The internet has increased the pace of globalisation exponentially and made it much easier for businesses to offer their products and services in new markets. This is true of everything from e-retailers to financial services companies.
Until very recently, only the largest financial service providers, such as international banks, could offer their services overseas. However, now everything from small- and medium-sized loan providers to insurance companies can operate in foreign markets as long as they can satisfy their regulatory regimes.
One of the biggest challenges for financial services providers is marketing their services internationally. As well as communicating the benefits of their products clearly in another language, they must also produce more technical documentation with complete precision, as even the slightest mistake could be extremely costly.
With that in mind, this is our five-point financial services translation checklist to help you produce exacting customer communications every time.
1. Use a subject matter expert
Keeping up with new terminology is one of the biggest challenges in the jargon-laden financial services world. With new financial terminology emerging all the time, translators must keep up to date with the latest industry news and have an understanding of the terminology and its native equivalents. That’s why only a subject matter expert will do.
2. Conduct a thorough pre-translation analysis
Financial services translation is not something that you can dive into headfirst. Before starting the process, the translator should conduct a thorough analysis of the source document to identify any potential issues. For example:
- Are there terms they are not familiar with?
- Do they understand the purpose of the text (e.g. to sell, inform or legally bind?)
- What audience profile are they appealing to?
This process helps to minimise the risk in a translation project and can avoid delays once the work begins.
3. Check for regional disparities
It’s not only the terminology that requires close attention. Many other details that are specific to the region also need to be addressed, such as addresses, dates, phone numbers and currency information which be formatted according to local customs. For example, when writing numerical amounts, many countries in Europe rely on commas rather than the decimal points that are used in the UK.
4. Adhere to local regulations
Financial services companies must adhere to the regulations that are in place in the markets they operate in, and they can differ dramatically around the globe. These regulations dictate everything from the way financial services can be sold to the words that can be used. Working with a financial services translator who has intimate knowledge of the regulations in their country will help to keep you on the right side of the law.
5. Keep confidential data secure
Financial services companies are responsible for handling large amounts of sensitive data, so any translation provider they work with must have systems in place to keep that data confidential and secure. Any breach could be costly for the business, so firms should choose their translation providers very carefully and make sure they have a clear information security management system in place.
Trust Linguistica Translation and Recruitment with your financial services translation
At Linguistica Translation and Recruitment we have a team of linguists with financial expertise. Whether you work in banking, compliance, fintech, insurance or asset management, you can be sure that a mother-tongue linguist with the right specialisation will be working on your project every time.
For more information or to request a quote, please call 02392 987 765 or email email@example.com today.