Equations and formulas are almost a language of their own, existing outside of conventional forms of linguistics. But there is far more to the world of finance than numbers, acronyms and formulas.
With modern globalisation, markets around the world are increasingly intertwined and codependent, and international corporations and funds form the backbone of economic interaction. So on a daily basis, it is likely that the language barrier will have to be crossed several times. That’s where financial transcription services come in.
What are financial transcription services?
Financial transcription, on the surface, is simply noting down conversations between professionals in the finance sector in order to keep an accurate, informed and up to date record. But in practice it is a complex and detailed process.
The importance of financial transcription cannot be overstated. In an economic sphere where one small move can trigger a chain reaction on the world stock market, it is crucial that everyone involved in making decisions is fully informed of the context of what they are doing.
Unsurprisingly, many financial transcribers come from a background in linguistics. And since so many stock market transactions take place across national borders, there are a significant number of financial transcribers who are proficient in foreign languages and the finance industry — equally at home with foreign languages and financial terminology.
How does financial transcription work with translation?
Financial transcription is similar to other kinds of transcription, in that it involves one party either sending over a recording of a conversation to be transcribed, or dictating something to a financial transcriber out loud. The transcribers will write down everything they hear, proofread the document, and send it back to the client in whatever format they require.
This kind of transcription is useful regardless of language, simply for the sake of having accurate records for reference to keep everyone involved up to date. But in situations where foreign languages come into play, translators with in depth knowledge of the finance industry can recreate these transcriptions in the desired language of a client’s choice.
Here at Global Voices, to ensure financial translations that suit your brand and have consistency, our financial translators compile company-specific glossaries of terms that you frequently use or need.
How is financial translation important to your business?
Though companies from other countries will do their part to make themselves understood in your own language, it is sometimes important for businesses to make an effort to bridge the language gap between them and their bilingual partners.
A prominent example of this came in the wake of the Brexit vote in the UK. With the British finance sector in turmoil over the possibility that it could lose its free trade borders with the rest of the EU bloc, many of the biggest banks and organisations were publicly considering a move across the channel to France, Germany or Luxembourg.
During a 2016 G20 meeting in Washington DC, the French finance minister addressed senior bankers from international firms like Goldman Sachs, UBS and Bank of America, in an attempt to persuade them to move their London operations overseas. His decision to address them in French, though, did not go down too well with the firms.
This is a unique example to be sure, but the same thing can happen on a smaller scale to businesses of any size in the finance sector. Since finance is a sector in which communication with foreign firms is more than advisable, financial transcriptions and financial translations can be vital to success.