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Banks are the backbone of any economic system. As the world economy is becoming integrated with globalized business, more workforce flows crossing the cultural and language barrier. English is no longer the only language for global business. Translation has shown marvelous strategic outputs in almost every industry so far.
The banking sector is the major breathing zone for every business; therefore translation becomes integral for banking as well. People consider banks their safe haven to keep their money and have faith in the sound security system for every deposit they make. To ensure their customers, banks are backed up by Federal Deposit Insurance Corporation (FDIC). Such backups increase the credibility level of certain banks but still, there is something that remains uncovered i.e. translation.
It is not surprising that banks need to communicate with international businesses too. Whether it’s an interpreter or translator both are vital tools to help close a deal or turn a prospect into a long-term client.
Why the urge to translate banking and financial documents?
The translation is quickly becoming part of several businesses around the world to reach a wider audience. Similarly, banks need such clients too who are ready to invest in them and transcend the national boundaries with ease. The translation is just one of the many ways to make this happen.
Translation has become an essential part of the banking and financial industry and there is no escaping the fact that if they want to increase their profits annually they need potential international clients to do so. Companies require certain financial documents to be translated like
- Contracts & Agreements
- Investment Reports
- Disclosure Agreements
- Annual or Bi-Annual Reports
- Balance Sheets & Income Statements
- Prospectuses & RFPs etc
However, we have enlisted some major reasons why to hire financial translation services for banking and financial industry;
Financial translation is used for a variety of reasons
To make global investments possible, a wide range of documents are initially translated. For instance for global investment to take place, translation may be required for any of these;
- Website localization – localized websites are authentic ground for foreign investors to access your business information.
- Business communication translation – to avoid misunderstandings and inaccuracies, translation also enables fluid communication between speakers.
- Financial data – poor translation can misinterpret the financial situations, so to avoid regulatory or legal problems, financial translation services are always helpful and so on.
Financial documents do not only cover the numbers and taxes but also other aspects as well. The banking and financial industry is not without its need to be promoted and advertised. So yes, localization is also a part of the financial translation process. This triggers the client to reach for investments, loans, and other future payment plans.
Cost of inaccuracy
Financial documents do no revolve around stories, information is precise and to the point. A poor and inaccurate translation can cost a business to lose millions. Therefore, you should be careful about choosing your language partner.
For instance, HSBC launched a $10 million rebranding once they discovered the difference a translation can make. A bank is able to reduce the cost of business communication expenditures easily with the right hiring of interpreters for conferences and meetings and translators to translate all the necessary documents.
To procure a strong-willed image in the eyes of its clientele, banks need to pay attention to marketing strategies as well. A badly translated document damages the brand image which a bank cannot afford in the high-competitive globalized finance industry.
Sharing information is crucial
You expect a real estate agent to show you a home worthy of your living. You want all the details; history, materials used to make the structure, how old the house is, what will be the down payment, and so on.
Likewise, an investor would want to know all the details before investing with a bank either at a national or international level. Before they decide where to allocate their funds, they rely on solid information like annual reports, company press releases, and so on to ensure they are making the right decision. To be able to share your side of the information you need to have translated documents at hand.
Above all, banks seek to handle an inflow of cross-border transactions as well, and with translated financial documents, you’d become an attractive investment for foreign investors.
Branding for foreign branches
Some banks have been established overseas for a long time now which means they need to maintain their brand image too.
To meet the high standards of the rising economy, translation and localization help to boost the quality image of banks and their plans for their clientele too. Translation companies offer wide services including marketing campaigns translation, client communication for specific cultures and languages, educational video translation and subtitles, etc. which portray the efforts in a desirable way.
Using such intricate strategies leads the investors and other clients to reach the bank (initially as prospects) then over the long haul they become loyal clients.
International banks invest a big chunk of cash towards marketing to become a key player in a highly competitive market. Besides, translation also provides a competitive edge over the local competitors too.
To globalize your banking and financial services, you need to customize major chunks of your content. Not all information will require translation so you can focus on important details on your website, brochures, commercials, and even mobile banking app.
Customers find it easy on so many levels to be able to communicate with their banks. Especially, with bilingual staff transactions become easier. But hiring bilingual staff is not enough, you need to get hold of a language service provider who understands the importance of financial translation and executes an excellent translation quality. Besides, communicating the right information with an accurate translation will determine your position in the marketplace, only then you can find how successfully you will expand in the global market. So its time to impress international clients with a quality endured translation.
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