Role of Translations Technology in Fintech

The Fintech industry is one of the most rapidly growing industries across the globe, with its disruptors securing billions of dollars of funding every year.

Whilst traditional banks with many years of public service are highly trusted by the general public, Fintech has found a way to collaborate with them to provide efficient and effective services without any major change to the customer experience.

The global Fintech industry was on a growth path prior to the pandemic and is expected to grow at 25% annually till 2022, to $309 billion.

According to an article published by Invest in Canada, there are more than 850+ Fintech companies in Canada, with Ontario having the most (519), followed by British Columbia (173), Quebec (106), and Alberta (77).

Needless to say, while Fintechs do disrupt the market, they still must function like other corporations and abide by the law of the land, following the regulatory framework.  Fintechs operate in highly regulated environments across the globe and have to ensure they comply with all local regulations. Countries such as the US and UK have various regulations to support the growth of Fintech, and Canada is looking to capitalize on this growth through its diverse and skilled ecosystem. 

One of the important aspects of working across provinces in Canada is that every firm must ensure they are linguistically and culturally equipped, whether it is to translate reports, contracts or financial statements. A way to accomplish this is by combining high-quality translation talent with financial industry knowledge alongside secure, adaptive A.I.-powered platforms; this ensures accurate terminology and unrivalled quality and speed.

Fintechs who have not worked with a premier translation service provider might be concerned about the comprehension of the terminology or about the clarity of the final translation for the end-users. However, a specialist partner that provides Canadian-centric translation services can ensure accuracy, consistency, and a streamlining of the documentation process and its costs.

An example would be the addition of Translation Memories (TMs) and Computer Assisted Translation (CAT) tools that integrate the most commonly used phrases and language of business industry and specific companies into a project, helping to deliver consistent and high-quality translation.

The following considerations are important in ensuring a quality translation service:

Clear Communication
As a Fintech company, it’s important to be able to effectively and accurately communicate to a global audience in multiple languages, and properly choosing the correct translation partner with extensive expertise in the financial sector is a key first step. 

Expertise and Efficacy
Fast, accurate, and consistent Fintech translations require a deep understanding of financial documents and regulatory filing requirements with linguistic expertise.

Scalable and Responsive 
Ability to meet the demands of the industry with a highly responsive team that is available around the clock, seven days a week, as an extension of your internal team to ensure expedient responses to any correspondence. 

Innovative and Integrated 
The translation technology platform, similar to Fintech firms, should be at the forefront of delivering A.I.-powered accurate translations with seamless integration into CAT tools and flexible API integration support.

Alexa Translations has been delivering translation services for the Canadian Legal, Financial, and Securities sectors. with exceptional precision, reliability, and speed through a combination of linguistic experts and its proprietary A.I.-platform.

Get in touch with our team if you’d like us to assist with the translation of your key documents: Book a Meeting Today!