Financial institutions are part of a business sector that can benefit greatly from translation services. In such a complex environment, the stakes are high. Accurate translation is a must when it comes to transactions, and because there is little room for error, it’s critical to hire a professional translation agency.
Retail and commercial banking call for professional translation
In the retail and commercial banking industries, translation services are often required for institutions that do business on a global scale. For instance, U.S. commercial bank JPMorgan Chase has branches all over the world, servicing clients who speak a number of different languages and who are involved in cross-border transactions. Having resources available in multiple languages is crucial to thriving in multiple markets. Institutions must cater to the international communication needs of their clients, or they simply won’t remain competitive.
In fact, according to professional services network Deloitte, in its 2018 Banking Industry Outlook, customer centricity should be critical for any financial institution seeking long-term growth. And when talking about customer centricity, it’s hard not to discuss the role of translation. Mortgage banks with foreign national clients need translation of supporting documentation such as bank statements, public deeds, tax returns, contracts, and many others from the country of origin in order to process loans. Private banking institutions with international clients, for example, need their quarterly investment outlook reports translated, and a quick online translation tool is not suitable for this task. Such translation jobs are high risk and can produce faulty documents.
The investment banking sector benefits from using professional translation services
Global finance is thriving. As a result, a partnership between investment banks and a professional translation agency is crucial. Access to timely and accurate translations of financial documents aid the business process tremendously. For instance, translating important financial documents is vital for mergers and acquisitions. Companies undergoing initial public offerings, as well as mutual funds, require translation of their prospectuses to entice foreign investors. Professional translation services facilitate accuracy with respect to the information submitted to banks, global investors and brokers in the language needed to conduct business and close deals.
In this industry, the need for speed and accuracy of translated documents is predominant. Quick, online translation tools can provide speed, but not accuracy. By having pertinent documents professionally translated, you are sure to have critical information that can be trusted by all types of financial institutions.
TransForma can provide translation for your financial institution. We offer complimentary quotes. Contact us at (305) 722-3827 or at request@transformaonline.com.