Financial institutions are an international necessity for doing business. From individuals to multi-national corporations, we all need banking or finance services. For all that, to respectfully and adequately serve all of your customers, you need to speak their language – and to accomplish flawless communication, you need financial translation services.
The variety of languages people speak in any one country is vast, let alone for a financial institution working in multiple countries or receiving information from a customer in a foreign language. That is why financial translation services are essential. In our globalized world, the amount of content from the financial sector that needs to exchange hands and cross borders is growing. In addition, today, it’s easier than ever for a financial institution to take a global perspective to expand business. Consequently, working with new audiences in new countries requires speaking the local language.
What is Financial Translation?
Financial translation refers to translation services specialized and focusing on financial documents, in most cases, translating documents specific to financial services and with financial terminology. The finance industry includes banks, lenders, credit unions, and all of the finance-related tasks of individuals and businesses of all sizes.
Financial translations touch on many different aspects of personal and professional life. The finance sector is constantly changing, where news breaks quickly, and functions and information have to flow even faster.
Interpretation and Translation Services Empower Financial Institutions
ant to do business in their native tongue. They are more receptive to information and process it better when spoken in their first language, underscoring the importance of communicating in the language of your audience. Financial translation services Spanish allow you to speak the same language of your target market, without adding additional workload to your team.
Financial translation services are a critical piece of the operations of all financial institutions that work at an international scale. Financial translators make the process of financial document translation smooth, while interpretation services help financial meetings go off without a hitch.
Translating Financial Documents
· Bank statements | · Income statements |
· Profit and loss sheets | · Balance sheets |
· Mortgage applications | · Tax returns |
· Purchase Orders | · Tender letters |
· Loan agreements | · Cash statements |
· Insurance policies | · Credit reports |
· Annual reports | · Financial Statements |
· Compliance reports | · Audit reports |
How Financial Translation Services Improve Business
There is no part of personal or professional life that is not impacted by the financial industry. Small, fledgling companies plan to scale internationally, large businesses must manage finances in multiple countries, and people save for a mortgage on a house in a foreign country.
Overcome communication barriers. Individuals can’t make informed decisions if they don’t understand the information presented to them. Financial terminology can vary from country to country, and people and businesses must understand financial documents. Translation services ensure that every party understands the contents of a financial record and is happy with the deal presented.
Overcome banking barriers. Communication issues can cause banking barriers. People may not understand their options for opening a savings account, choosing one with a lower interest yield than a high-interest savings account, or picking a car loan with unfavorable terms if they do not fully comprehend the documents presented to them.
Language services help the financial sector reach underbanked and financially excluded communities, often people who don’t speak English well. This can also be true for English speakers in other countries where English is not the national language. In the U.S., Spanish Translation for financial materials helps financial services organizations offer financial services to Spanish-speaking customers.
Having financial interpretation services available for in-person meetings can go a long way to helping your customers understand their choices and feel satisfied with their bank. Interpretation services can be provided in person, over the phone, or via a Zoom video call.
Reasons to Work with a Professional Financial Translation Company
- Accurate translations. Financial documents can be pretty heavy in financial terminology. Simply swapping out a word in the source language for one in the target language may not get the job done. Translating financial documents requires knowledge and expertise in the financial industry, financial knowledge, and fluency in the target and source languages. Some languages use a decimal point, others use a comma, and others use a space. Dates and currencies are also formatted differently. Working with a professional finance translation firm ensures the financial documents translated are accurate and understandable.
- Confidentiality. Financial documents can contain sensitive information, from an individual’s personal identifying information like social security numbers or intimate details about their finances. Corporate financial documents may include salaries, information about bankruptcy, and other susceptible information that needs to be protected. Professional financial translation companies like JR Language are happy to sign privacy documents such as an NDA so you can rest assured your information is safe.
- Reputation. Working with translated documents brings another level of complication to business deals. Having an accurate translation delivered promptly reflects well on your business, while the opposite reflects poorly. You need a partner in financial translations who will have your back in business – not one that will leave you hanging.
- Subject matter expertise. As mentioned above, financial documents can be quite technical and are best translated by someone with experience in the financial sector. Working with a professional translation firm, you can be assured that your financial translator is someone (or a multilingual team) who has worked in the industry and understands the nuances and jargon.
- Timely translations. Sometimes, you need a translation as soon as possible. The finance world can move quickly, and you need a translation partner who can keep up. Income verification for loans, qualifying documents for international financing – when there’s money on the line, you need a translation partner who can make things happen quickly.
- Navigating legislative red tape. The finance industry is mired in laws and regulations, and being out of compliance can be expensive. These laws can change from state to state and country to country, and ignorance of the law is no protection. A financial translator must understand these laws and regulations and produce a translated financial document that complies with local regulations – something that is much guaranteed when you work with a financial translator with subject matter expertise and experience.
- Certified translations. Sometimes, you need a certified financial translation. Working with a professional financial translation agency means you can quickly access certified translations when needed.
How to Implement Financial Translation & Interpretation
Providing translation and interpretation services at a financial institution goes a long way toward catering to a more diverse clientele.
Audience Demographics
The most essential part of ensuring success with financial translations is providing information in your clients’ languages. This sounds obvious, but it requires some work on the backend before the translation project to ensure it meets the goal. Translating your materials into French when your customers speak Spanish and Punjabi won’t work. You need to know who your audience is and what languages they speak to provide proper language support.
If you don’t have audience demographics, you need them. If you don’t know where to start, your professional translation company may be able to provide suggestions or referrals to another company that can help you conduct that market research.
Multi-lingual phone support
Does your bank or credit union have multi-lingual options in your phone tree? Providing over-the-phone support in multiple languages is an easy way to make existing services more robust and allow customers to communicate and exchange information with their agents in their preferred language.
Adding language options to your website and mobile app
When customers check their accounts online, can they do it in their preferred language? Providing multiple language options on your website and in your app allows your customers to self-service in their language, enhancing the user’s experience. Adding language functionality to your existing sites boosts the user interface of your existing infrastructure and meets customers where they are.
Localize your marketing materials
Language support shows respect and consideration for your existing and potential customers. Providing educational or marketing materials in their language allows people to understand and absorb information better, helping them make informed decisions. Creating brochures, mailers, flyers, and other marketing materials, financial and banking information in multiple languages opens the door to a new customer base. Localizing business and corporate information complements your financial services by using business translation services to market your financial organization.
If you are looking for experience and professionalism to start your financial document translation project, contact JR Language Translation Services. Our track record working on complex financial translation projects guarantees that we will tailor the best solution to meet your goals within the budget and timeline established. Contact us for a financial document translation quote today— we’d love to assist your business with multilingual communication.