How can Financial Services Benefit from Financial Translation? from buzai232's blog

How can Financial Services Benefit from Financial Translation?

With globalisation comes the opportunity for businesses to expand their horizons and reach a much wider audience—the traditional financial sector included.Get more news about financial translation agency,you can vist our website!

However, with the increase in usage of fintech products and services especially after the pandemic hit, competition has become stronger than ever. Surviving this disruption calls for financial services to get creative with their solutions and adapt. Financial translators play a major role in this.

Customers these days expect more personalised and nuanced engagement so they can continue building a relationship with financial institutions. Without localising your services, communication barriers will be reinforced, your brand will not take off, and your competitors will overtake you.

The Limits of AI and The Case For Financial Translators
While Google Translate and other tools are evolving and can be reliable for simple translations, financial services are another matter entirely. Artificial intelligence is not yet at a level where it can provide cultural and contextual translations, especially to financial terms.

Adept financial translators are, therefore, needed for:

Terminology and numbers
Terminology is complex in the financial field, even for native English speakers. There are terms that are also not universal, while some do not even have equivalent terms in other languages. The same goes for numbers. In terms of numerical value, for instance, “1,500” is read as one thousand five hundred in British English, but it would be read as “1.5” in some parts of Europe. Meanwhile, what we refer to as a “Cash Machine” in the UK is called an “ATM” in the US, while our “Current Account” is referred to as “Checking Account” by Americans.

Legalities
Wading through unknown legal waters not only requires a deep understanding of a foreign jurisdiction’s financial legislation, but also the ability to communicate your products and services, as well as your contracts and agreements.

In any legal document, the language must be precise—an area where translation agencies can be of huge help. Otherwise, you may find yourself stuck in legal proceedings and spending a lot of money over a disputed word or two.

Style and tone
Translators do more than simply translate a document and then call it a day. They also pay attention to the style and tone of the document, taking into consideration its intended meaning and its target audience.

A document that’s meant for bank employees, for instance, requires a different style compared to a document meant for the end customer. The former can include technical jargon, legislations, and regulations as they were trained to understand these terms. Customers, however, require more clarity and less jargon usage.