It is indeed an indispensable fact that money is running every aspect of our life, and finance is the bloodline of every business out there. If you visit a marketplace where you are not a native speaker, you might struggle to purchase a single item unless someone at that marketplace knows your language or know theirs. The issue of communicating across languages is not new but an age-old issue. The language barriers have always been there. Be it a marketplace or going to visit a country, people would hire translators. Even international delegations across the world rely on translators to help them understand things.
Since the 90s, the world started to change, not that it was not evolving before that, but these changes began to get attention in the 90s. Initially, these changes were revolving around multinational companies as they had the means to afford such advancements. These changes were happening globally in terms of a technological revolution. Many businesses and companies emerged based on technology, and others started to struggle to be next in line. From changing the means of communication to transportation, technology has surrounded every aspect of our lives. Businesses evolved and adapted to new marketing trends, but they also adapted to other trends that proved beneficial in the longer run.
The finance industry is no different. Traditional financial institutions like banks or investment funds have always been at the forefront of globalization. As a result, the world of finance has always been one of the biggest buyers of translations. Just imagine these piles of financial documents of all sorts, balance sheets, prospectuses, tax reports, income statements, annual reports, audit reports, and cash flow statements. All that data and financial information needed to be available to all stakeholders in all locations worldwide in all time zones. Remember Gordon Gekko? Money never sleeps.
So, the financial industry with all these specialized financial terms, that financial terminology needs language services for all that documentation, financial reports, bank statements, documents for tax returns, and whatnot. This is comparable only to technology industries and their translation needs. Speaking of which...
Like every other industry, the finance industry also stepped in to embrace technology and digitization. A survey from Deloitte reports that more than 50% of financial firms prioritize streamlining their operations and customer interaction through technology. Glancing at technology’s involvement in our lives, we are just a click away from making a purchase or transferring money from our accounts. The companies are now investing in data analytics, artificial intelligence, blockchain, the internet of things, and process automation.
Over the 15 years at ATL, we have seen many changes that have happened in the financial sector and we are more than happy to help you by sharing what we know.
When we use the word fintech, it involves combining or incorporating technology in the finance sector. It refers to software, algorithms, and applications for computer and mobile-based tools. In some cases, it also includes hardware like smart piggy banks or virtual reality trading platforms. The revolution in the financial sector dates back to 1918 when the federal bank in the US developed its first electronic funds transfer system. To date, it appears as some new technology, but it has its roots in history. Ever since fintech emerged, government organizations, businesses, and private companies have been at the forefront to understand the significance of fintech.
Analyzing the advancement in fintech, it started in 1918, and in 1971 NASDAQ invented IPO and electronic trading systems. The advancement didn’t stop there. Wells Fargo in 1995 came up with the first online bank cheque account. Right after three years in 1998, what we now know as PayPal, emerged as Confinity. Later in 2011, Google introduced its Google Wallet. These advancements have changed the course of technology and finance altogether. Have they not been successful, the global fintech investment wouldn’t have crossed 59.5 billion dollars in 2018.
The financial translation took a similar route. Financial translators providing financial translation services and translation agencies needed to adjust and introduce new technologies like translation memory and machine translation and review their best practices to be able to cater to the new reality in the translation processes of the business translation for one of the key industries in the world.
Retail banking is looking up to technologies to pace its digitization. They are already facing cut-throat competition ever since online banking and fintech are functional. Online banking and fintech are several steps ahead embarking on the successful journey of customer engagement. None of us like to go outside to make a transaction or pay our bills once we are home after a tiring day. Online banking and fintech services have made it easy for us, and we can pay our utility bills with a single tap on our phones.
Providers have realized that embracing and incorporating digitization in their services enables their customers to have more control, liberty of action, and easy access to services. Doing so also empowers the firms to enhance data access to understand consumer behavior and plan their strategies that lead to revenue generation and growth.
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If you want to know how to order a French beer or look for German words for the airport, you just need to Google or use any other translation tool. As long as it is a phrase or a comment, you will get a spot-on answer to your input commands. The same holds for financial technology: you want it quick and precise. Right here right now. Cash must flow smoothly.
Many people use fintech services for online payments, money transfers, or online lending and financial consultancy. These services are super speedy and convenient, making transactions easy for the users. Unless a person is multilingual and knows different languages, they might not find it challenging to use these services in a foreign language. On the contrary, the majority of people opt for services that are in their native language. A study published in 2019 by EY claims that fintech is now seen everywhere and quickly globalizing.
Financial translations are possibly the most complex translation types. They require a professional with surgeon-like precision to avoid both grammatical and lexicon errors during the process. A slight inaccuracy can alter the whole process. More than 41 million people in the US have their jobs dependent on international trade. It is another fast-paced industry, but entering a foreign market with plenty of language barriers can make you feel lost at sea. The intensity of foreign market challenges may differ, but the language barrier will always be a common problem. If you get hold of this language barrier, effective translation tools can boost growth for fintech companies. Want to know how it helps or if it is worth it? Let’s find out.
With technology evolving at such a fast pace, if you do not keep up with what is happening around you, you will soon feel left out. In the fintech industries, your clients must have up-to-date information accessible in their preferred language. It shall also give your customers an impression that whatever information they are looking at is authentic and precise. Localizing your services with your customers’ needs builds trust, and it also builds their confidence in your company. How will you boost your growth if you start losing your customers one by one because they cannot understand your services’ language?
