To be successful in the globalised world of banking and finance, companies must proactively create a multilingual setting in which to present themselves and carry out their work. Whether it is on your website, in marketing campaigns, or in e-mail and telephone communication, a multilingual corporate profile generates an appealing image and more opportunities on the international stage. In the following article, we will explain what a financial translation is, the importance of confidentiality, and the role of financial translations within your corporate strategy.
How are translations defined in banking and finance?
There is no clear-cut definition of which content should be professionally translated in the banking and finance industry. This is due to the extremely broad range of texts employed in this sector. Conventional content requiring specialised translations includes financial statements and reports in various formats, but investment recommendations and the strictly defined key investor information documents are also important areas for financial translation.
Some of these texts are subject to certain regulations, which must also be strictly observed in the specialised translation. Professional, experienced financial translators are familiar with these formats and regulations. They possess the relevant industry knowledge and employ their language skills to deliver accurate, precise translations with the quality you expect.
Financial translations as part of a corporate strategy
Imagine for a moment a successful start-up with a focus on strategic financial consulting in an English-speaking region. The venture is so successful that investors from non-English-speaking countries begin to notice the company as well. In order to be able to invest, interested parties request the annual financial report in German, for example. The start-up is unable to provide the report when asked since it has not been translated into German yet. One by one, the potential investors fade away, and the start-up finds itself without any more financing from the international sector.
The point of this example is very clear: A lack of multilingual communication in the finance sector gives your competition an undesirable head start that can actually be avoided. A multilingual image, carefully planned and executed from the outset, can be considered a targeted and successful corporate strategy. Once a solid working relationship has been established with a professional language services provider, you should try to maintain it for as long as possible. This is the only way to create a uniform corporate language and brand for your company in another language.
Language services providers and financial translations: trust and security are worth their weight in gold
As soon as large amounts of money are involved, an important component comes into play for many investors and companies: trust. As a rule, financial documents contain sensitive data and information that should not fall into the wrong hands. In practical terms, this means that your language services provider must ensure appropriate confidentiality and data security in addition to offering professional linguistic and financial expertise. Proving their trustworthiness with financial documents and having customers recognise this is one of the best ways for language service providers to stand out from the competition.
In the translation industry, financial translations are one of the types of content that require a high degree of sector-specific knowledge on the part of the translator. However, guidelines and formats must also be observed. Moreover, the language services provider must ensure a high level of security and confidentiality when handling the financial documents to be translated. Only professional language services providers can offer this level of security; publicly accessible translation platforms simply cannot meet these strict criteria. Moreover, having a professional multilingual profile opens up new possibilities for your customers from the financial sector. If multilingualism is implemented as a targeted tool, a company can use it to gain an edge over the competition.
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