Finances were global long before the internet or the concept of globalization. It is ever growing. The competition in this sector is stiff all over the world. There is no room for any mistakes in calculations, translation, or localization.
Importance of Financial Translation
Businesses are going global every day. Even small-scale practices have now expanded their reach thanks to the internet. There are, yet, a lot of risk factors involved in internationalizing a business.
Most of the major risks involved in such a venture are financial. Terminology, for example, may not be the same across different countries. Countering this problem and many similar ones requires financial translation.
Financial translation means the conversion of all documents from one language to another so that the particular market can understand it.
It is essential, especially if the business belongs to the financial sector.
Translation of a Financial Website
In the world today, your business doesn’t exist unless it has a website. A website is a window into your business. You want your customers to understand the business when they look through that window.
Needless to say, financial websites need extreme care. Even the smallest error can cost the business as well as the customer a lot. Following are the reasons that translating a financial website right is crucial.
The Right Use of Comma
A single zero, a comma, a decimal – all these have a significant influence on the amount of money. They cannot be taken lightly.
In Europe, for example, 1,100 would mean one thousand and one hundred, but in Paris, the same numbers represent an amount a thousand times less.
This could cause a huge problem for both the business and the customer. Thus the conversion of format that a particular country understands is vital
Getting the Right Message Across
Wherever it concerns finances, there is no room for miscommunication. Businesses cannot afford any wrong idea getting across.
There is a chance of that happening if the website is not translated according to the requirements of the market. There are many terminologies that can cause a disaster if they are misinterpreted, this can actually destabilize the whole business.
It is important that all the information is converted into the language and terminologies used by the particular market to prevent miscommunication. It is best to hire trained professionals with the industry-specific experience to get the work done right.
Very often, there are specific instructions involved in the procedures of financial business. It is important that those instructions are clear, direct and unambiguous.
When these instructions are in a language that the customer may or may not understand there is a chance of a lot of thing going the wrong way. Giving foggy instructions is not a door that any business wants to open, least of all a financial one.
So the translation makes sure that the instructions are delivered in a way that is understood by the customer and there is no room for any kind of error.
Google Can’t be Trusted
Sure, it is understandable that you are tempted to. It is an easier option, with much less hassle and money. But, how can something be so easy and not have a catch?
Exactly, there is a catch and it is a big one. It can actually cost you in terms of money and reputation.
There is the matter of overly-literal translation, of course, but there is a much bigger issue hidden behind the scene. When you use Google translate to convert your documents, the data becomes part of the Google domain.
And there is no way of ensuring that this data will not be revealed to a third party under any circumstances.
This can violate not only your privacy but also the privacy of your customers.
Avoid Multiple Translations
Language is a very tricky thing. A word that has a very specific meaning in one language can mean something entirely different in another language. In fact, there may be more than one meaning of that word or phrase in that language.
For instance “Assume nothing” can be translated as “do nothing” in multiple languages. Needless to say, this can cost you way more than you will spend on the translation services.
Things to Keep in Mind When Translating Financial Website
Translating financial documents can present quite a challenge. Keep in mind the following things to avoid problems in the future.
Get the Right Terminologies
Different countries, different languages, why would the financial jargons be the same?
Every language has a unique way of representing the same thing, and unless you embrace that you cannot get your message across.
A simple error can lead to a major decline. That is why it is important that you get all the appropriate terms that need to be used in your documents. This will ensure that the customers understand what you are talking about.
Rule and Regulations
Countries have different law, different rules, and different standards. When you enter a new market, you have to comply with the regulations of the particular market.
So in order to blend in with the market and ensure your stay, you need to adapt to these standards. This may include adopting different writing styles, formats, etc.
Finance is all about accuracy and precision. Most businesses neglect to prioritize it when they are translating. But it is the aspect that needs the most focus.
The smallest error can lead to a completely different outcome, especially with such lengthy calculations involved.
In a business that deals majorly with numbers, there is no choice but to have the most accurate and precise translation.
The only thing more important than the translation of the financial website is the right translation. There is no room whatsoever for even the slightest error.
The best way to ensure that you get the right translation is to hire a professional company that has experienced professionals to help you out. Make that the company has translators that are familiar with the finance industry in order to deliver an accurate translation.