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Language Challenges Faced in the Banking Industry

Elite AsiaBanking & FinanceLanguage Challenges Faced in the Banking Industry
3 August 2020 Posted by eliteasia Banking & Finance No Comments

More and More Languages are Present Today

Due to globalisation, more languages are present around us today. Since the financial industry plays a vital role in safeguarding the country, translation service is highly important for the sector. However, there are some language challenges faced in the banking industry and below are some examples:

1. Sensitive Documents

In the banking industry, many documents like annual reports are considered sensitive documents. When bankers look through these reports, they sometimes face difficulties trying to understand as they may not be fluent in the language it is written in. Appointing a trusted translation service company or using safe translation software is crucial to ensure that private information does not get exposed to the public.

2. Internal Communications

An international working environment is common nowadays, and the banking industry is no exception. Whenever language barriers arise, people are quick to turn to open software such as Google translate nowadays. Inputting sensitive data or internal communication information into the software implies that the company is allowed to use the information to its discretion, leading to the risk of leakage of information.

3. External Communications

To stand out in the fierce banking market, all banks are making every endeavour to fight for customers around the globe. Localising the company’s website, marketing materials and other documents into different languages is a vital process to step into the global market. It is beneficial to have an expert linguist who has in-depth knowledge of the finance sector and complex terminologies while taking target audience’s culture and background into consideration.

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4. M&A Due Diligence Sensitive Documents

Before executing any mergers and acquisition activities, M&A lawyers have to look through all documents and sieve out important ones which are relevant to a case whereas bankers look through the finance documents to ensure accuracy. As these documents maybe written in different languages which both parties cannot understand, professional translation is needed in order to provide accurate translation, assisting the experts to make informed decisions.

Security plays a Vital Role in Banking Translation

Apart from the multilingual requirement, security is another key concern for banking translation. Being responsible for handling private financial activities for both individual and big companies, single leakage of information can cause huge capital loss or even legal conflict. In Elite Asia, having long term experience working with companies from the banking sector, we ensure that all financial documents are translated accurately, and sensitive information does not get disclosed.

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