Business
What makes financial translation services special?
Global Banking & Finance Review®
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Financial translation services are vital for accurate and secure document handling in the finance industry, ensuring trust and professionalism.
Translation services is a broad industry – and a vital one in today’s society, where we interact more and more with people who speak different languages to our own. Most people are familiar with translation – the act of turning a piece of writing or speech from one language, known as the source language, to another language, known as the target language. It comes up in some parts of most people’s lives, whether it’s in trying to figure out a foreign-language part of the TV show or reading foreign food packaging. However, some parts of translations go far beyond these basic uses. Many specialist industries exist, and all of these use translation services in order to bring their documents to wider audiences or foreign clients – financial services need specialist financial translation services. So let’s look at what makes these services special.
What do financial translation services translate?
Financial translation services translate any documents related to financial companies. This can be bank statements, financial projections, insurance documents, or shareholder reports. While these all vary greatly in length and amount of text, it is still vitally important to get these all translated accurately. This is why many companies that deal with this kind of document turn to professional translation services.
Who are the most common clients of financial translation services?
So who most often uses these services? Who benefits the most from finding a good financial translation agency? Some of the most common clients are;
Insurance companies
Far from just needing policy documents translated, this can include regulatory documents, auditor’s reports, and retirement plans.
Real estate firms
Many real estate firms help people find properties in a new country and need documents translated, including income statements and financial paperwork to help complete the sale.
Investment companies
It is very common these days to invest in foreign businesses, so companies can need documents translated such as equities, bonds, and very importantly, reports for the Securities and Exchange Commission.
Is it safe to use financial translation services?
Financial matters are important and many people are concerned about safety and security risks in showing these documents to anyone. However, this is not a problem with professionally trained financial translation services. Properly trained professionals understand the confidentiality of such documents and pose no risk to your company’s security.
Can I use a computer to translate my financial paperwork?
Technology has been moving along in leaps and bounds. Translation software is very common nowadays. Almost everyone will have heard of Google Translate, but machine translation software goes much further than this and can be much more in-depth than this. Such software is often cheap and fast as well. However, this is far from the ideal solution that people may imagine it to be. While machine translation can be quick and convenient, there are definite downsides. Machines cannot ‘read’ or understand the words they are translating. Their translations can be clunky and sound unnatural and confusing to native speakers of the target language. This is a particularly big problem in financial translations – if you present a client or shareholder with documents that have been badly translated, they will start to wonder where else you have cut corners, and if you really know what you are talking about. Trust and confidence is very important in any industry to do with finance and money. Not to mention that financial documents have a lot of specialist terms, which computer translation software can greatly struggle with.
So why is human translation services ideal for financial documents?
Human translators are professional linguists who have trained and studied to translate documents. They will, at a minimum, be fluent in both languages involved, though ideally, they should be a native speaker of the target language. This means that they will have seen various financial documents in the target language already from their own banking, insurance, and their own business dealings, which will help them to better translate your documents and reports.
Final thoughts
Finance is what makes the world go round. It is arguably the most important industry on the globe right now. It is no surprise then that financial translation services need to be something special in order to properly support this. Financial paperwork is a kind of specialist, technical document and needs to be handled very carefully. With a properly trained financial translator, you will end up with a document that is perfectly translated – the terminology will be accurate, the words will flow properly, and the document will be laid out properly for the target language. Even one simple mistake – say, mislabeling a column in a financial report – could cause huge problems for a business, so financial translation is one of the most accurate and high-stakes types of translation. Luckily there are experts out there who can help.
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The article discusses the importance and specifics of financial translation services.
Why are human translators preferred over machines for financial documents?
Who are the common clients of financial translation services?
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