnerships can take years to solidify – these are notoriously fragile relationships. With an increasingly competitive fintech space, the ability of your team to build and maintain those relationships in the right language can make a decisive difference, and this is especially applicable to cross-border regulatory and compliance ecosystems with many countries (understandably) stipulating that official government business be undertaken in their official language.
From a future growth standpoint, multilingual proficiency is especially crucial for fintechs looking to expand into emerging markets, which are experiencing rapid fintech growth. Emerging markets often have several official languages as a legacy of their colonial history, rendering them a highly rich language environment.
For example, in Africa, the fintech market is projected to grow thirteenfold to $65 billion in 2030 and similarly, in Latin America, there is a wide market opportunity for fintechs – most recently highlighted by Nubank hitting 100 million customers in Brazil this month.
However, the opportunity is not merely linked to expansion. The European Union has launched its 2030 digital strategy, which identifies connectivity and understanding as key themes and is underscored by interoperability and open data. As part of this ambitious digital transformation strategy, which comprises a series of concrete targets and objectives for 2030, the European Commission will accelerate and facilitate the launch of multi-country projects in order to reach these targets and objectives.
The mandate is to improve European competitiveness and localisation through language technology, and the EC aims to uphold Europe’s linguistic diversity and cultural richness by supporting the creation of Large Language Models (LLMs). These advanced AI models excel in understanding and generating human-like language. It is important for the Union to ensure that these AI models cover all European languages, and that these address the linguistic needs of the smaller Member States and language communities with limited language data and empowering users to engage with digital content in their native languages. If UK based fintechs fail to prioritise localisation, they could risk missing out on European opportunities as the EU strengthens its digital sovereignty and positions itself as a leader in the global digital economy.
In the context of Open Banking and eventually Open Finance, the ability to bridge linguistic and cultural gaps holds immense potential for transforming customer experiences and fostering a truly inclusive financial ecosystem. As Open Banking continues to gain traction globally, especially across borders, the challenge of navigating diverse regulatory environments, customer expectations, and partner collaborations becomes even more evident.
Multilingualism, and thus cultural adaptability, will allow fintechs not only to streamline compliance processes and strengthen engagement and trust, but will equally be instrumental for fintechs to position themselves in underserved markets, where financial inclusion hinges on localised solutions and customer-centric approaches.
In a world where markets are becoming more interconnected yet increasingly protective of their digital sovereignty, relying solely on English as the lingua franca is no longer sufficient. To ensure London remains at the forefront of the fintech revolution, the UK fintech sector must recognise that language skills are not just a "nice-to-have" but a strategic imperative for its future growth.
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