Professional translation in the banking sector: 6 big advantages

professional translation in the banking sector
By February 16th, 2022 | localization and translation | 0 Comments

Professional translation in the banking sector provides companies of the field with experience and accuracy to avoid mistakes and complicated situations.

The following are the 6 big advantages provided by a specialized translation in the banking sector.

1.Specialized translation in the banking sector

The documents created in the banking and financial sectors require a technical and specialized translation, which is known as financial translation, and is carried out by professional translators with expertise in the management of the specific terminology.

Banking vocabulary stands out for its acceptance of concepts, the use of acronyms and foreign words, usually anglicisms, and the different numbering and formatting rules in different countries.

A specialized professional translator works with all of it, always taking into account the target audience the text is aimed at. The use of concepts and terminology is not the same for a private client as it is for an expert in the matter.

2.Knowing the context of financial translation

There’s no use in knowing the vocabulary if the meaning is unknown.

Translation in the banking sector requires a deep and updated knowledge of the context, especially if we take into account the different accounting models depending on the country or the ambiguous meaning of specific concepts.

Part of a specialized translator’s work is continuous training and updating of economic and financial information.

3.Solvency in the application of the most appropriate formats

There is a wide range of documents in the banking field which need to be translated: internal reports, financial analyses, balance sheets and profit and loss statements, product and services sheets, promotions and campaigns, among others.

Each one of them has a specific and strict structure. For example, an audit presentation must be extremely accurate, much more than that of promotional content. The translator adapts to each one of the cases avoiding serious mistakes, using the most appropriate language and expressions in the target language and for a specific audience, thus providing reliability and trust.

4.Guarantee of confidentiality

Translators at a professional translation company will guarantee discretion in the treatment of the texts they translate.

The responsibility they engage in is reflected in the contracts they sign between the banking and financial entities and the agencies in charge of the translation, establishing confidentiality clauses and security systems in communication and computer tools.

5.Use of advanced technologies

Internationalization in the banking and financial sector is a fact that has been occurring for several years now. The amount of documents and data to be translated is enormous and aimed at very different channels: private clients, international offices, foreign investors, promotions, collaborations, sponsorships, etc.

A professional translation service complements the work of a specialized translator with document management tools and translation technologies that help reduce costs and work time, higher quality and a corporate linguistic style.

6.Role model at an international level

Offering accurate information and documentation with a rich vocabulary and adapted to the target countries’ idiosyncrasy consolidates the brand’s reputation.

For this reason, the importance on how the data, services and all types of documentation are communicated and presented, in the source and target languages, is essential to improving competitiveness.

Trusting a professional translation company like Linguaserve turns this specialized service into a valuable communication tool for the banking sector.