Companies and organisations that work with international customers and/or collaborators must use some type of financial translation services. That’s because financial documents, such as reports, statements, budgets, and others, are crucial during various phases of contractual negotiations and business planning (among others).
Therefore, the question is not whether you’ll need financial translation services.
The question is: will you use professional financial services, or will you keep the translation process in-house?
Both situations have pros and cons, so to help you make a decision, we’ll discuss these differences in today’s article.
Who Needs Financial Translation Services?
#1: The Obvious Players
The obvious institutions that need translation services for their financial documents and processes are banks, financial companies, brokers, insurance brokers, underwriters, and others in the field of finance.
We also need to include companies that extend their reach into overseas markets or the ones that are part of international mergers and acquisitions. Without proper and accurate translations of financial documents, these companies won’t be able to negotiate, make deals, or even communicate their goals and plans.
#2: The Technology-Related Players
There are companies and institutions that activate in the world of FinTech and Blockchain, where technology and finances intertwine. Since these are non-traditional financial alternatives, the documentation and terminology are different.
Plus, many communicate with their customers through intelligent chatbots that need to know how to carry a natural-sounding conversation. While this part of the business may not look like it falls under the sphere of financial translation services, it shouldn’t be ignored.
#3: The Financial Creators
The internet is filled with finance-related content created by a wide range of creators, such as financial magazines, websites, YouTube channels, blogs, and so on.
In-House vs. Professional Translation Services
As promised, we’ll have a look at the pros and cons associated with these two scenarios.
Professional Financial Translation Services
When you work with a professional translation agency like Translations123, you have access to highly-trained translators with years of experience in the field. Plus, we work with native linguists who also have proven financial expertise to make sure each translation is accurate and flawless.
Since financial translation is a bit more technical and requires a tremendous amount of attention to detail, it’s best to have a professional work on it. This saves you time, resources, and money since your team will be able to focus on other tasks.
Furthermore, professional translators who work with financial documents and statements know to respect the format of your documents. This way, your team doesn’t have to waste time and adjust the translation to the right format – the translated documents will be ready to use in negotiations or add to your proposals.
Our team includes translators who are rigorous about consistency in terminology and know how to use the technical terms that the client needs. Furthermore, you also have access to localisation services which will allow you to extend your reach and compete in the global market.
The Not-so-Positive Part
When it comes to finances and plans for future developments, you probably don’t want to share with the world (more than you have to). So, you may feel anxious about hiring a translation agency to work on confidential documents.
However, this problem goes away when you find a reliable business partner who can safeguard your documents and statements from prying eyes. Look for agencies with experience in the field and do your research into whether they had any data breaches. Also, you should ask around and look into reviews from former or current customers to see if they are trustworthy.
Also, your documents will be handled by a project manager, who will assign them to translators according to their competencies. So you don’t have to worry that your financial statements and other sensitive documents will fall into the wrong hands while under our care.
In-House Translation Services
Many companies and organisations prefer to keep financial translations in-house and hire a team of translators for this. However, translators with proper financial expertise are not easy to find, especially for more exotic languages.
Therefore, the only option is to hire regular translators and provide them with financial training. However, you’ll have to do this for every new language you want to add to your business portfolio. Plus, there’s no guarantee that the people you train will stay with you in the long term.
Furthermore, not everyone can do financial translations. You need people who have meticulous attention to detail, can handle technical terms and knowledge, and are willing to walk the extra mile whenever necessary (which is often needed in a field as dynamic as finances).
In conclusion, working with an in-house team of financial translators only makes sense if you have to constantly handle a large flux of financial documents all year long. Otherwise, it’s more profitable to outsource the task to a trustworthy and reliable business partner.
Financial Translation Services We Provide
Financial translation means that the translator must be comfortable working with a wide range of documents related to financial and legal topics. These include documents such as annual reports, financial reports, balance sheets, income statements, tax documents, contracts, loan agreements, and investment prospects (among others).
Our team of expert linguists can cover all of these and more, such as documents from:
- Retail banking
- Wealth management
- Corporate and Investment Banking (CIB)
- Insurance and Re-Insurance
- Insurance Investments
- Company Accounts and Consolidated Accounts
- Financial marketplaces
- Institutional and retail asset management
- Investment funds
- FinTech and RegTech