Four Typical Finance Localization Mistakes

The necessity for financial organisations to localise their products and services is expanding quickly as more of them attempt to draw in foreign clients. As a result, there is a big need for financial translation services.

Businesses must look for a translation agency that can satisfy all of their needs when weighing their options for financial localization. Financial documents and goods are uniquely designed and intended, and each sort of product will definitely require a different translation and localization.

There are certain common errors encountered throughout the localization process as a result of the complexity of localising financial content. Here are four of the most common mistakes and suggestions for avoiding them.

The financial sector is one of those fields that has more specialised jargon than others, despite the fact that every industry has its own set of vocabulary. As a result, it's possible for linguists working on financial translation to make blunders. The main reasons why these mistakes can occur are:

• As the financial sector develops and changes, translators could not stay up to date with new terminology. It is crucial for translators to keep up with new terminology and trends because businesses often introduce new goods, update existing ones, and enhance their offerings.

• Even though different nations share the same language, word selections frequently differ. As a result, some translators may have trouble deciding on words that have the same meaning in many languages. For instance, in the United Kingdom, financial statements are referred to as "creditors," whereas in the United States, they are referred to as "accounts payable." It is unlikely that a direct translation of financial terms will be adequate when this is applied to non-English speaking nations.

• Documents in one field of finance are being translated by translators with knowledge in another. For instance, there is a higher likelihood of errors being made if a translator is asked to interpret a document in the insurance industry but their area of expertise is commercial banking.

• The specific financial processes vary greatly from place to region, making the terminology nuances much more difficult. This is especially problematic for a finance localization company that only uses machine translation because the software could easily select the incorrect word.

How to avoid it: Proofreading and editing are the first steps in avoiding terminology errors. Editors should thoroughly evaluate each localised financial product to ensure that all lingo is accurate. The creation of glossaries and translation memory is an additional method for ensuring uniformity throughout the content. This technology is accessible to reputable translation companies to guarantee consistent translations, styles, tones, and quality throughout a client's products.

Number mistakes are yet another very typical error in financial translation. Although it might appear simple, interpreting numbers can be a challenging procedure with lots of possibility for error. A small difference in a number can grow into a much larger issue. In fact, even a minor inaccuracy, such as the incorrect punctuation of a number, will have an unfavourable impact on the document's outcome.

As an illustration, in English, 2,500 signifies two thousand and five hundred, but 2.500 means two and a half. However, in other nations like Vietnam, France, or Germany, these numerals have wholly different meanings. In essence, the numbers are backwards: 2.500 is identical to 2,500, and 2,500 is equivalent to 2,500.

In addition, it is simple to convert $100,000 into $100 when documents are translated from English to Spanish.

How to prevent it: It is advantageous to collaborate with a language services provider (LSP) that specifically employs native translators who are authorities in their field in order to prevent value and number misunderstanding. They must to be able to accurately check the accuracy of number separators and comprehend the numerical system completely.

Additionally, make sure the financial translation provider employs post-editing to find and fix any errors a machine translator may have produced.

Although this issue doesn't directly effect the end product, it does have an impact on whether the localised product is even permitted to advance in the nation. When a finance firm wants to enter a new market, it must abide by local legislation. There are often several financial and product restrictions in place in every nation, some of which have to do with labour, employment, and taxation.

But not all places have the same laws. Regulations are becoming simpler for financial technology companies to manage in some countries, like Switzerland and London. Despite this, many areas continue to have strict regulations on market entry.

Additionally, if a country's regulations apply to one local market but not another, translating a financial document might be particularly difficult.

The requirement that all documentation be supplied in the local tongue when firms try to list on regional securities and exchange markets should not be overlooked. Additionally, businesses frequently need to produce legal documents in the regional language in order to obtain business permissions. Due to the high level of detail in these procedures, even a small error might result in significant delays.

How to avoid it: Make sure the financial translation business you choose has extensive understanding of the legal requirements in your target market. Additionally, you should carefully choose your linguists so that you are only working with individuals that have a great deal of experience translating for the finance industry. Experts in your industry should be able to adapt to diverse legal requirements with ease.

Finally, privacy and secrecy are the subject of the fourth common error made during localization. Financial services businesses are accountable for making the absolute best efforts to ensure that sensitive data will remain completely private and safe; a security breach would immediately result in expensive lawsuits and significant financial damages. The financial institution could face major issues if the translation agency does not have a clear data protection plan.

How to prevent it You may be sure that the business appreciates the value of maintaining privacy and confidentiality by working with a highly skilled financial translation firm. Ask potential localization companies how they would protect these private documents as you look for one. Data encryption, a translation management system, a secure infrastructure, and safe remote access should all be part of the agency's security procedures. Make sure the business is also willing to sign non-disclosure agreements as an additional measure of confidentiality.

A significant stage in your strategy to introduce your financial products to new countries is deciding to localise your products. Look for a financial translation business that specialises in all areas of the financial industry and has a top-notch quality assurance procedure to avoid some of the most typical errors.

Financial localization can be difficult, mostly due to the abundance of highly specialised industries. As a result, the localization process is susceptible to a number of errors. Here are four of the most typical errors and solutions to prevent them.

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