How Financial Institutions Benefit From Financial Translation Services

You’ve seen your business grow domestically. Now it’s time to take it to the next level, to cross the pond or channel as it may be and reach into the world of international business.

First, find a financial translation service. 

You will be tempted to use Google Translate. But a financial translator has more benefits than costs and will win you the business you want to capture. 

Keep reading to learn everything you need to know about financial translation services and solutions. 

What is Financial Translation? 

Financial translation is no different than any other type of translation, with one difference: experience. Financial translators understand the nuances of the languages they translate in business. Business and finance carry their vocabulary, so you want professional translators to take care of sensitive, technical documents such as the following: 

  • SEC-required reports
  • Balance sheets
  • Auditor’s reports
  • Financial reporting guidelines
  • Prospectuses
  • Insurance-related documents
  • Annual reports
  • Income sheets
  • Cash flow statements
  • Government tax reports
  • Business plans
  • Private and public offerings

When you hire a financial translation service, you hire people with the expertise to translate these tricky documents like the translation of foreign currency financial statements. You need experienced translators for these documents to protect yourself legally.

One phrase translated incorrectly on the translation of financial statements could mean a massive loss of income or customers. You could even end up in court. As attorneys typically put it, poor translations cause the loss of precise language. 

You need that precise language to make your documents clear. 

Investors Expect Financial Translation

Wealthy investors looking for a place to see their money grow expect you to understand their language. You can cater to investors best by using a translation agency with business translation specialists. Investors want to be able to read all of their documents in their own language, so you need more than just a basic translator or Google translate to meet their desires and needs. 

Financial Translation Gives Investors Constant Access 

Investors will want round-the-clock access to account information and analytic tools. If you’re using professional translation services, you’re going to have a fully translated website and documents. 

The investor does not need to wait for banking hours when they can access the materials they need.  

International business means your doors are never closed. You do not have a 9-5 business anymore; you have a 24-7 business. You need to honour the client who lives across the globe by having information available in their native language at their local time as well as your own. 

A translation company can help make this happen. 

Financial Translation Makes Communication a Priority

If you cannot communicate clearly with your client, your client does not feel valuable. So when you’re working with clients who do not speak your native language, you have three options: 

1. You can assume your new clients speak your native language. 

2. You can use a cheap, inexperienced translation service. 

3. You can use a professional, certified translation service. 

Option one will make your client think you do not care about them. 

Option two will inevitably lead to either embarrassment or financial loss because of miscommunication. Your clients will know you care because you tried, but your translation may make you sound more like a three-year-old than a distinguished financial institution. 

Option three is the only solution that will show your clients you value them. It also is the one option that will reduce miscommunication as much as possible and thereby save you money and embarrassment. 

Financial Translation Boosts Your Brand

Our online world requires you to have a positive, recognisable brand. You’ve worked hard already to create a trustworthy brand for your company, one that your local clientele recognise immediately. 

You want to maintain that same branding when you move into an international market. A good business translation service will move you to the top of the financial industry, making you stand apart in other countries for a positive reason. Translators who understand the nuances of other languages will help create a consistent brand for your new international markets. 

While business translators specialise in translating technical business documents, they also help with marketing in a foreign language. They understand the markets you’re attempting to reach and translate your meaning, not just your words. 

For example, translators can help with educational videos or social media posts for your clients. 

Financial Translation Helps You Develop More Local Markets

Not all language is the same in a single country. Regions of countries develop dialects and idiosyncrasies in the language specific to their area. 

A good business translator will understand the culture of the area you’re attempting to reach and will be able to translate finance and business documents for that particular pocket of the country.

As a result, a good financial translation will help you develop markets in local areas rather than just a big, nationwide name. If you can translate your documents into a local dialect and not just a national, general dialect, you will show local markets you care about them. You’ll literally be speaking their language. 

What Financial Industries Should Use Financial Translators? 

Just about any industry in the finance world benefits from a financial translator. However, these businesses, in particular, must use financial translation services to succeed in the international market.

Retail and Commercial Banking

Retail and commercial banking industries that do business across the globe must have a business and financial translation service to succeed. Businesses like JP Morgan, for example, have operations in over 60 countries. They cannot meet their client’s needs or make their clients feel valuable without accurate translations. 

Furthermore, private banks with international clients must produce quarterly reports in native, local languages for those clients. Imagine using Google Translate for a technical document like a quarterly report. The results would be disastrous. 

Investment Banking

If you want a foreign investor to take a risk with your financial institution, you must use a good business or finance translator. You need to be able to produce a translated prospectus to a foreign investor to prove you’re a good risk. 

What About the Cost of a Finance Translator? 

Let’s be realistic. A good finance translation service will cost you more than a basic online translator. However, a bad translation makes your business worth more than what you would lose. 

Hire a financial translation service. The service itself will take longer than a basic online translation programme and will cost more. Still, you’ll end up with an accurate translation that boosts your brand and makes you a competitor in the international market. 

Financial Translation For the Win

If you’re attempting to break into an international market in the finance world, hire a financial translation service. You’ll have accurate translations and will see your business grow. 

For the best translation service out there today, contact us.