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6 Reasons Why You Need Finance Translation Services

by   Han Mai, Demand Generation Lead  · December 1, 2022 · Industry, Thought Leadership

More and more consumers are taking their financial business online. The rapidly increasing use of digital channels for financial services and products has opened up the global market for businesses in the financial sector. That said, global businesses now face the challenge of creating fintech that’s accessible for consumers of all languages.

Building trust with local audiences is one of the most important priorities for global financial services and products. In order to do so, translation must be culturally sensitive and adhere to regional regulations and local financial terminology. Consumers expect a seamless customer experience in their native language to support transparency and credibility. That said, effective communication with customers maximizes comfort and confidence in a company’s products and services.

What is Finance Translation?

Finance translation is any translation that is specific to financial documents such as audits, insurance policies, or real estate contracts. It also includes translating any customer touchpoints for financial services or products such as websites, apps, and customer service.

Global businesses operating in the financial sector (banks, real estate companies, investment companies, etc) need to ensure that their communications are understood by everyone involved in a transaction. That means translation that considers regional financial terminology and local regulatory differences.

Another area of finance translation is between a company and its customers. As digital channels for banking and financial transactions grow, it's more necessary than ever for companies to localize their financial content to support a positive customer experience. Customer trust is key in the financial industry, and most customers are far more confident when content is translated into their own language.

However, all global enterprises need finance translation to some extent. Any company that is conducting a financial transaction across borders must ensure the accuracy of documents and processes in the languages of all partners. Finance translation can ensure clarity and decrease the likelihood of errors and miscommunication.

6 Reasons Why Finance Translation is Key to Staying Competitive

1. Build Trust and Confidence in Your Brand

The key to a successful financial brand is trust. When you communicate with customers in their native language, you build confidence that your company is “on their side”. In fact, 93% of professionals believe that localization is a differentiator when trying to find and retain customers. This is especially important in the financial services industry, when customers want to know exactly what is happening to their money.

2. Create User-friendly Online Experiences

Today, more and more financial transactions take place online. Outstanding finance translation makes apps, platforms, and interfaces accessible to every customer regardless of language. Positive customer experience equates to customer loyalty and retention.

3. Allow Customers to Understand Finance Problems

Language transparency helps customers understand contracts, products, and services and avoid misunderstanding fees and fine print. When banking problems arise, localized language support can help customers navigate through complications without losing trust in your brand.

4. Grow Your Business with a Global Customer Base

Language shouldn’t be a barrier between you and a global customer base. Proper finance translation means you can take your business anywhere in the world and ensure a seamless customer experience.

5. Communicate with Global Investors and Stakeholders

Global enterprises frequently work with investment partners and stakeholders from all over the world. Accurate translation of financial documents such as annual reports and income audits guarantees understanding and avoids confusion.

6. Ensure Compliance with Local Laws and Regulations

Financial laws vary from country to country and region to region. Effective finance translation safeguards compliance and makes sure all partners understand local regulations.

Types of Content to Localize

Mobile Applications

Consumers report a 10% YOY increase in their use of fintech apps — and that’s only going to grow. Creating a localized app supports a user-friendly experience for your global customer base, which means they’re more likely to trust your product.

Websites/Knowledge Bases

Building a localized website helps customers feel confident in your financial services. In fact, 87% of customers won’t buy from an English-only website. Localizing your website means you can appeal to customers, partners, and prospects in every region.

Customer Support/Live Chats

Customer service is one of the most important channels for building connections with your consumer base. Finance translation allows customer service representatives using scripts and information templates to clearly communicate with customers. It also ensures accurate use of financial terminology from region to region. From chatbots to FAQs, finance translation optimizes every customer interaction when they need answers.

Documents

Because the financial industry is highly regulated, the accurate translation of financial documents is imperative for legal compliance and to guarantee all partners involved in a transaction clearly understand all content. Financially and linguistically accurate translations of the following documents are crucial for many global enterprises:

  • Disclosures

  • Contracts

  • Documents provided by foreign customers that are in non-English languages

  • Request for proposals (RFPs)

  • Regulatory/compliance documentation

4 Key Features to to Look for in a Finance Translation Service

Automation

Automation maximizes efficiency by reducing manual tasks. Repetitive work is cut out, allowing your team to focus on higher value tasks and reducing the chance for error.

A single misplaced decimal point in a currency can irrevocably break your customers’ trust and cost your brand significant time and money and

time to repair. Automated QA checks proofread your localized content to ensure brand consistency and correct use of financial terms, grammar, spelling, currencies, and more. This frees your team and linguists from needing to manually proofread and review every translation, reducing the number of errors you’d need to correct.

Translation Memories (TM) and TM Leverage create a database of previously translated terms, maximizing the efficiency of the localization process. Because TMs build a database of localized financial terminology, it reduces the likelihood of inaccurate term usage. The more TMs leveraged, the better the machine is able to predict accurate translations without the interference of a human translator.

Changing regulations and updated financial processes mean financial terminology is always evolving. Automated termbases let you update terminology quickly and have it apply immediately across content.

Connectors and Integrations

Working with a finance translation service that easily integrates with the systems you already use enhances efficiency and expedites deadlines. CMS, TMS, and code repository Connectors support workflow by allowing you to directly share content that needs translation. Once translated, the new localized content should automatically return to your system for easy review and publishing.

Skilled, Subject Matter Expert Linguists and Translators (in Finance)

Finance is a language all its own, with regulations and terminology that vary widely from region to region. In order to create legally and linguistically accurate translations, you need a finance translation service that utilizes linguistic experts who also know the financial industry. Your finance translation partner should have access to translators who are experts in each financial field, whether that be real estate, banking, or investing.

Data Security

Data security is even more crucial when it comes to financial documents and content. Data privacy and top-notch encryption services should come first with any finance translation services partner you choose. In addition, automatic data back-ups and data ownership mean your financial information stays safe and stays with you.

Conclusion

If your business is in the financial sector or is expanding into the global market, finance translation services can ensure a seamless experience for your customers. In addition, it ensures alignment with stakeholders and investment partners, creating the mutual confidence you need to do business.