Entering New Geographic Markets is Common for Financial Services
Gertrude Tumpel-Gugerell, a member of the Executive Board of the European Central Bank made a speech in 2005 entitled Global Financial Markets 2015: Looking Ahead. In this speech, she predicted what the financial market would look like in ten years. What she said rings even more true than the day she said it, “It is clear national borders are losing their relevance for the financial market.”
Globalization has made the world smaller. Because of this, several industries contain organizations that rely on their offices in other countries or partnerships on other continents – the financial world being one of them. Countless financial documents, reports and contracts must be shared in countless languages in order to maintain our global economy.
The financial services industry consists of not only banks, credit unions, investment funds, tax and auditors, and accounting firms, it also includes stock exchanges, global trade and global transaction providers. Financial institutions that have a massive impact on daily activities of global consumers, households, businesses and governments. The far reaching impact of the financial services impacts how we transact business, from software security and retail, to business reporting and trade markets.
Entering new geographical markets is becoming the norm for companies in the financial services sector. It is of the utmost importance that the content generated by this industry is globally understood to gain the trust of international stakeholders. As an example, this is a growing number of banks appearing in places such as Latin America, Eastern Europe and Asia is just one indicator of the nature of globalization in the financial services sector.
As financial companies expand, no matter where they are in the world, they must be able to provide services in multiple languages with quick turnaround time. Accuracy and quality of content is paramount. It is factored into the success of any financially-related organization and it is where trust begins. It even impacts how brands and global markets build credibility in different geographies and how employees are trained for global financial institutions.
Several challenges come with localizing financial information, such as data security and consumer protection, regulation and legislation. Independent research firm, Common Sense Advisory (CSA) produced a report in 2012, Translation in the Financial Services Sector that highlighted financial companies translation and localization needs and requirements in the Fortune 500 or Fortune Global 500 lists. Quality, speed and price were key considerations the financial companies and what they want out of their translation and localization services.
The CSA survey also uncovered that data security and protection was the most important thing to financial companies when translating their content. This is understandable as documents such as legal contracts, private placement memorandums, annual reports and shareholder communications can be extremely sensitive and the highest quality is mandatory.
An experienced financial services language provider will understand specific buyer needs in market segments, including their value chain, providing access to subject matter experts and in-depth knowledge of local market language requirements and regulations. Welocalize provides expert financial translation and localization services, to ensure that your financial content is accurately and confidentially translated into more than 157 languages. In the recent acquisition of Agostini Associati, Welocalize expanded the depth of financial services market expertise and capabilities to service global markets for this highly-specialized industry sector. Click here for more information about Welocalize financial language translation services.
Louise Donkor is a marketing communications specialist at Welocalize.