Financial technology, or fintech for short, describes a growing new tech field that seeks to improve and automate financial services, such as online banking and ecommerce.
Fintech users enjoy the speed and convenience advantages that online software provides over traditional banking.
Here are 3 reasons why accurate fintech translation services are essential to the growth of the industry:
1. Fintech Is A Growing Industry
The fintech industry has experienced an explosion of growth in recent years. According to the study FinTech Adoption Index 2019 carried out by EY, one of the world’s top four consultancy and audit firms, adoption of fintech services has moved steadily upward, from 16% in 2015 to 33% in 2017, to 64% in 2019. Awareness of fintech, even among nonadopters, is very high. Worldwide, 96% of consumers know of at least one alternative fintech service available to help them transfer money and make payments. This astounding growth rate necessitates investment in translation services so that fintech organizations can reach customers from a variety of linguistic and cultural backgrounds.
2. The Global Industry Needs Fintech Translation Services
Fintech has caught on worldwide, entering the mainstream in all markets. The fintech adoption rate has nearly doubled over the past few years worldwide. According to EY, the highest adoption rate is in China and India at 87%, followed by Russia and South Africa, with 82% adoption. (In the U.S., the rate is 46%.)
Fintech has no borders. As a result, many fintech firms have to facilitate transactions from around the world. Although some fintech customers can speak multiple languages, developing a global service is difficult due to language barriers.
Given the increasing number of users who opt for the services of fintech companies and are willing to engage in ecommerce, it is advisable to hire technology translation services agencies to meet the growing global demand.
3. Fintech Translation Services Can Help U.S. Companies
According to the CFTE, the U.S. leads in the number of fintech unicorns. However, the growth of fintech in other countries such as China and India have increased the level of competition.
For U.S.-based fintech companies, language is already a unique advantage if they want to go global since English is the most spoken language in the world. But when companies want to attract potential customers from non-U.S. markets, they should ideally provide business translation services for customers who speak other languages.
Fintech is growing, and the future is bright for financial companies that move into the space. If your company chooses to invest in professional translation and localization services, it will be the correct step in the company’s global development strategy.
About Language Connections:
Language Connections is one of the top language service companies in the US. Over the last 30 years, we’ve focused on providing the best business translation services, interpreting services, as well as interpreter training and customized language training programs. In addition to top-tier corporate language training, we offer certified corporate interpreters and professional business translation services in 200+ languages. Our network includes linguists with backgrounds in all major industries. They’re ready to meet your needs, whether they’re for technical translation services, legal translation, government translation services, international development translation services, education translation services, life sciences translation, or something else. Reach out to us today for a free quote on our cost-efficient and timely translation services, interpreters, or other linguistic services.
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