Impact of translation services on fintech companies

As in so many other areas, the Internet and technology have also revolutionized the financial sector in recent years to the point of giving rise to a new concept: fintech, a portmanteau of the terms finance and technology. But what makes this sector relevant, and why are translation services so necessary in fintech companies?

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What do fintech companies do?

Let's start from the beginning and learn a little more about this sector. What do these companies do? If you are part of this sector, you may already know. But if you are part of a more traditional entity, a little refresher probably wouldn't hurt.

Among the main objectives of these entities are the following:

  • Offer solutions that make financial products more accessible with the help of technology.
  • Simplifying certain financial processes and facilitating personal finance management.
  • Achieving greater cost efficiency.
  • Positioning as entities that are committed to technology and updating.
  • Adding value to certain existing financial products and giving greater visibility to new services.

Technology brings a traditionally more distant sector, due to its great complexity, closer to people and customers. Fintech companies are now making things like access to mobile banking, the ability to apply for loans online or convenient mobile payments commonplace.

In fact, mobile payments in particular, which just a few years ago might have seemed like a crazy idea, already represent more than 17% of the payments made in Spain. What's more, 40% of all Spaniards use their phones as a means of payment, according to the Study of mobile payment trends in Spain by fintech company Pecunpay in collaboration with Visa.

So how do translation services for fintech companies help this sector grow?

Just as the financial sector has come a long way in recent years boosted by technology, so has the translation services sector, which has opted for automation solutions and artificial intelligence. But how can the two worlds work together?

  1. A translation service for fintech companies must have a highly technological This type of company, with its special characteristics, demands services that can keep pace with the advances in the services provided. So, relying on a company that is committed to development and innovation in technological translation solutions should be a must for these types of entities.
  2. It is important not to lose sight of the nature of the subject matter and its terminology. Professionals providing this type of translation service for a company in the fintech sector must be specialists in financial translation, yes, but they must also be up to date with the most recent updates in the technological field.
  3. Despite the continuous development of this field, driven by the relentless momentum of technology, translation services for fintech companies cannot afford to fall behind. But they can’t afford to make mistakes either, or see their quality diminish when providing this service at the speed required. Fortunately, nowadays, translation memories, with dictionaries of specific terms or style guides, or connectors or a translation proxy make completing these tasks much easier and simpler.
  4. A translation service provider for fintech companies must also offer guarantees of scalability to businesses of this type. These companies normally make move forward, sometimes at a great pace, so it is important when they choose to collaborate with a translation services company, that it is able to grow together with them and continue to provide a guaranteed service, taking into account everything necessary to do just that. It requires sufficient human resources dedicated to the project and the necessary technological development to cover the work required.

As you can see, translation for the fintech sector requires a strong technological element, but also a team of experts with experience that provides certain guarantees. Not all translation service companies can offer total security in this regard, so it is always advisable to get advice on what kind of technological solutions and work methodologies are best for your project.

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