The COVID-19 pandemic and accompanying restrictions have chilled face to face contacts, but they have accelerated the use of virtual meetings and digital communications. When those meetings and communications are between people who speak different languages, there is a need to translate or interpret from one language to another. We’ll consider some of the tools and services that can help your business cross linguistic borders and bridge business interactions. What was important a year ago is essential now.

Localization vs. Translation vs. Interpretation: Which Services Do You Need?

Language services are big business. The Slator 2020 Language Industry Market Report estimated a $24.2 billion market in 2019. Language services income, largely delivered online, is projected to be reduced by 8% in 2020 by the immediate impact of the pandemic, but it’s expected to rebound by 2021.

Translation is the most familiar term to most, and a catch-all for language services across many business categories. The term, strictly speaking, refers to adaptations of documents from one language to another, but in common usage translation services cover a far broader range of linguistic activities. These days there’s a need not just to adapt textual documents but also software, audio-video recordings, and live events.

“Interpretation” is often used interchangeably with translation but, strictly speaking, is refers to spoken communications, not textual ones. There are simultaneous interpreters, used in public events or private meetings. Many professional interpretation services are now available online and on-demand.

The term “localization” emphasizes the broader dimension of communications across borders. Localization is the flip side of globalization, reflecting the idea that when you want to communicate globally you need to account for the location of the target audience and adapt more than natural language. For example, localization of a website must take into account date and number formatting, differing currency, and measurement units – all essential adjustments when dealing with financial matters.

Not to be underestimated in localization, too, is the need to take into account cultural differences, even between regions if not languages. Even within a given language, you need to be careful: Brits and Aussies, for example, may take offense at the language that is too American. These days there is a high sensitivity to diversity and political correctness among communications to different minority groups. It’s important to have someone on your team who is aware of the likes and no-nos of your target audience and can review any external communications with those sensitivities in mind, and to create multiple versions of messaging with this in mind, even within a given country or language.

Translation in Banking and Finance: Some Complications

Banking and finance industries tend to be highly regulated. Strict standards must be adhered to when dealing with anything connected to numbers and money. But what about words? They are more ambiguous than numbers. The translation is not a strictly regulated profession. Yes, there are certified translations, and what are called “secure translations.” But which authority certifies the documents? Which approves its security? Is a certified translated document inherently more valuable or reliable? Are there translation tests? Translation affidavits? The answer, sadly, is usually no or “it depends.”

The default solution for banks and financial firms when it comes to localization, translation and interpretation is to rely on reputation and track record. For sure, government certifications add credibility, but they do not guarantee accuracy or reliability.  Often the solution is found in setting up a system of checks and balances for every translation project. That means hiring one contractor to check the work of another.

Translation Agencies vs. Freelancers: Which Offer the Best Checks and Balances?

What makes for a proficient translator? These days it is rare for a bank or financial institution to hire an in-house translator or interpreter. There are two main routes to finding professional translation services. The first is to hire a translation or localization agency. Google either of these phrases and you’ll easily find many contenders for your business. Refine your search by adding filter terms like “banking”, “finance” or “financial translations.” Many of the larger and more reputable translation companies have an on-call team of hundreds or even thousands of linguists, each with a specific language skill and domain specialty. Make sure to assure that you are being served by linguist experiences and deeply familiar with the terms and conventions of banking and finance.

If you want even more control, but also more management overhead, you can seek out professional translators on one of the many freelance marketplaces, such as Upwork or Freelancer.com. There you can search for translators with specific language skills and a financial pedigree. You can inspect rating and reviews. You can negotiate rates, terms, and delivery timetables directly. By going direct to the source, you avoid agency commissions, as the marketplace commission comes out of the freelancer’s income, not yours. But you will pay in terms of the time to manage the freelancer’s time and work as you are dealing one by one with individuals not an agency with accountability and a hierarchical structure. Especially if you have a complex translation project, the cost-savings may be outweighed by the great burden on your personal or staff time and the higher risk of translation errors.

Is Machine Translation Worth Considering?

In recent years the quality of machine translation has improved considerably, and it’s no longer a taboo for professional translators to use software services like Google Translate or Microsoft Translator. These mobile apps, for example, should be familiar to each staff member, from executives to customer-facing clerks. The latest release of the Google app supports more than 100 languages.

These translation apps are chock full of features for a banking or finance professional. Features like camera translation let you point your phone at a printed document and instantly translate it. The conversation mode of the app’s voice interpreter lets you have a fluent conversation with someone who speaks a different language. These gadgets can save time and improve understanding when working with documents in the foreign language and communications with foreign-speaking staff and clients.

Still, it would be risky to rely on software to translate any document for publication: the chance of mistakes or wrong nuances is too high. Human translation services are a better bet: human translators are not perfect, of course, but human-powered translations remain more reliable than those performed by algorithms. However, as in chess, Artificial Intelligence keeps narrowing that gap. The day is not far off when the human edge may be lost in translation.

 

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