Interpretation and Translation Services for Financial Interactions Are Needed Now More Than Ever:
Banks, brokerage firms, insurance companies, trust companies, savings and loan associations, investment banks or any other financial institution in the United States has done or will do business with limited English proficient (LEP) individuals living in this country. There are 25 million people in America who are considered LEP, meaning they struggle to speak, read and write the English language. In certain cities across the United States there are substantial LEP populations that use or are in need of the services offered by banks and financial institutes. According to Common Sense Advisory, the average annual translation expenditure increased from $3.1 million in 2010 to $3.9 million in 2011, which is a 26% increase. This industry is growing and some of that growth is attributed to LEP clients.
Its vital in an industry with such quick turnaround times and tons of transactions, that accuracy be the forefront of any procedure. When a language barrier is thrown into the mix it can make ensuring accuracy extremely difficult and hard to obtain. This does not have to be the outcome, partnering with a professional language service company (LSC) can allow you access to the interpretation and translation services you need in order to provide optimal care to your valued LEP clients.
Language Service Companies Provide Professional Interpretation and Translation Services:
When interpretation and translation services are needed for a specific industry, it’s important to pair the correct interpreter or translator with the project. When it comes to translating or interpreting financial content, one must be familiar with the strenuous terminology, industry lingo as well as industry style in order to accurately convey the intended meaning of the content or conversation. The professional that is paired with your project will have experience with similar projects and will more than likely have a background or education in the specific field. In addition to having a complete understanding of both source and target languages as well as knowing industry specifics, its required the translator or interpreter have the ability to respect, adapt and proceed accordingly to cultural influences. When in need of interpretation and translation services, hiring a reputable LSC is the only way to ensure you’re provided with the level of accuracy, precision and professionalism that is displayed throughout the financial services industry.
Assessing the Language Needs of Your Financial Institution and the Needs of Your LEP Clients:
- Evaluate which areas of business would most benefit from interpretation and translation services.
- Review the processes and procedures you currently have in place and understand what is not working about them.
- Form effective quality control strategies.
- Establish new policies that should be followed when faced with a language barrier.
Once your awareness and strategies are in order, accessing the language needs of your clients for every situation will be much easier. Figure out which language and dialect you’re dealing with as well as the type of language service you will require in order to breakdown the present language barrier. Train staff on how to call and schedule an on-site interpreter or connect with a remote interpreter via over-the-phone interpretation (OPI) or video remote interpreting (VRI).
If you’re in need of an interpreter to assist during a loan interview it may be best to have an on-site interpreter present. If its a simple exchange regarding a transaction, perhaps you connect to your LEP client over the phone with a telephone interpreters aid. There is also the option of VRI if you are in need of a more in depth interaction or if you’re in need of an American Sign Language (ASL) interpreter. Effective and positive customer service and client interactions can be achieved through a partnership with a reputable LSC. Through that you will gain access to professionals who will help you in breaking down language barriers and rebuilding transparent communication in your financial institution.
Niki’s Int’l Ltd. is a WBENC-Certified Women Business Enterprise with 20 years of language service experience. A global network of highly skilled interpreters and translators are available 24 hours a day, 7 days a week for on-site, telephonic and video remote interpretation services. Our linguists are available in over 350 languages and dialects, and our network includes certified interpreters and translators. Our work is guaranteed with a $1 Million Errors & Omissions policy, so that you can be confident that your project will be completed with the highest level of quality and professionalism within the field. For more information contact us at 1-877-567-8449 or visit our website at www.nilservices.com.