The BFSI sector, which stands for Banking, Financial Services, and Insurance, is one of the most highly regulated and complex industries in the world. Its success depends on clear communication, whether that involves explaining financial products to customers, handling contracts, or complying with international regulations. As globalization continues to drive business growth, the need for effective communication across languages has never been greater. This is where machine translation (MT) combined with human expertise can be a game changer.
The Role of Human Expertise
Human translators bring years of training and a deep understanding of language, context, and subject matter. They can interpret the subtleties and complexities that machines might miss, especially in highly technical fields like banking and finance. Human translators can also understand the cultural differences that influence how financial products are presented and understood in different regions.
When machine translation is combined with human expertise, it creates a powerful system that maximizes the strengths of both. The machine handles the bulk of the translation work, speeding up the process, while human experts review and refine the content to ensure accuracy and quality.
Why the BFSI Sector Needs Human Expertise in Translation
The BFSI sector deals with sensitive information, legal contracts, financial data, and customer communications. Inaccurate translations in these areas can lead to serious consequences, such as regulatory breaches, lost trust, or even lawsuits. Let’s look at some reasons why human expertise is essential for translating BFSI content:
1. Complex Terminology: The financial sector uses highly specialized terms that often have no direct equivalent in other languages. A machine might not understand these terms in context, leading to incorrect translations. For example, terms like “derivatives,” “mortgage-backed securities,” or “hedging” may need more nuanced translation that only human experts can provide.
2. Legal Compliance: Different countries have their own regulations governing financial services. Translations need to comply with these laws, and a deep understanding of both the language and the legal requirements is necessary to ensure compliance.
3. Confidentiality and Security: The BFSI sector handles sensitive and personal information. Data security is paramount, and human expertise is needed to ensure that translations follow security protocols and protect confidential information.
4. Customer Experience: Clear, accurate communication builds trust with customers. When financial products are explained in a way that customers can easily understand, they are more likely to trust the institution. Human translators can ensure that the message is clear and culturally appropriate, which is essential for global customer engagement.
Best Practices for Combining Machine Translation and Human Expertise in the BFSI Sector
To get the best results, it is important to follow best practices when combining machine translation with human expertise. Here are some key strategies to consider:
1. Choose the Right Machine Translation Tool
There are many MT tools available, each with its own strengths and weaknesses. Some tools are better suited for general text, while others are designed to handle technical content. For the BFSI sector, it is important to select an MT tool that is capable of understanding and processing complex financial terminology.
Look for tools that offer:
- Customizable glossaries: These allow you to input your own industry-specific terms and ensure that the tool translates them correctly.
- Domain-specific engines: Some MT providers offer engines that are tailored to specific industries, including finance and banking. These engines are trained on relevant data and can produce more accurate translations.
2. Human Review and Post-Editing
Even with the most advanced MT tools, human review is essential. Post-editing involves having a human expert go over the machine-generated translation to check for errors, ensure accuracy, and make necessary adjustments.
For the BFSI sector, it’s important to ensure that:
Post-editors are industry experts: The person reviewing the translation should have a strong understanding of financial terminology and regulations.
Editors focus on clarity: They should make sure that the translated content is not only accurate but also easy to understand for the target audience. Financial language can be complex, so simplifying it where possible is often a good strategy.
3. Data Security and Confidentiality
When dealing with sensitive financial information, security is non-negotiable. Before using any machine translation tool, check its data security measures. Ensure that:
The tool offers encryption: This protects data during the translation process.
There is no data retention: Some tools store translations for future use, which can be a security risk for the BFSI sector. Make sure that the tool you use does not retain any sensitive information.
4. Train the MT System with Industry-Specific Data
To improve the accuracy of machine translations, you can train the system with industry-specific data. This involves feeding the system with documents and materials related to the BFSI sector so that it becomes more familiar with the terminology and context.
Many MT providers offer the option to train their systems with custom data, which can significantly enhance the quality of translations.
5. Use Translation Memory
Translation memory (TM) is a technology that stores previously translated content. It can be a huge time-saver for the BFSI sector because many financial documents, such as contracts or reports, contain repetitive text. By reusing translations that have already been approved, you can ensure consistency and speed up the process.
6. Localization for Different Markets
Financial services and products are often subject to local laws and regulations, and customer preferences vary by region. Localization goes beyond translation; it involves adapting the content to meet the specific cultural and regulatory requirements of each market.
For example, an insurance policy translated for a French-speaking audience in Canada may need to be localized differently than one for France. A human expert with local knowledge is crucial for ensuring that the translation meets all the necessary criteria.
7. Monitor and Improve
Finally, it is important to continuously monitor the quality of translations and look for ways to improve. By tracking performance, gathering feedback, and updating your processes, you can ensure that your translation efforts are always aligned with the changing needs of the BFSI sector.
Conclusion
Combining machine translation with human expertise offers the BFSI sector a powerful way to improve communication across languages. While MT can save time and money by automating large parts of the translation process, human experts are essential for ensuring that the final product is accurate, secure, and tailored to the needs of the target audience. This hybrid approach not only enhances operational efficiency but also helps build trust and compliance in a sector where precision is everything.