Translation for the fintech sector

The Fintech sector is one of the fastest growing sectors because it introduces a more dynamic way of providing financial services thanks to technological innovation. These new sectors also require translation services. How do you choose a translation service for Fintech companies? We'll tell you how!

About 37% of Spanish users make use of Fintech

Fintech, a combination of "financial" and "technology", refers to companies that deliver financial services through modern technology, such as online payments and transactions, online banking, online assessment, etc.

According to the study FinTech Adoption Index 2017 carried out by EY, one of the world's top four consultancy and audit firms, 37% of Spanish users make use of Fintech. Regarding the use of Fintech, the most frequent operations are online transfers and payments, online loans and financial consultancy. Users value the speed and convenience of services, the simplicity, the saving in time in daily operations and the reduction in costs compared to the traditional alternatives.

Why is translation so important?

Given the increasing number of users who opt for the services of this type of technological companies, it is advisable to analyse and study the offer of translation services available before hiring. What should be taken into account?

1. Translation provider with a scalable service: when choosing a translation service, we should find out the technological capacity and experience in translation of each company. Fintech companies are characterised by a growing demand for translation services and, for this reason, a provider must have a future vision and be sure that it can continue to offer a top quality service, even if the volume of translation increases rapidly.
2. Technological translation service: the technological nature of any Fintech company means that professional translation services must also use innovative technology to provide translation solutions adapted to any need. The use of new technologies, for example, allows the outsourcing of management and translation services, the integration of glossaries, the collaboration and communication between translation provider and client, etc.
3. The highest quality standards : these companies must transmit credibility and trust and these same values must also be transmitted in their translations. There are various certifications that guarantee the quality of the translations delivered and if the translation services company holds one of these certificates, it will guarantee the quality of the final product.
4. Translation experience: Apart from being professional translators, linguists are also required to have a good knowledge of the Fintech sector. In this highly innovative sector, it is especially important to be up-to-date with the latest in financial operations and be constantly alert for the appearance of neologisms, such as the term Fintech itself.

If you have a Fintech company, take this tips into account when hiring a translation provider. At ATLS we believe that the choice of a translation service should be a streamlined process and not a barrier for multilingualism.