Financial technology (“fintech”) puts a laser focus on customer needs. Easy, secure access to information in the local language is among the most important of these needs. For developers of both consumer and enterprise software and applications, fintech translation and localization has evolved from a “nice to have” to an absolute necessity for international growth.
Fintech includes digital wallet, mobile banking and investment, and AI-powered financial solutions. New business models increase efficiency and lower the cost of financial services by putting access to information directly into the hands of users. According to an EY report, the insurance industry is not far behind. Currently, insurtech is still in the early states of development compared with fintech: “there are very few parts of the insurance spectrum that have been lost to challengers, whereas in banking you can already spot places where fintechs have won.” Blockchain-based applications have already revolutionized secure digital banking, auditing, and online trading; insurance underwriting and mobile claims processing are next.
Fintech translation requires subject domain specialization in finance and insurance combined with innovative workflows for new digital technologies. Clients should keep the following issues top of mind when they seek localization services:
Localization for financial and insurance clients leaves no room for error. Choose an ISO 17100-certified language services provider. The quality of financial translation depends on the linguistic skills of the translators, but it also relies heavily on their technical skills and the tools they use. In addition to drawing on a thoroughly screened network of translators, a language service partner should maintain client-specific termbases and translation memories. Automated QA tools also play an important role in maintaining consistency and following different national preferences for numerical formats and notation.
For fintech translation, a related challenge is cultural accuracy. The customer-centered nature of fintech means that success requires trust. A particular language might be spoken differently in different countries, and for some user interfaces, generational and regional differences may come into play as well. Website content, social media content, emails and texts, AI-generated assistance and, of course, the user interface, must ring true for the customer. Linguistic authenticity is particularly important as users interact with “bots.” The user might be well aware that they are talking with a bot, but the language still needs to feel authentic.
Fintech clients need to deploy multilingual products and their subsequent updates rapidly and simultaneously. Localization project management for fintech requires deep experience handling digital content. It also calls for flexible workflows that can be adapted as the technology changes. Seasoned localization engineers know that separating translatable from non-translatable content can be tricky. They also know how to handle character-based and right-to-left languages. With each new technology comes the challenge to find the quickest and most efficient way to beat the client’s competitors to market. This can include automated solutions to reduce turnaround time. In all cases, your localization partner should have years of experience translating digital content into multiple languages.
Without security, fintech fails. The tool or application must itself inspire trust in its users, and it also must meet the regulatory requirements of the market. Every outside vendor needs to insure against unauthorized access to the trade secrets of the tool itself and, by extension, the user’s content. Localization engineering and translation must be secure as well as efficient.
NDAs will never go out of style; every translator and employee must be bound by a non-disclosure agreement. An NDA might be a generalized agreement for all types of content, or it might be project-specific. In addition, the translation environment must also be secure. Cloud-based work environments need tested, proven security measures. Whoever coordinates the translation and localization work must protect the identities of their clients as well as the contents of their files. Adherence to SOC-2 standards of privacy and data security should be ongoing. A certified ISO 27001-compliant data security system is ideal.
As your fintech and insurtech offerings grow, trust an innovative localization partner with deep roots in IT and finance to localize blockchain-based applications and platforms for global audiences.