The Future of Translation in Financial Services


2020-08-25 13:22 RWS Moravia Insights


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Like almost every industry, the financial services sector is beginning to embrace digitization. More than half of financial services firms list their top strategic priority as rethinking and digitizing their client interactions, according to Deloitte. Retail banks are looking to new technology to accelerate growth as they face major competition from fintech firms and online banks, which are already several steps ahead when it comes customer engagement. Providers now understand that a better grasp of digitization gives their customers more control, more choice and easier access to their money. In return, firms are able to improve access to data that helps them understand customer behaviour and predict revenue growth and profitability. Global companies are investing heavily in artificial intelligence, data analytics, blockchain, process automation and the Internet of Things in order to update and future-proof their systems. It requires ongoing investment in new tools and platforms and accurate localization of products and services to ensure they comply with differing regulations around the world. This digitization of the client experience will also affect a wide range of interactions that require financial translation. Digital documents in the financial sector Very few consumers seem to want paper copies of things like annual reports and prospectus anymore. For example, from January 1, 2021, the US Securities and Exchange Commission (SEC) will permit certain funds to send investors to a web address to view annual and semi-annual reports instead of delivering full-paper versions. Digital transformation is traditionally associated with greater responsiveness by offering instant access to information. The move to online reporting may actually give financial translators more flexibility when it comes to project deadlines. With funds no longer needing to build time into schedules for printing and mailing physical reports, it means more time for translators to do their job before documents are provided to global users. But in such a highly regulated environment, digital transformation must be executed carefully. Financial translators are already extremely adept at navigating the complex and varied financial rules that govern each country. But as digitization continues, some new and interesting challenges will surface. Translating for chatbots Chatbots are now becoming a common form of financial communication, capable of handling transactions ranging from bill payments to portfolio management. When enterprises go global, all chatbot content needs to exist in multiple languages. But training the machine learning behind a chatbot with the right words, phrases and synonyms can be extremely difficult. Financial translators will need to work with developers on a huge range of factors, from how the AI differentiates between similarly phrased questions to making sure that answers don’t fall foul of individual countries’ regulations. These conversational interactions are also at odds with the formal language used in most financial collateral, requiring a careful balance of a casual tone of voice and highly accurate information. Translating for fintech apps Some of the same problems faced in chatbot translation are also present when financial services launch a global app. But mobile-only platforms offer even more challenges. Differing string lengths across languages can disrupt an app’s user interface, with different scripts also creating typography headaches for developers. In addition, app localization for both the Apple iOS and Android platforms use a similar (but not identical) ‘key and string’ system. Here, a key is the instruction for the app and the string is the accompanying text for the user. Successful localization requires translators to work with developers to decipher which string belongs to which key—a difficult enough task without even thinking about ensuring that the financial language is correct. Two ways to smooth the translation process of these new formats is to internationalize the software ahead of time to ensure it is localization ready and to build localization and linguistic testing into the project development life cycle so that translations can be verified in context and display and functional issues can be fixed prior to market launch. Translating digital pitch books Historically, a pitch book—the sales document used by investment banks and brokers to woo new clients—could easily be a 30-page PDF. But the trend towards focusing on client experience also means that pitch books are evolving to more concise, digital and interactive presentations. The integration of business intelligence tools such as Microsoft Power BI or Tableau means that language service providers must continually adapt to incorporate new formats beyond standard PowerPoint or PDF presentations. While this isn’t strictly the job of a translator—they can simply focus on the words—the future of financial translations will require closer collaboration between designers, engineers and linguists. Neural MT in financial translations The increasing sophistication of neural machine translation (NMT) means it is already capable of translating financial documentation for internal use, with the caveat that there must often be an experienced human translator doing the post-editing. Interestingly, a good financial translator does not necessarily make a good post-editor. Post-editing requires a different skill set and specific training, adding to the continuous development of new techniques and knowledge required in the field. The complexity of numbers and terminology in financial content means that human intervention is unlikely to be eliminated anytime soon. But it will be possible to achieve far greater volumes of highly accurate financial translations. What happens next? The labyrinthine regulatory systems of global finance will make digital transformation slow for some parts of the industry. However, by giving global users better control over their accounts and easier access to services, firms can be more agile and ultimately provide a better user experience. Financial translators and language service providers are already experts in the linguistic side of these transactions. But as the industry increases its efforts to digitize client engagement, the most successful financial translators will also need to understand the language of app developers and engineers.   Whatever your next financial translation project, talk to us about the best solution for your needs.
