As the world continues to grow smaller and more connected as a result of rapid globalization (and consolidation) – particularly in the financial and banking industries – finding quality and reliable financial translation services for the banking industry has never been more important. Financial services are one of the key spokes in the global economic wheel, facilitating the exchange of funds and a variety of other services.
Who Needs Financial Translation Services & What Do They Translate?
While most people frequently think of banks and credit unions when it comes to the financial industry, the need for financial translation services are not limited to the banking industry alone. Most businesses, large and small, rely on financial translation services whenever conducting business overseas. Whether translating internal financial documentation or prospectus documents from their foreign partners and subsidiaries to marketing their own financial services in foreign countries, these specialized translation services are indispensable.
Even right here in the United States, banks, credit unions, and other types of financial institutions are increasingly marketing their services to Limited English Proficient (LEP) communities. Some of the most common translated languages for these types of collateral marketing materials include Spanish, Chinese, Korean, French, Portuguese, Urdu, and many others. Other frequent consumers of financial and banking translation services include investment firms, retain, and asset and wealth management firms.
Even the federal government is a large consumer of financial and banking translation services. Organizations such as the Securities & Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). These agencies ensure that everyone is playing by the rules in the financial industry and that account holders’ assets are protected by insuring bank deposits, among other critical regulatory and investigatory functions.
Now that we know what types of organizations typically need financial and banking translation services, what exactly do they need to get translated? The types of materials needed for translation are as diverse as the client base in the financial and banking industries, and often include:
- Websites and Mobile Banking Apps;
- Financial Reports;
- Regulatory Documentation;
- Fund Prospectuses;
- Articles of Association;
- Financial Statements and Annual Reports;
- Thought Leadership and Specialist Content Writing;
- Financial Management Software Localization;
- e-Learning and Training materials;
- Discretionary Marketing Collateral;
- Employee Manuals;
- Bank Loan Documents;
- Credit Card Holder Agreements;
- ACH Transaction Reports;
- Investment Performance and Market Reports;
- Equity and Bond Research;
- Disclaimers and Fund Regulations;
- And much more.
How to Find a Financial and Banking Translation Services Provider
There are a few keys to finding a reliable provider for financial translation services for the banking industry. First and foremost, your language service provider (LSP) should have financial and banking translation experience. Moreover, they need to have a documented and comprehensive Quality Control Process (QCP) that meets international industry standards, such as ISO or ASTM International. This should include a multi-step process that involves 1) translation, 2) editing, and 3) proofreading (known as “TEP” in the language industry).
Why is this multi-step process so important? Simply put, financial and banking translations involve a lot of numbers and, as a regulated industry, their documentation must meet stringent regulatory standards across the world, in various jurisdictions. With so many critical details involved in these types of documents, it is vital that multiple “sets of eyes” review the translation multiple times to ensure that no numbers or other key information has not been translated or transcribed incorrectly.
In addition to the LSP itself having experience providing translation services in the financial and banking industries, it is imperative that the translators themselves also have specific industry experience. Financial and banking translations are highly specialized and used a large amount of industry-specific jargon, acronyms, and other technical terminology. Simply being multi-lingual alone is not enough to be qualified to perform financial and banking translations. The translators should also be subject matter experts (SMEs) in the field.
At Translation Source, we are experts in providing financial translation services for the banking industry. Our comprehensive, multi-step quality control process meets or exceeds industry standards, and we only work with translators who are experts in the field of finance, banking, and accounting. We work with a variety of clients, from local banks marketing their services to Spanish-speaking LEP communities to large international banks and financial institutions that operate in multiple countries. Our clients can rest assured that with our expertise, language technology solutions, and competitive pricing, we are the best choice to meet their financial and banking translation needs.
If you would like to learn more about Translation Source’s expert financial translation services for the banking industry, please email us at info@translation-source.com or call us toll-free at (800) 413-7838 to speak with one of our translation project managers.
