It’s incredibly important to get translations for financial services correct. This is because you’re talking about things like profit and loss, margins, and revenue, all of which are connected to the lives of employees and their families.
But getting things correctly translated isn’t always an easy task because the documents involved can range from legal contracts to external audits to reports on the health of the company’s stock to . . . well, the list goes on and on.
At LinguaLinx, we know that all of these documents can impact the reputation and bottom line of your company. We understand the pressure that’s put on getting these reports correct in their native language and the need for every nuance to be translated accurately and authentically into the target language or languages.
However, with the right Language Services Provider (LSP), any translation in the finance and banking arena can be done with confidence and accuracy.
So, here are a few things that we see are commonly needed when it comes to translating financial services documentation.
1. Industry Expertise
Translation should be done by subject matter experts who have experience in the financial services industry.
This should be a given for almost any industry - translators should have worked within the industry extensively as a translator or should have been part of that industry before they entered the language services world.
Finance companies tend to have their own language and terms, much of which is legal, so familiarity with these types of documents greatly reduces the chance of error.
2. Localized Language Experience
As well as industry knowledge, a translator needs to have experience in both the native and target languages. Or, even better, we’d suggest an understanding of the communities that the translation is being done for.
There may be nuances that go further than just being language specific. For example, a translation for the Canadian Securities Administrators in Quebec (the Canadian equivalent of the Securities and Exchange Commission) could be very different from one needed for Kinshasa or Marseilles.
Three different continents, but one base language - French. But understanding that these markets are just French isn’t enough.
3. An Understanding of Style and Tone
The audience for financial services translations can vary widely - from businesses to governments to consumers - and the linguistic needs of each of these need to be taken into consideration in a translation.
They are the end audience, after all, and how well they receive and understand the translation will be partly dictated by how much they feel it is addressed to them.
4. Security and Confidentiality
Banks and international financial institutions pride themselves on the level of security they can offer their clients. When it comes to translations, this is no different.
The LSP you partner with needs to have security at the heart of what they do. And this is one reason (but definitely not the only reason) why you should never use an online tool like Google Translate that leaves a digital footprint that a hacker could potentially access.
You don’t even have to be a hacker to stumble across confidential info. Slator, a leading localization and translation analyst, reported on a case where a Norwegian Oil company found all of their online translation through an online translation generator was exposed on the internet to potentially hundreds of thousands of people. Not good.
5. Scope Beyond Just FS
It’s rare that a translation project just has one element to it. There may be additional documentation around a financial services translation that requires insurance or medical care translations too.
This is another reason to go with an LSP, rather than an individual translator. The LSP will be able to bring translators with expertise in these, or any other, particular industries too. They’ll make sure that the project is being dealt with as a whole, and not a series of individual translations, so nothing slips between the cracks.
6. Keep Your Reputation Intact
As the World Financial Review puts it, “when you hire a reputable translation agency for your financial businesses, you reach out to your customers in a better way.” It’s not just about getting translations officially correct, it’s about increasing the confidence people and businesses have in your brand.
By having a linguistic partner with industry expertise, who knows that localization, and not just translation, needs to be considered, and has a wider scope to accommodate other translation or interpretation requirements, you’ll be well on the way to protecting your reputation and profit margins.
Get a Quote for Your Finance or Banking Translation Project
If you’re thinking about a translation project, we’d love to sit down and talk with you about it.
With LinguaLinx, you won't ever have to worry about your message getting lost as it’s translated. You know you're in good hands with our ISO 17100 compliance, twenty years of professional translation experience, and the organizations whose trust we've earned.
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