Today, the best translation companies benefit from the work they receive from financial institutions because there has been an increase in demand over the last few years. The financial organizations that have increasingly required translations are insurance companies, banks, trust companies and brokerages.

Financial Institutions Languages

They need translations that are free of errors and can be completed with a fast turnaround. From 2010 to 2011, financial institutions managed to increase the average amount of money they spend on translation by 26 percent.

Choosing a Translation Agency

It seems the most important thing financial institutions look for when choosing a translation company is the proof it can provide that the documents handed to them for translation are kept confidential. This means ensuring that no data theft is possible through online piracy. Also, the financial institution wants the assurance that any documents provided are kept completely safe and secure from natural disasters such as floods, fire and tsunamis.  

Accuracy Needs to be Prioritised

As financial institutions are highly regarded organizations, they expect complete accuracy in every translation. They are more concerned about accuracy than price.

Accuracy means:

  • the translation company employs translators who are experienced experts in the field of finance and feel comfortable when translating from the source language to the target language.  
  • being able to successfully target a specific audience by using language in the translation that matches that audience.

For marketing materials for international customers the target is to connect with the audience and appeal to customers who are exposed and immersed in another culture.

Interpreting Services are just as Important in the Financial Industry as Document Translations

Some trade takes place over the phone so interpreting services are required to help with the communication. Interpreters need good skills relevant to the financial industry.

Interpreters must be just as qualified as translators and have complete command over the use of language across the different areas that cover the financial industry.  As well as complete mastery of the languages required an interpreter needs to have developed a thorough cultural knowledge so that he or she can translate with absolute accuracy.

In the world today every financial institution, big or small, needs to communicate well with clients and organizations who speak a different language from their own. This means ensuring all their documentation and oral communication is put across both professionally and effectively.