The Financial industry is now globalized as technology improves connectivity and speeds up transactions internationally. The global economy depends on how efficiently and effectively money can move from country to country. The individual country’s economy must work in synch with the rest of the world and be well-oiled to benefit from it all.
While most people are familiar with the requirements for legal and medical translation and the importance of getting it right, many are still very much caught in the grey area when it comes to understanding the importance of translation for the financial industry. Because of the imperfect knowledge of translation and localization for the financial sector, much of this information is prone to critical errors when it is not handled by a professional translation company with a customized translation solution for the financial industry.
The easiest way to build trust is to speak to your customers in their preferred language. Technology can improve user experience and speed up transactions, but to communicate with your customers, you need to connect with them through their language.
The financial sector is highly regulated. This means that keeping your customers’ data safe and secure while meeting local and global regulatory requirement is of utmost importance. Trust is crucial when a huge amount of money can transact in seconds.
Financial translation covers the translation of financial contents such as financial statements, annual reports, financial agreements, IPO documents, investment reports, regulatory documents, loan documents and more. Translations can be of various types and in different formats.
Translating financial reports involves understanding technical terms and conditions found within financial documents. The interpretations of financial reports through Excel sheets are complex and need accurate translation; otherwise, a company’s profit and loss data can be misinterpreted.
When looking for overseas investments or acquisitions, many large corporations may need to understand their financial health and where they want to take the exposure. Customized financial translation services empower these organizations to make better decisions and choices aligned with their objectives.
Get the translation right
International financial transactions are susceptible and prone to fraud and risks. The first step to gaining trust is to speak your customers’ preferred languages. As such, financial translation becomes a vital link to the accessibility of information and content for your external customers and your internal customers. Working with a professional translation company with strong financial domain knowledge and language expertise is crucial.
Financial translations need to be accurate and in the right context. Any wrong interpretation can cause massive damage to the brand or even send a market, for example, a foreign exchange market or a stock market, into a tailspin if a report is wrongly translated and analyzed.
Financial Translation – what to avoid?
To avoid any critical errors from arising during translation, you should take note of the following:
- Strictly avoid machine translation, even if they are technically advanced. Depending on the type of financial documents to be translated, the machine may not be able to understand the context of the content. It also may not be updated with the latest financial terminology or jargon used in specific countries.
- The localized use of commas and periods in the currency for different languages and countries. Errors, even the smallest ones from the wrong use of commas and periods, can cause monetary losses for the business and its customers. This may result in a loss of trust.
- Do not allow inexperienced translators or those not specialized in financial translation to handle the translation of financial documents. One wrong interpretation can lead to grave legal repercussions from your customers or regulators in the countries you are operating in.
Important things to keep in mind for financial translation
- Numbers and punctuations - They are the most important part of the financial document. Different languages also use commas, periods, and apostrophes to indicate other figures. Do take note that annotation and punctuation systems vary from country to country. Only native translators and those with enough experience localizing content for the respective countries will be familiar with the usage of the periods, decimal systems, and currency symbols.
- Financial terms – The speed at which technology is evolving in the financial sector means that many new applications, transaction methods and terms are coined almost daily. These names and terms may be translated, transliterated, or retained in some languages—these need to be carefully understood and used in the right manner and context in the target language.
- Abbreviations - Only translators specializing in the financial sector can decipher such financial abbreviations and decide if an equivalent of the abbreviation is available in their native languages. Wrong interpretation of these abbreviations can lead to critical errors in the final translation output.
Final Thoughts:
Accuracy and trustworthiness of information are important in the financial sector. With the amount of data and information generated daily in the financial world, this information needs to be translated quickly and accurately. If you must communicate with your global customers most effectively and efficiently to win their trust, only a professional translation company can fulfil your multilingual international communication requirements with their specially customized financial translation solution. They are well versed with the financial terminologies and the context in which they are used. Also, financial jargons vary from country to country, and they can adapt accordingly. Professionalism is the key here, and only an experienced professional translation company possesses the highest quality, integrity, and authenticity standards to meet your translation requirement for the financial sector.