The sector of fintech –a combination of Finance and Technology meaning financial technology– is growing both rapidly and significantly. Fintechs consist in new companies that innovate in the financial sector through technology. Essentially, fintechs are implementing new ways of doing business, saving, advising and much more, solely online. These start-ups compete directly with traditional players, namely banks and insurance companies.
In this post, Cultures Connection looks at the world of fintechs by raising three questions:
– Why has the financial technology industry evolved so much?
– Why is translation so crucial in this field?
– Who are the translators you hire for financial translation?
There is a close connection between the development of financial technologies and the soaring need for translation in this field. In fact, many fintechs are expanding internationally and are forced to make their content or marketing strategy available in multiple languages.
Why has the financial technology industry evolved so much?
- The Internet revolution. Although the Internet first came in the 20th century, technology continues to evolve. With the digital world at the heart of their strategy, fintechs are taking advantage of this development. They offer more and more digitalized services. Young consumers who have been immersed in technology since childhood are the primary customers of these companies.
- The 2008 financial crisis. Following the global economic crisis, a large number of customers lost all confidence in their financial institution to manage their money. Fintechs appeared on the financial market at the right time and took advantage of a weakness to attract new customers.
- The emergence of smartphones. Nowadays, more than half of the world’s population owns a smartphone. These connected devices facilitate exchanges and give a boost to the digitalization of everyday processes. Indeed, if it is possible to make a transfer or to check our bank accounts from a smartphone, it is needless to actually go to the bank.
Why is translation so crucial in this field?
The internationalization of fintechs implies a strategy that overcomes language barriers. Financial translation is also booming, for a variety of reasons:
- The number of users opting for fintechs is growing day by day. These start-ups are gaining momentum all over the world. The speed and flexibility that these innovative companies offer is very appealing to the public, regardless of the country. Whether it is China, India, Russia, or the United States, their methods are adopted more and more. Of course, even though English is the language widely studied in most countries, not everyone is proficient in it. Hence these companies need to call upon a translation service provider who can choose the right words to break into the target foreign market. This is where financial translators and interpreters come in.
- Fintechs are aware that their ideas or methods must be understood in foreign markets. To do so, it is crucial to call upon the services of a qualified translator who specializes in finance. This has to be someone able to adapt the speech to the target territory, following an analysis of the preferences and habits of this territory. As an example, the French Society of Translators (SFT) offers several training courses, both for translators who are members of the association and for professionals who wish to participate, whether they are French or not. For several years, this association has organized a training course in collaboration with the Summer School of Financial Translation, designed originally by a group of specialized translators and the Paris Stock Exchange. Similarly, the SFT sometimes provides a training course on “Deciphering Terminology: Annual Accounts and Financing Instruments.” In the UK, the Institute of Translation and Interpretation (ITI) offers financial translation courses to its members as well as to anyone else who wants to learn.
- The documents to be translated in the financial sector are often encrypted personal data, therefore of a confidential nature. In order to ensure an accurate translation, fintechs have no choice but to hire professional translators. These linguists are indeed perfectly capable of understanding the original document, and translating it into a target language while applying typographical standards. A financial translator may be required to translate balance sheets, financial notices, transaction notes, financial audits, stock market analyses, and so on.
Who are the translators you hire for financial translation?
There are many aspects to consider when you select a financial translator, including:
- Translation quality: As with all translation sectors, quality translation is essential. However, clients in the financial sector are often more demanding, as their corporate communication must be credible and inspire confidence in potential clients. Therefore, it is decisive to select a qualified translator with several years of experience in the financial industry.
- Translators’ expertise in the world of finance: For a financial translator to be excellent, he or she must have a broad knowledge of the sector and get ongoing training. They obviously must be up to date on the latest technologies, terminology, economic changes, and so on.
- Protecting confidentiality: Financial translation professionals must protect the confidentiality of the documents they translate. They may be dealing with sensitive information and secret data that must be protected. One of their main concerns is not to make this information accessible to outsiders, such as competitors or people with bad intentions.
In short, the growing need for translation in the fintech sector is a logical result of its popularity over the years. If you are a fintech company looking for a translation professional to help you with your international business, keep all of these criteria in mind. Such criteria are indeed essential to a successful translation project. The fintech boom is far from over, thus financial translators will still be in demand for years to come and beyond.
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Laura Le Galliot