Over the past few years, the adoption of the digital execution of documents has increased dramatically. However, widespread adoption at scale is hindered by a big accessibility gap between technology and the end customers of banks and microfinance institutions, especially in rural areas.
Out of the 140 crore population of India, only 15 per cent or fewer Indians are comfortable and can understand documents in English. Local users gain confidence in navigating through documents without assistance when an English document is available to them in their local language. As per a study, 63% of local language users would prefer to read and access documents exclusively in their regional language.
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To help scale up digitisation of paperwork processes, especially in the micro-lending and banking space, Leegality, a document infrastructure platform, has launched Local Language eSign Interfaces. This curtails the time of paperwork and can sign everything in minutes.
Shivam Singla, founder, Leegality, said that microfinance institutions and banks are embracing digitisation of paperwork in a big way but the lack of coverage poses a challenge.
"It is important to plug this gap. With the new interface, businesses can offer digital document journeys to customers in a language of their choice at the click of a button," he said.
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Apart from English, the interface is currently available in 9 languages -- Hindi, Marathi, Odia, Gujarati, Malayalam, Bangla, Telegu, Tamil and Kannada.
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