One of the things that fascinate foreign travelers about India is how for every 100 kms traveled, the language, food, dress, customs and culture seem to change. Hailing from countries where one or at the most 2 languages are spoken, they find this intriguing. However, the same cultural diversity of the country becomes a logistical nightmare for business establishments at times.
Take the Banking, Financial Services and Insurance (BFSI) sector for example. This sector is the very foundation of economy at any level – local, national or international. A multi-lingual society such as India creates various challenges for the sector when it comes to communication, marketing, advertising and customer relations.
Some of the challenges:
- Multiple players and agencies. Investors and customers on the business end; creditors, depositors and central banks on the administrative end; financial regulators, consumer watchdogs and government agencies on the regulatory end; academics and media on the analyst end.
- Exclusive terminology: New products and services are introduced all the time and each has its own unique terminology and terms and conditions. Finding the closest alternative to some words can be a challenge at times.
- Statutory documents in multiple languages: In recent years, Indians and NRIs have been investing in multiple countries. The foreign bank and the Indian bank must correspond with each other at times to manage statutory requirements of the customer.
- More than any other sector, BFSI is replete with documentation and paperwork, right from the time of signing up as a customer and all through one’s lifetime and beyond too for the legal heirs.
- With over 80% of the market for BFSI services made up of customers who use the Internet to refer information or compare products across providers, websites of BFSI companies must have multi-lingual support to reach a wider customer-base.
All these challenges create a strong business case for translation of BFSI documents from English to Indian and foreign languages.
Some of the documents are:
- Annual/quarterly reports
- Audit reports
- Account opening and closing form
- Balance sheets
- Bank prospectus and application form
- Bonds and securities
- Claim documents
- Contractual agreements
- Income statements
- Investment and loan agreements
- Loan applications
- Mutual Fund application form, fund certificate
- Policy documents
- Profit and loss account reports
- SEC reports
- Share allotment certificate
- Shareholder's report
- Stock options
- Taxation related documents
- Trade deals
- Vouchers, bills, receipts and slips
So what is the best option for BFSI organizations to translate their documentation?
A professional agency with Translation as one of its core offerings is ideal. Organizations such as iTransmaster have been providing such services for BFSI companies with Indian or multinational operations.
Why a professional agency….?
- Language proficiency: Translators used for such requirements have both English and native language expertise
- Domain proficiency: Only subject matter experts with BFSI Industry experience are engaged on these projects
- Clear processes: These agencies have a clear workflow to handle complex and multiple translation requirements to be turned around in a short time.
- Quality focus: Most of these organizations have quality certifications such as ISO, and all documents are translated as per accepted Accounting principles and standards followed in India
- Multiple languages: Such agencies act as a one-stop-shop to handle multiple languages, both Indian and foreign, under one roof.
- Data confidentiality: Considering that some of these documents expose business practices of the client’s organization, these agencies follow high standards of confidentiality.
There may be other benefits unique to a particular agency, but end of the day, professionally qualified translation agencies can get the job done in a timely and cost-effective manner thereby making them a reliable partner to, and a crucial player in, the BFSI sector.