{"id":1258,"date":"2018-10-22T13:08:54","date_gmt":"2018-10-22T07:38:54","guid":{"rendered":"https:\/\/www.ulatus.com\/translation-blog\/?p=1258"},"modified":"2026-04-15T11:24:28","modified_gmt":"2026-04-15T05:54:28","slug":"fintech-localization-identifying-the-right-lsp","status":"publish","type":"post","link":"https:\/\/www.ulatus.com\/translation-blog\/fintech-localization-identifying-the-right-lsp\/","title":{"rendered":"FinTech Localization: Disrupting the Financial Services Market Is Never Easy. “Glocalization” Helps to Drive Growth"},"content":{"rendered":"

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<\/a> 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 \u201cglobal everything\u201d 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.<\/p>\n

Here are some important considerations when choosing an LSP for finance localization services:<\/p>\n

Confidentiality and Trust are of Utmost Importance<\/strong><\/p>\n

According to the World FinTech Report 2017, 50 percent<\/a> of banking customers across the globe use a minimum of one FinTech product or service; however, only 23.6 percent<\/a> 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\u2019re accredited with an ISO\/IEC 27001:2013<\/a> certification, which sets standards for the security of intellectual property, financial information, and employee details.<\/p>\n

In addition, an LSP should be ISO 17100:2015 certified<\/a>, 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.<\/p>\n

Precision and Quality Assurance are Paramount<\/strong><\/p>\n

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<\/a>:<\/p>\n