Why is banking translation important?

by Target Language Translation Services

- August 26 2021

In this age of globalization, every industry wants to expand its operations to new markets worldwide. Banking sector is no exception to this.

Banking translation services can be required by banks and other organizations, as well as individuals. Some instances where banking translations are commonly needed are in the case of banks which have branches in various countries where the main language is not always the same as the language utilized in the banks’ native country. It is also required in areas which have a large immigrant population, for instance there are certain places in the United States where major percentages of the population might be made of Spanish or Chinese speakers. Banks located in such areas, as well as the residents would require banking translation services for multiple languages to facilitate clear communication.

Benefits of professional banking translation services

Convenient asset management

It helps financial institutions and banks by providing precise information to local clients in their local languages. Through translations, it's more convenient to manage the investor’s assets.

With the help of specialized translators, you can apply web-based portals and other online mediums to connect with your investors innovatively.

More connection with investment banking & commercial banking

Investment banking is a rapidly growing industry. To grow nationwide, the banks must identify the needs and wants of their customers. To cater to investors, banks need to translate their corporate policies, terms and conditions, and other content into their native language.

Commercial banking is also evolving over time. Financial institutions have gained easy access to many business opportunities around the world. Translation is the best solution for commercial banks to tap into regional markets.

How to provide banking translation

There are five common steps that some financial institutions have taken to better serve customers speaking multiple languages.

Establishing translation and interpretation systems

Most of the larger institutions that provide language services have systems for written translation and verbal interpretation to help ensure consistency and precision. Many of these institutions translate for meaning, rather than word-for-word, and use back-translation.

Training staff and contractors in language and cultural competencies

Institutions that provide language services utilize various methods to make sure that staff and contractors have the necessary language and cultural understanding to serve customers speaking multiple languages. These institutions often require either an internal or external certification for written and verbal competency.

Estimating the language needs of customers

Many institutions that we spoke with indicated that they review demographic data about the areas they serve from various sources to determine their customers’ likely language preferences.

Offering centralized technical support for language-related initiatives

Many larger institutions that provide language services have a central point of contact that offers internal technical assistance to the institution’s employees on any language-related initiatives.

Providing platforms for interaction

Institutions that provide language services apply a range of approaches to interact with customers in their preferred language in different settings.

The impact of inaccurate translation

Financial terminology is complex and requires a deep understanding. An inaccurate translation could severely hinder your business. They can even damage your brand image. In a highly-competitive world, banks cannot afford to make their clients feel undervalued.

Therefore, trusting a reliable translation agency and hiring specialized professional translators is advised. Banking translation involves working on financial documents, hence translators working on banking documents should be aware of the accounting terminology in source and target language with specialized knowledge in finance, as well as banking procedures and policies.

Target Language Translation Services has a team of professional banking translators sourced from all over the world. We have professional banking translators working across numerous language pairs for highly competitive rates. We have worked on a large variety of banking translation projects originating from banks, businesses and individuals.

Apart from working with experienced and highly qualified translators Target Language Translation Services also has an advanced quality assurance process in place under which a completed translation is proofread by a second translator whose expertise is on par with that of the original translator.

Types of financial documents that you can get translated:

Annual reports

Business plans

Fund prospectuses

E-bank localization

Policies

Promissory notes

Prospectus

Business news and promotional texts

Income statements

Credit documents

Shareholders’ agreements

Share certificates

Bond certificates

Mergers & acquisitions

Stock market analyses

Balance sheets

Insurance texts

Investments and economic agreements

Banking documents and reports

Accounting records and many more…

If you have special translation requirements, please get in touch with us through our contact form.

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