几乎与所有行业一样,金融服务行业也开始拥抱数字化。德勤(Deloitte)的数据显示,超过一半的金融服务公司将重新考虑和数字化其客户互动列为首要战略任务。 零售银行面临着来自金融科技公司和在线银行的激烈竞争,因此他们正在寻求新技术来加速增长,在客户参与度方面,这两家银行已经领先了好几步。 供应商现在了解到,更好地掌握数字化技术可以让客户有更多的控制权、更多的选择以及更容易获得资金的机会。反过来,企业也能更好地获取数据,帮助他们了解客户行为,预测收入增长和盈利能力。 全球公司正在大力投资于人工智能、数据分析、区块链、流程自动化和物联网,以更新其系统并使其面向未来。这需要对新工具和平台进行持续投资,并对产品和服务进行准确的本地化,以确保它们符合世界各地的不同法规。 这种客户体验的数字化也将影响到需要金融翻译的各种互动。 金融领域的数字文件 似乎很少有消费者再想要像年度报告和招股说明书这样的纸质副本了。例如,从2021年1月1日起,美国证券交易委员会(SEC)将允许某些基金向投资者发送一个网址,以便其查看年度和半年度报告,而不是提供全纸质版本的报告。 传统上,通过提供对信息的即时访问,数字转换与更高的响应能力相关联。当涉及项目截止日期时,转向在线报告实际上可以为金融翻译人员提供更大的灵活性。由于各基金不再需要在打印和邮寄实物报告的时间表中安排时间,这意味着在向全球用户提供文件之前,笔译员有更多的时间来完成工作。 但在这样一个高度管制的环境下,数字化转型必须谨慎执行。金融翻译人员已经非常善于驾驭各个国家复杂多样的金融规则。但随着数字化进程的不断推进,一些新的、有趣的挑战也将浮出水面。 聊天机器人翻译 聊天机器人现在正在成为一种常见的金融沟通形式,能够处理从账单支付到投资组合管理的各种交易。当企业走向全球时,所有的聊天机器人内容都需要以多种语言形式存在。 但是,在聊天机器人背后训练其学习使用正确的单词、短语和同义词可能非常困难。 金融翻译需要与开发人员就一系列因素进行合作,从人工智能如何区分类似措辞的问题,到确保答案不会触犯各个国家的法规。 这些对话式的互动也与大多数金融抵押品中的正式语言格格不入,需要谨慎地权衡随意的语调和高度准确的信息。 金融科技应用程序翻译 在金融服务推出全球应用时,聊天机器人翻译中面临的一些问题也同样存在。但是,仅移动平台带来了更多的挑战。不同语言的字符串长度不同会扰乱应用的用户界面,不同的脚本也会给开发人员带来排版上的困扰。 此外,苹果iOS和安卓平台的应用本地化都使用了类似(但不完全相同)的 "键和字符串 "系统。在这里,键是应用程序的指令,字符串是用户的附带文本。成功的本地化需要翻译人员与开发人员合作,破译哪个字符串属于哪个键--即使不需要考虑确保金融语言的正确性,这已经是一项足够困难的任务了。 顺利完成这些新格式的翻译过程的两个方法是:提前将软件国际化,以确保其本地化准备就绪;并将本地化和语言测试纳入项目开发生命周期中,以便能够在上下文中验证翻译,并在推出市场之前解决显示和功能问题。 数字推销书翻译 从历史上看,推销书--投资银行和经纪人用来吸引新客户的销售文件--很容易制作就是一份30页的PDF文件。但是,注重客户体验的趋势也意味着,推销书正在向更加简洁、数字化和互动式的演示文稿方式发展。商业智能工具(如Microsoft Power BI或Tableau)的集成意味着语言服务提供商必须不断适应,以纳入标准PowerPoint或PDF演示文稿之外的新格式。 虽然从严格意义上来说这并不是一个译者的工作--他们可以简单地专注于文字,但未来的金融翻译将需要设计师、工程师和语言学家之间更紧密的合作。 金融翻译中的神经机器翻译 神经机器翻译(NMT)的日益成熟意味着它已经能够翻译供内部使用的财务文档,但需要注意的是,往往必须有一个有经验的人类译员进行译后编辑。 然而,有趣的是,一个好的金融翻译员并不一定是一个好的译后编辑者。译后编辑需要不同的技能和特定的培训,加上不断发展该领域所需的新技术和知识。 金融内容中的数字和术语的复杂性意味着人类的干预不可能在短期内被消除。但有可能实现更大量的高度准确的金融翻译。 接下来会发生什么呢? 全球金融业迷宫般的监管体系将使该行业的某些部分数字化转型变得缓慢。然而,通过让全球用户更好地控制自己的账户和更容易地获得服务,企业可以更加灵活,最终提供更好的用户体验。 金融翻译者和语言服务提供商已经是这些交易的语言方面的专家。但随着该行业加大对客户参与数字化的努力,最成功的金融翻译人员也需要了解应用程序开发人员和工程师的语言。 无论您的下一个金融翻译项目是什么,请与我们联系,让我们为您的需求提供最佳解决方案。