21 02 2020
Challenges Of Banking Translations Simplified By Professionals
In the banking and finance industry, there are always new products and concepts getting updated. Despite English being the language of business, financial institutions also need to communicate and provide critical information in different styles. Hence financial translations are essential to the banking and finance industry.
Banking and finance translations require extensive knowledge of the industry as well as the terminology that is needed by a particular subject. Even a smallest mistake while performing financial translations, can lead to huge loss.
The market capitalization of the global banking sector as of October 2019 was $7.9 trillion (Investopedia)
Key Challenges In Banking Translations
Challenge No. 1: Continuous Changes In Terminology
Financial concepts and terms vary from country to country. There are different financial guidelines for formatting and numbering. For instance, ‘capital’ is termed as ‘share capital’ in Russia. Therefore, financial terminology should not be translated directly.
Solution: Our professional financial translators use the right terminology for the right target audience.
Challenge No. 2: Differences In Formatting
Document formatting is an essential element while carrying out banking translations. For instance, a payslip in the United States will be different from a payslip in France.
Solution:Our financial translators pay greater attention to such details while translating banking documents. Our translators are knowledgeable in the formatting requirements of each company to deliver an accurate presentation of the translation.
Challenge No. 3: Currency Exchange Rates Vary
Considering current currency exchange rates is an important task while carrying out banking translations. There are chances of errors if such translations are done by a non-financial expert.
Solution: Our financial translators are always up to date when it comes to currency exchange rates. While doing translations, they consider the current currency exchange rate to ensure accurate information.
Types Of Financial Documents Often Translated:
|Promissory notes||Prospectus||Income statements|
|Cash flow statements||Auditor’s reports||Foreign exchange|
|Tax reports||Application forms||Public and private offerings|
|Shareholders’ agreements||Share certificates||Balance sheets|
|Financial reports||Insurance texts||Banking documents|
We Understand The Banking Industry
Bhasha Bharati Arts delivers authentic banking translations, which include annual reports, procedure manuals, servicing documents, regulatory documents, information memoranda, cross-border transactions, and many more that are customer-service driven. Our highly qualified translators having rich experience in finance and commerce are assigned to deliver quality financial translations with utmost care.
Many respected banks and financial institutions depend on our professional banking translation services to ensure that all their financial information is communicated clearly in every language necessary.
Are you ready to expand your customer base and craft a robust global reputation? Look no further, we are here to help you. Contact us to know more about our services.