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FinTech Localization: Disrupting the Financial Services Market Is Never Easy. “Glocalization” Helps to Drive Growth

It likely comes as no surprise that the financial technology (FinTech) industry is one of the fastest growing industries worldwide, but seeing the projections can be staggering. For example, the Asia-Pacific FinTech market is projected to reach US$72 billion by 2020. Additionally, mobile payments and banking are anticipated to soar to $92 billion by 2019. In light of these trends, many FinTech companies are recognizing the need to localize their products and services to reach new customers. Once the decision is made to localize, one of the most important steps is to find the best language services provider (LSP) for the job. For starters, not every LSP is able to provide the necessary “global everything” solutions that go beyond the conventional LSP model. Furthermore, selecting the right LSP gets particularly tricky, when one considers the sensitive nature of information housed by FinTech companies.

Here are some important considerations when choosing an LSP for finance localization services:

Confidentiality and Trust are of Utmost Importance

According to the World FinTech Report 2017, 50 percent of banking customers across the globe use a minimum of one FinTech product or service; however, only 23.6 percent of those customers trust the FinTech companies they use. Those statistics highlight the significance of building trust when localizing FinTech services, as well as the need to choose an LSP that is reputable, has experience in the industry, and has a complete data protection program. With that in mind, the LSP must have measures in place to protect the client against data security breaches, including data and identity thefts, viruses and malware, spyware, phishing, and dishonest adware. One clear-cut way to know if the LSP has a secure system is to check if they’re accredited with an ISO/IEC 27001:2013 certification, which sets standards for the security of intellectual property, financial information, and employee details.

In addition, an LSP should be ISO 17100:2015 certified, which ensures the company is meeting stringent standards with respect to employee qualifications, client parameters and feedback, and data protection. Furthermore, it is critical to make sure that the LSP is completely capable of complying with the legal and industrial standards of the target market, along with International Financial Reporting Standards.

Precision and Quality Assurance are Paramount

FinTech companies are putting their reputation in the hands of their LSP when they decide to localize, meaning that there is no room for errors. A comprehensive quality assurance process is vital when an LSP is striving for maximum precision in financial translations. Here are a few key elements of a strong quality assurance program:

  • Presence of bilingual subject matter experts, who are familiar with not just the language, but also the field of study the project explores. This is important to ensure that the meaning and intention of the text is accurately reflected.
  • Editors who are native experts in the target language and are familiar with international standards in publishing.
  • A cross-check mechanism that ensures multiple checks and balances for every project and certifies that the LSP’s translations are highly accurate.

It is important to remember that accuracy when localizing is not just about precise translation; it is also about making sure that information is presented in a way that clearly reflects the region making it “glocal.” To accomplish this, the LSP should pay attention to phrasing, terminology, and cultural preferences of the locale, while also diving deeper to fully adapt the product, service, or associated branded communications to resonate fully and accurately to the client’s target market.

Project Management Keeps the Work Flowing

Localization projects in the FinTech industry are generally complex, such as facilitating the launch of financial software in a new target market. To accommodate this complexity, the LSP should have a clear workflow and project management plan in place; this helps deliver top quality output that is completed on time and within the allotted budget.

The project management process should include analyzing the client’s needs, agreeing on deadlines, reviewing technical requirements, establishing the team, ensuring quality assurance steps are being implemented, and completing the localization. It is important to note that the project management work should not stop when the localization is complete. A dedicated project team ought to be put in place that provides 24×7 support to the client to quickly resolve issues that come up. Considering that information is constantly moving in FinTech, an LSP has to be available to address developments as they occur.

Across the globe, more users are adopting FinTech. A recent survey shows that 84 percent of consumers are aware of FinTech, compared with 62 percent in 2015. The survey also shows that adoption of FinTech is expected to grow across the industry, with a future adoption rate of 52 percent worldwide. The first step to localizing your FinTech product or service is to partner with a reputable, multi-dimensional language services provider that has the expertise to guarantee a seamless, on-demand localization workflow. By taking that step, your business can reach a new customer base, enhance the engagement and value with existing ones, and continue to grow along with the FinTech industry.

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