What is Financial Translation?
Financial translation deals with all the terminologies which are used for making financial transactions. Financial translation involves the wide range of topics and types of reports and documents pertaining to finance. They include business plans, sales forecast and multiple reports and analysis which are very critical for company’s success. As business are getting more global so it is necessary to have accurate global communication. For this reason financial translation skills and abilities are required. Financial translation requires a subject matter experts who are trained native translator and has year of extensive experience.
Key challenges in doing financial translation
Finance is a vast subject and for the translation of financial documents, knowledge of industry and the specific language or terminology is required. Financial translators who have comprehensive experience might face some challenges.
Difference in financial terminology
Various financial terminologies are in English but every country is using its own financial terminologies. Some countries have not updated their financial dictionaries to cope with globalization so it becomes difficult for translators to find equivalent terms in financial translation. For this reason financial translators have to find a suitable term for each financial terminology. Financial translator should make a inference from his or her own experience to find an exact word that is equalent to the financial term. For translating the financial website difference in financial terminology should be kept in mind.
Changes in formatting
Financial document formatting do not matter in some countries and matters a lot in some countries For example Pay slip in USA is different as compared to pay slip in France. Financial document formatting is very important so that it can deliver a precise and accurate presentation of the translation in target language and satisfy the client by having the financial information on the website where they are expecting.
Difference in formatting
If the payment mode on your e-commerce site is not according to local currency than consumers will not feel comfortable and secure while purchasing products from your website. Secondly financial translators should be aware of currency exchange rates as they keep on fluctuating according to the economic conditions prevailing in the country. For accurate financial translation, financial translator needs to be updated regarding current currency exchange rate.
Prerequisite
Financial translation is not like standard translation which is word to word translation. It requires different set of terminologies. Financial translation is very demanding because financial concepts and terminologies of every country is different. To cater these terminologies, financial translator should be subject matter expert. Many countries follow special guidelines for the translation of financial documents in terms of numbering, formatting and use of specific terms. Price quotations which need to be coated on your e-commerce site should be in customer’s native language and conversion rates should also be mentioned.
Financial Translation importance for expatriate & immigrants
Expatriates and immigrants who want to send money in their home land wants their banking website to be translated in their native language with accurate financial translation and conversion rates. In this way they can send money after checking conversion rates to their hometown.
Digitalization
Over the last decade use of mobile phones have enhanced tremendously. People can pay their bills from their laptops and mobiles. This resulted in emergence of E-banking. If e-commerce banking websites are financially translated accurately, it will help in easing life’s of millions of people. People don’t have to come out of home and offices to pay their utilities. They can pay all their dues in one click.
Customer Satisfaction
If website is translated well with localized content. It will provide a optimal platform for trading. If your financial website is translated well, customers will feel that they are getting value for time and money. State of the art financial website translation will increase traffic on your website which shows customers are more satisfied. As customer satisfaction increases. Revenue will increases.
Mitigate risk
There are many financial risks which are involved in trading. Clients are always interested in the performance of funds, schemes and commodities in their native language. Accurate financial translation of website will mitigate the risk and will increase the activity on trading platform.
Converting threats to oppurtunities
If economic conditions are good but still opportunities for online trading will remain on their initial stages if clients are not confident about their understanding of financial aspects. Financial aspect of the business determines success of failure of your e-business.
