The financial services industry is probably the most globalised industry of all. As a result, its translation needs are substantial, and its quality requirements are very high indeed.
Due to the expanding globalisation across the world, more and more financial institutions believe that language barriers remain one of the factors negatively affecting the situation of every financial sector.
As different cultures and languages enter in the international pace of financial industry, many banks and people are experiencing difficulties in protecting their money as effective communication is becoming very limited.
There may be several reasons why people decide not to use a particular financial institution; it could be because people are hesitant to trust the financial services that the institution is offering; or that financial institution uses a bad strategy in convincing people to invest their money with them. All of these may be results from language barriers.
Some international financial industries of which English is the primary language and that have millions of people as their clients around the globe, have limited English proficiency, which can definitely affect the understanding of their financial services, often resulting in financial losses of the company, and losing those companies some reputation with their customers.
Financial companies should ensure that implementation of their rules and agreement between them and their clients should be well-written and properly translated into the native language of the client. It is necessary to know that many corporations lose business due to cultural differences and language barriers, which sometimes create negative consequences and difficulties to people.
Finance is a highly specialized field and it requires skillful, knowledgeable and professional translators who can do justice to the financial translation. Accounting practices and regulations differ from one country to another; thus, in terms of financial translation, it is the translator’s responsibility to convey the accurate meaning of the subject matter.
In addition, financial documents are needed for privacy and confidentiality; translators must understand their clients who require confidentiality, and respect the sensitivity of their documents; clients entrusted their documents to the hands of the translators, and thus, it is the translator’s obligation to provide effective financial language translation services.
Financial documents which may be needed for translation may include financial statements, business plans, annual reports, audit reports, and policy documents. When translating such document, linguists should clearly use the right terms in the right context.
To sum up, a good provider of financial translation services should be mindful and professional enough in considering the entire important requirements in aiming for an accurate and quality end product of the financial document translation. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}
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