In an increasingly globalized world, financial institutions must be able to communicate effectively across languages and cultures. Offering multilingual services is becoming essential for banks, lenders, advisors, and other financial organizations seeking to broaden their customer base.
Yet many don’t have adequate financial translation solutions and rely on unqualified family members to interpret. The result is inaccurate information that can confuse customers.
From translating financial documents to providing on-demand remote interpretation for limited English proficiency (LEP) customers, there are many reasons why financial institutions should invest in quality language access services.
Financial Sectors Requiring Translations
Many financial companies require accurate multilingual translations to serve diverse demographics while fostering trust and satisfaction. Key sectors include:
Banks and Credit Unions
Banks and credit unions dealing with deposits, loans, investments, and currencies should translate documents like statements, disclosures, terms and conditions, marketing content, mobile apps, and websites for non-English speaking customers.
Loan Officers and Mortgage Brokers
Mortgage lenders need multilingual services to assist homebuyers with LEP in understanding loan terms. Customers need to understand loan terms before committing to a long-term investment.
Financial Advisors and Wealth Managers
Wealth management firms translating investment plans, retirement account paperwork, fund prospectuses, and market insights better serve LEP investors and clients. These clients need to have the information to make informed decisions for their futures.
Accounting and Tax Firms
Accounting firms and tax preparers work with small businesses, entrepreneurs, investors, and individuals from diverse cultural backgrounds. Many of their clients speak languages other than English and require assistance understanding financial statements, tax documents, payroll forms, regulatory filings, and communications.
Professional accounting translators enable firms to better serve these clients by adapting sensitive tax and financial information into their preferred languages.
Investment Firms and Stock Brokers
In the world of investments and trading, language inconsistencies can prevent firms from attracting capital from non-English-speaking investors. Brokerages and investment platforms require multilingual capabilities to translate documents like prospectuses, research reports, statements, newsletters, and portfolio dashboards into key languages like Spanish, Chinese, Portuguese, and more.
Law Firms and Legal Practices
Lawyers at firms advising major banks, insurance companies, investment funds, and other financial entities work with vast quantities of sensitive, technical documents for non-English-speaking clients. Contracts, regulatory briefs, transactional records, settlements, and business agreements all may need to be translated by legal translation experts.
Specialized legal and financial translators ensure precision while maintaining attorney-client confidentiality.
Types of Content to Translate
Here are some common financial documents and materials that may require professional translation services:
- Banking agreements, disclosures, and statements
- Financial reporting and statements
- Marketing and sales collateral
- Websites, email campaigns and newsletters
- Infographics, reports, and visual content
- Audio transcripts and recordings
- Legal contracts and regulatory filings
- Surveys, research, and customer feedback
Since these resources are complex and nuanced, skillful human translation is a must to communicate details accurately. In addition, financial institutions must find reliable banking interpreting services for in-person and remote customer interactions.
Benefits of Partnering with a Translations Provider
Partnering with qualified financial translation providers offers many advantages:
- Improved quality and accuracy: Professional translation firms have linguistic experts adept in financial terminology, ensuring precision, quality, and clarity. Their specialization results in adaptations tailored to each document type.
- Greater consistency: Managing glossaries of brand terminology and continually updating them ensures consistent messaging across all translated content.
- Experienced professionals: The best translation firms have networks of seasoned translators and subject matter experts immersed in financial services. Their expertise is unmatched when it comes to multilingual banking support.
- Scalability: Translation volumes can fluctuate greatly. Translation services make it easy to scale up and down as needed.
- Security: Reputable translation providers invest heavily in data privacy and security to protect sensitive documents.
- Language depth: Top providers can accommodate over 100 languages, far more than feasible for in-house teams. This level of multilingual reach opens huge opportunities.
- Customer service: Renowned translation firms are customer-focused and provide high-touch service no matter the project size.
Partnering with experienced financial translation pros is the safest bet for the best results. Their expertise in adapting terminology, maintaining compliance, and communicating complex details can make expanding to a new customer base smooth and successful.
Connect with CLI for Financial Translation Services
Find Quality Translation Services from Certified Languages International
CLI is proud to provide language services to meet the complex needs of financial institutions. Our offerings include video and over-the-phone interpretation and document translation to cover all forms of communication financial businesses may need.
Over-the-Phone Interpretation
Our on-demand phone interpretation connects you with a qualified interpreter in moments. CLI’s interpreters are available 24/7/365, so you can get the services you need when you need them. After setting up an account, all you have to do is dial CLI’s number, answer a few questions, and you’ll be connected to an interpreter right away. We also offer instant access to your call data, including total minutes of interpreting per language, cost, and languages used.
Video Remote Interpretation
Our video remote interpreting services (VRI) allow you to access 22 video languages, including American Sign Language (ASL) and all 230+ audio languages through the same solution. Using our MERFi platform, you and your clients will be connected to a qualified interpreter through high-quality video and audio.
Document Translation
Our document translation services are secure and customized to meet the needs of your business. We understand that financial documents can be challenging and nuanced, so we perform a rigorous proofreading and formatting process to ensure accuracy. With exceptional quality and security, you can trust us to deliver accurate document translation that follows stringent security standards.
Connect with CLI Today
There are so many reasons to choose CLI for your financial translation needs, including:
- Collaboration: We are a high-touch partner committed to ensuring you get real-time support and reporting.
- Convenience: Our telephone interpretation services are available 24/7 to give you immediate access when needed. We make ourselves available to you so you can get the help you need for your customers.
- Confidentiality: All the translators and interpreters that CLI works with are bound by confidentiality agreements. They follow strict confidentiality protocols to maintain the privacy of LEP customers’ data. We never collect or store financial information from LEP customers.
- Industry expertise: CLI has experience in the financial sector and the ability to deliver accurate, consistent information that relays the necessary details to clients so they can make informed decisions.
If you’re ready to use our translation and interpretation expertise, request a quote today or learn more about our language services.
Frequently Asked Questions
What financial documents need translation the most?
Key financial documents that typically require professional translation include banking agreements, account statements, disclosures, marketing materials, websites, mobile apps, legal contracts, regulatory filings, financial statements, and investment prospectuses.
When is machine translation acceptable vs. human?
For most important financial documents, only human translation is acceptable to convey nuanced meaning. Relying on machine translators carries high risks of errors.
How can I tell if a translation provider is qualified?
Reputable financial translation firms have in-depth industry experience, high accuracy ratings, glossary management, data security, and quality assurance practices that indicate they provide high-quality services clients can trust.
