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.
Meeting financial translation requirements isn't always easy because the documents can range from legal contracts to external audits to reports on the health of the company’s stock, and more.
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.
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.
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.
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.
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.
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.
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.
Getting financial translations right is super important because they involve critical details about money and company health. Mistakes can seriously harm your company's reputation and financial standing.
Schedule a free consultation with us at LinguaLinx to talk about your financial document translation needs. We make sure every translation is accurate and truly reflects the original meaning.
With LinguaLinx, you can trust that your financial translations are in good hands. We hold ISO 17100 and ISO 9001 certifications and have over twenty years of experience. We know how important it is to keep your financial information secure and clear.
Contact us today to see how we can help you keep your good reputation and communicate clearly with your customers. With LinguaLinx, you won’t have to worry about mistakes in your financial translations.