Globalization has compelled the banks and companies to run their offices around the world and their documents need to be getting translated into a number of languages. In the financial sector, the translators play an important role, especially when the companies have been globalized. However, to deliver successful service to the financial companies and banks the translators have to use some specified techniques and rules.
The international banks need to deal with the target countries all around the globe with a specific set of rules which requires a lot of legal paperwork that must be translated very accurately. This requires the translator to have experience in the financial sector for better understanding of the original documents. The translator in this scenario needs to adapt the language for general public so that they may understand the exact meaning of the document as desired by the bank.
Mistakes in the translated document will affect the credibility of the financial institution. The translators also have to pay attention to the small words and numbers as they make a huge difference in the financial sector. For Example, the leaflet of banks for giving an understanding about any of the bank product, like a obtain a loan or deposit in a saving account. How much difference a zero can make or other minor mistakes show how non-serious the bank is regarding the peoples money they are dealing with.
Analyzing the document
The main reason why a translator requires some experience in the financial sector is the analysis of the documents. The very first thing to do by a translator is to fully understand the document to be translated and also know the issue surrounding it. Sometime it is required to place the subject of the document into a context that has been used in earlier times, this definitely needs some research work before getting started. The translator come across this situation while translating for an international bank and company.
Understanding the Document: When the translator fully understands the document, it is advised to locate the ambiguities and understand them. The work should not be delayed if the translator has decided to do this task in the end. One important advice for the translator at any stage is that if he has any ambiguity in the document, he must immediately contact the customer for clarification.
Avoiding Mistakes: The European Central Bank is the greatest example of the globalizing their services in 18 countries. The translation request is at its maximum in this case. Although English is the official language, but still many countries prefer certain documents in their own language. There is no margin of mistake of even a single word and digit in these documents.
It is desired and advised by the legal team also that the terms and concepts being used in the documents must be very accurate. Furthermore, the potential errors in the translated document are the responsibility of the country’s bank. Hence, we can rightly say that one need to be a perfectionist while dealing with such a high level. Same is the requirement of World Bank and UN Federal Credit union.
Paying Attention to the Details: When a translator is dealing with the international companies, that have their headquarters all around the globe. Take the example of the Chinese and Japanese companies who are working around the globe, say in France. In such cases, even the minor details cannot be ignored by the translators. One must be very professional and check the work very carefully. Proof reading of the documents must be done very carefully as a small mistake can change the impact of the document on its customers and goodwill of the company globally.
We can, however, conclude that the important things required in the field of financial translation are the background knowledge, paying attention to the details and the ability of the translator to be organized. The communication skills of the translator with the customer also carries great importance, it gives confidence to both the parties. The field, although requires perfection that requires a lot of time, but it also pays well to its translator.