Let’s talk about simpler things like a website in a foreign language. A non-native visitor will barely spend seconds and close the tab as soon as they see the language. Customer confidence plays a substantial role in every aspect of the fintech industry. You cannot streamline these operations without customers from asset management to investment or commercial banking, or insurance. If your services lack accurate translation and your customers feel a language barrier, their trust will wane in an instant.
Whether you are new to the market or have been a part of it for years, you cannot survive if your services do not comply with local rules and regulations. You will find plenty of rules regarding tax, labor, and employment. In countries like United Kingdom and Switzerland, the regulations are manageable for financial companies and institutions. However, many other countries are still abiding by tight provisions to enter the market. To surpass such regulations or adjust them to your level, localizing your services can help you flatten the curve as a financial company, including fintech. The more local and native touch you provide; the more customers you attract to boost your company’s growth. Quality localization smoothens the creation of locally relevant products complying with the region’s rules and regulations.
Given the development speed in the fintech sector, the need for localization service providers has been high. Many clients expect translation service providers to meet their demands and adapt to their fast-growing pace. When the demand for services increases, the quality reduces. Maintaining high quality in translation services while dealing with large volumes of content is a guaranteed way to boost your company’s growth and a more extensive consumer base. You can enhance the scalability by ensuring that your services are ready to localize and are free of any other technical or linguistic errors.
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Many fintech services providers are hunting for innovative and robust solutions that can help them stay ahead of the curve. While you are looking for the means and ways to stand out as a fintech company, remember that you are not the only fintech company in the market. You will find many other companies operating the same way as you, giving you all the more reasons to steal the spotlight.
If you wish to stand out, you will have to think out of the box instead of sticking to addressing blockchain technology, AI, cryptocurrency, or online banking. You will have to introduce tools, apps, and other solutions in the local language. When a company provides its customer with up-to-date access to information in their preferred language, it enhances the customer experience and makes your brand stands out. Taking action to overcome language and cultural barriers facilitates the customer who is new to this technology, making you their go-to option.
If you invest in something as a company, you would prefer to make sure that your money is in the right hands, no? Well, your customers want the same. If they rely on your services, they need the assurance that they are in the right place.
Customers always want to know if the company will care for their interests and finances. Fintech companies that pay attention to details like doing accurate translations, localizing their services, and understanding regional laws and regulations add value to customers’ experience.
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Do the names like Orkut, Yahoo, or Kodak, ring a bell? We all know that these brands once existed, but now they are nowhere. The reason behind their extinction is that they failed to adapt to the changing trends. The growth and development in the financial space is so rapid that there are new trends and changes every day. The economy plays a vital role, and if you are combining finance and technology, these aspects are constantly evolving.
If you wish to see tremendous growth in your company, you cannot stick to translating old languages that are no longer in use or having less demand. Familiarity with various local markets, financial technology, and keeping up with market trends can boost your company’s progress multiple folds. Just like the foreign stock exchange market, the changes in the finance industry are fast-paced. If your strategies and translation services lack flexibility, you might lose your pace, and growth might not happen at all.
When researching translation companies, financial organizations and fintech businesses are looking for focus. Focus not only on the financial terminology or many years of experience but also confidentiality, local regulations, and international financial reporting standards (yes, commas, decimals, and all that tiny or formatting stuff do matter when it comes to your income statements).
The finance industry is a very broad meaning. You can pack everything there, from banking and capital management to fintech, stock market, insurance companies, or even real estate (if you try really hard with this one). So the market expects not only professional translators who mind consistency, and know both English as a source language and the target language they translate into, but most of all, it expects proficiency in specialized types of translations for particular types of financial documents. It's all about laser-sharp financial specialist translators or translation agencies able to deliver what decision-makers and all stakeholders want.
By localizing your financial products, you let your potential users know that you care about their interests. Having the product available in multiple languages allows you to offer a more personalized user experience. A business or company without credibility is just like a shallow brand that merely exists. Credibility is essential for companies offering financial services.
Localization helps you to prove your dependability to your customers. Growth occurs when you can reach a broader audience. Building a brand rapport and trustworthiness in the market requires numbers and facts to make people notice your brand. Getting familiar with your local users through their native language can help you understand things better. It can also reshape your strategies for projected growth.
Language has always been a significant barrier in the international market. It becomes a nuisance when companies target customers with little or no knowledge of translation and nativity. Many finance companies face difficulties in understanding the financial language even in their native dialect. With financial inclusion on the rise, many people lack access to financial services. A report by the World Bank reveals that around 1.7 billion adults have no bank account. These 1.7 billion people may not have a bank account, but two-thirds of these adults own a cell phone.
Financial organizations can approach these unbanked people to have access to financial services. Companies localizing in local languages have a competitive advantage as they can communicate with the locals and effectively overcome cultural barriers. The fintech adoption rate is highest in China at 67%. India has the second global ranking with a 52% adoption rate in this sector. It is indeed a positive disrupter in a heavily regulated finance industry. The growth in this sector is spiking tremendously. In Europe, the United States, and everywhere. Go and grow then!
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