The Power of Written Translations in Banking

As financial institutions continue their efforts to improve language accessibility, taking the progressive step of opening a “front door” for written translations of key documents, communications, and materials becomes essential. This step is critical to ensuring high-quality governance throughout a process that comes with unique risks. Above all, providing multilingual content ensures that customers with limited English proficiency (LEP) can fully understand their banking services and agreements, building trust with their bank or credit union. While this goal sounds simple, achieving it requires strong partnerships and continuous effort within the organization.

Document Translation: A Key Component

One of the cornerstones of a language accessibility plan is the efficient management of document and customer communication translation. This process will involve key areas, including:

1. Digital Experiences, Account Agreements, Customer Communications, and Statements: Customers should have access to these service channels and information, ensuring they clearly understand their situation, options, terms, and the terms of their banking relationship, especially when receiving communications from the bank regarding changes or activities.

2. Consumer Disclosures and Terms & Conditions: Important disclosures such as fees, interest rates, and terms should also be translated. While no one likes reading the fine print, these details are the most critical information about the relationship the customer is entering into with the bank. With clear and precise translations, customers can make more informed decisions.

3. Applications for Loans, Credit Cards, and Accounts: For customers seeking to apply for bank products, translated application forms simplify the process, lowering barriers to obtaining credit or expanding their banking relationship. Admittedly, this is the biggest challenge for banks in providing comprehensive LEP customer experiences, as customers may expect future communications to be in their preferred language. Additionally, the fact that account application platforms are often provided by third parties makes technology and industry expertise especially important.

Customer Benefits

By going beyond regulatory compliance and offering written translations, banks can ensure language accessibility and ease of understanding for all customers. LEP customers benefit by:

• Improved Understanding: Translated documents help customers fully understand their financial choices, reducing misunderstandings and potential disputes.

• Empowerment: LEP customers gain confidence in making informed financial decisions, enabling them to navigate the banking system effectively and ensuring their banking relationship supports their financial and life goals.

• Trust and Loyalty: Banks that invest in language accessibility build trust and loyalty within diverse communities. While these “intangibles” may not show up on balance sheets, they are vital for growing relationships with LEP communities.

Effective Document Translation Strategies

Successful document translation involves the following key elements:

1. Accuracy: Ensuring translations reflect the intent and meaning of the original document. A language service provider with expertise in the financial services industry can enhance the quality of language-related services by customizing solutions that align with the bank’s internal resources and workflow needs. Additional reviews or adjustments may be needed to ensure quality.

2. Cultural Sensitivity: Recognizing nuances and providing culturally appropriate translations. Wordplay, imagery alignment, and other marketing approaches should always consider the audience and the communication channel. Sometimes, direct translation is best (e.g., terms & conditions, disclosures), but other times, significant cultural adaptation is necessary, especially in branding and marketing communications.

3. Accessibility: Making translated documents easily accessible through various channels, including online and in-branch. While not everything can be available everywhere at all times, a coordinated approach can ensure documents are efficiently processed, translated, and stored for easy customer access.

A Comprehensive Language Accessibility Plan

By combining written translations, oral interpretation, staff training, and effective communication strategies, banks can create a robust language accessibility plan that meets the diverse linguistic needs of their customers. This approach not only fulfills regulatory requirements but also builds stronger relationships and trust within their communities. Arrow Translation is committed to providing comprehensive language services to banks, credit unions, and non-bank lenders, supporting them through every phase of their language-access journey.

Language accessibility is not just a checkbox—it’s a commitment to inclusivity and customer satisfaction. Banks that prioritize it will be better positioned to succeed in an increasingly diverse society.

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