The translation of the financial content is a serious deal. It is extremely challenging to translate financial content. The financial sector is usually the most diverse one where players and consumers are coming from all over the world. Insurance companies, banks, real estate agencies, and tax authorities mainly contribute to this sector. It further includes financial entities from the areas and regions where you go. A few of the organizations are locally operated and many others are multinationals. A financial translator coming from a professional financial translation company is one who has to translate the financial content from a source language to multiple languages in order to effectively communicate with the diverse target market.
English hands down remain to be the most common language in the business world as most financial transactions are carried out in the English language. However, most customers are likely to trust the organization that communicates with them in their native language. Translation and localization of the financial content and documents is a requirement that international trade has to follow with certain rules and regulations. The local financial organization also only operates in the U.S market and according to they need to translate their content to make it favorable for the citizens who have limited English proficiency (LEP)
This is why it is important for businesses and entrepreneurs who look to translate their financial content into the required languages. They should ensure that they hire a financial translation company with at least five below-mentioned traits.
1. Human Translators with Expertise in The Financial Domain
A professional financial translation agency makes sure that they have a team of specialist native linguists who have expertise in the translation of documents professionally. The translation of the documents varies with the range of texts and it further includes many diverse kinds of documents including tax reports, auditor reports, market studies, market analyses, income statements, annual reports, and a lot more. Each of these comes with a unique and strict kind of pattern, layout, and formatting. These also include the filling guidelines that they understand from experienced specialists. These experts not only understand the general jargon that is dedicated to the financial sector but they also know the language that they can use otherwise. These specialist translators are subject matter experts and professionals.
Many of them have finance-related degrees and also work as financial translators. Considering how the margin of error is zero in financial translation and one minor negligence can lead to disastrous circumstances, financial translation companies should ensure they don’t take risks with this.
2. Advanced Technology Set Up For The Quality Assurance
Financial documents usually come with a plethora of numerical figures and these also include currency formats as well as the remuneration figure. There are dates, percentages, and rates of payments too. Hence accuracy is a must. It is essential that elements are translated accurately with all the required content. This also demands proper conformity to all laws that govern the target market and their financial landscapes. Financial data is always in bulk and can get overwhelming for human translators, particularly to check for consistency and correctness. The editors can easily miss out on an error that translators made while converting the text from one language to another. This is when machine translation tools get the way to play their role. These are significant for the maintenance of accuracy and consistency.
A good professional financial translation agency should ensure they have a computer-based quality assurance system that can check all the values for the translation of the document. A tried and tested quality assurance system is imminent for the financial as well as technical translation services as these types of translation require particular expertise.
3. In-Depth Knowledge of the local financial environment
The financial company not only has to comply with the local financial regulations but should also have sound and in-depth knowledge of the financial environment they are going to work. Every jurisdiction comes with its own defined financial rules and environment and this is how they differ from other jurisdictions. As we know coma separates the decimals in Western European countries, they write 10,5 and not 10.5. Whereas when we look for the pattern in the US and Switzerland they use commas for separating the thousands 1,000,000 for a million. A good financial translator has to understand all these details which could appear small but hold great significance.
4. Impeccable language skills
Financial content is not all about numerical figures and numbers. These also have documents that seek localization correctly and fluently. Translation services are not successful without human translators who have outstanding subject matter expertise but also great language skills in the source and target language. A financial translator who has to deal with the translation of financial content from English to Spanish for instance should be good at both languages. The Spanish translation could get hectic as compared to the English language due to the differences between both languages.
5. Keeping up with the financial data and trends
The financial jargon, concepts, and trends keep on evolving and changing. These are already different in different regions. There are new inventions and trends on a daily basis. This can get overwhelming for the disorganized translator and unprepared people. Financial translators get to adopt the facts and data changes related to finances early. Therefore, financial translation companies should ensure they keep on training their financial translators. They should also make sure that their team of translators stays in touch with the latest happenings in their field.
Conclusion
A financial translation company carries a great responsibility. Translation of the financial content is a challenging and hectic task. Hence, clients and businesses should take into consideration these important traits. They should look for a financial translation company that has a team of experts and subject matter experts with impeccable language skills and in-depth knowledge of financial surroundings.
