In a sector where the bulk of the business involves working with numbers rather than words, it may seem that financial translation services aren’t always necessary. But in reality, nothing could be further from the truth.
As the UK’s biggest exporting industry, being able to work effortlessly with people from around the world is of paramount importance for all businesses, banks or investment firms. A good financial translation service requires that the translators are experts in both translation and finance, and skilled linguists such as these are invaluable to the financial sector. Here are three reasons why…
Translators can work to tight deadlines
This one is consistent skill for any translator in any industry. In fact, in the book ‘How to Succeed as a Freelance Translator’, the ability to work quickly and independently is considered a key skill for the job.
However, deadlines are unequivocally vital in banking and finance. Annual reports and financial statements often have fixed release dates. If these documents require a translation service, it is important to hire translators that will be able to meet the deadline without compromising on the quality of the work.
In the world of stocks and shares, things can change in a blink of an eye, and if you need to communicate with markets at the other side of the world, financial translators can help you do this effectively.
Giving a time limit on document translation is not possible, it is always dependent on each individual project. Most finance translators can manage 4000-5000 words on a typical work day. However, in a situation as complex as finance translation, this depends on them having industry specific knowledge as well as project managers who can efficiently communicate with the client.
They offer confidentiality and privacy to clients
Financial translation professionals must adopt and uphold certain ethical standards that will enhance their own reputation. As part of these unwavering standards, a commitment to the client’s privacy is paramount.
Why is confidentiality so important to the financial sector? Any person who is privy to sensitive and important financial documents must be aware of their obligation to maintain the fidelity and secrecy of the documents entrusted to their care.
From project managers to translators, many in the translation industry are used to dealing with sensitive and classified information. However, it is important to find a translation agency you can trust with handling these documents.
Translators will help you avoid any legal ramifications
When working in different countries and languages, a good financial translation service can help enhance your business’s reputation. However, it can also help protect your business from a legal perspective.
Although translators are undoubtedly important, there is no legal need for financial institutions to hire translators. However, if banks or financial institutions are found to have taken advantage of a person who does not speak English, and sold them a service that they do not want, that’s illegal and financial institutions will be punished for it. It goes without saying this could have devastating ramifications for that organisation’s reputation. Therefore is it of the utmost importance that financial businesses translate their documents accurately and in the clearest possible terms.
If your business is in need of a financial translation service, contact the experts at London Translations and receive an instant quote today.