It all comes down to trust.
When people rely on banks to provide a safe haven for their money, they are placing faith in that institution’s ability to provide sensitive services, securely. Indeed, if you think about it, with every deposit, customers trust the bank with their ability to purchase houses, launch businesses, and send their children to college. That’s why most banks assure their customers that they’re backed by, for example, the Federal Deposit Insurance Corporation (FDIC).
This metric of trust will become increasingly critical in the coming years. According to PwC, 85% of the world’s population lives in emerging markets. And that number rises to 90% once you focus in on people under 30. Yet, rather than classing these new markets as “low-hanging fruit,” banks will need to put in extra time and effort to win over a culturally diverse customer base. Banking and finance companies are going to want to invest in expert translation services to reach these emerging markets and to gain the trust of new customers.
Here are three reasons why:
1. Legality Depends on the Language
All promises must be built on a strong foundation. Before consumers can trust banks to provide them with financial services, it goes without saying that they must meet all legal requirements. A large part of this can be chalked up to regulatory compliance, as the language banks use in their documents has legal ramifications.
Why, then, do financial institutions continue to choose lower-quality translation services? Cost, essentially. They convince themselves that even amidst their lengthy dealings with affiliates, subsidiaries, and agencies, nothing will get lost in translation. But when you’re handling auditor reports, balance sheets, company terms and conditions, income statements, and patent documents (to name just a few), it’s only natural for errors to escape elimination. Don’t make that mistake.
When expanding to global markets, your institution can avoid being mired in legal proceedings and paying subsequent fees by hiring professional translators to accurately represent your policies and procedures up front.
2. Investors Want Information
When potential investors are deciding where to allocate their funds, they often rely on annual reports, company press releases, and presentations. And they expect the information to be accurate and accessible - in their first language.
Fortunately, professional translators provide a number of services that help you convey relevant information to investors. Firstly, banking website localization gives investors as well as clients round-the-clock access to their account information and analytics tools. Secondly, business communication services facilitate smooth interaction between parties. Finally, translated performance reports help maintain the brand image by supplying stockholders with reliable data.
All of the above are essential to banks seeking to handle an increasing number of cross-border transactions. Looking to attract investors who may speak anything from Mongolian and Mandarin to Nepalese and Nigerian? Translate, translate, translate.
3. Foreign Branches Bank on Consistent Branding
If you’re a bank that has been established in a foreign country for decades, your customers have come to rely on you to maintain a consistent brand message and meet high standards. This is easily accomplished with quality localization, in which translators adapt your marketing campaigns and client communications to specific cultures and languages. Translators offer a range of services, from subtitling educational videos to translating wills and property tax documents, ensuring that your content remains clear, concise, and consistent.
From Chase to Citigroup, you can see that international banks realize that consistency truly matters. They invest significant portions of their budget toward marketing, especially when it is targeted at foreign customers. Remember, in emerging markets that are geographically, demographically, and culturally diverse, success depends on brand recognition.
Explore Professional Banking & Finance Translation Services by Andovar
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Banks and financial institutions provide businesses and workforces worldwide with capital that flows across cultural and linguistic boundaries. What’s more, the services they offer help lift people out of poverty, grow their wealth, and contribute to their nation’s GDP.
In order to globalize these crucial services, you need to speak to customers in their own language and earn their trust. Translation services make this simple. Instead of allocating large portions of your bank’s resources toward resolving the repercussions of unclear or misleading financial documents, you can feel safe knowing that your content accurately and effectively represents your company. What’s more, translated content is customized for individual consumers and local markets, which tend to correlate strongly with the metric that makes all the difference - trust.
In the end, accurate information and communication will determine if your bank can successfully expand into global markets. Enter Andovar. With offices across Asia, the USA, and the UK, we have over 10-years of experience providing top-quality text translation, audio and video recording, and website localization so you can inform and impress your customers worldwide.
Are you ready to expand your customer base and craft a strong global reputation? Simply click here to learn more.
