The translation industry is often, but incorrectly, perceived as a purveyor of a commoditized service—where all deliverables are created equal across content, industry, and use case. In fact, linguistic service providers (LSP) have assets, expertise, and experience accumulated over time, making their partnership with financial services institutions (FSIs) anything but fungible. When considering a partnership with an LSP for an FSI, there are six critical factors to consider in the decision-making process.

1. Quality and Governance

Bringing a third-party supplier into the fold with FSIs fills a critical business need, but it also comes with elements of risk. Mitigating risk via the due diligence process is the first step. Once the relationship begins, the ability to reliably measure and manage risk, quality, and reporting is essential. The LSP should be able to provide consistent oversight and effectively maintain a level of quality with robust remediation in place when issues are identified.

2. Innovation and Experience

As a trusted partner in the business relationship, an LSP should regularly bring the most capable solutions of its industry to the awareness of its FSI clients. In working with a broad set of clients over time, an LSP has the information to deliver best practices for its FSI clients. Aligning business needs, information security requirements, and risk elements inform the path to enable the “most advanced yet acceptable” solutions in the client/supplier relationship.

3. Scalable Technology

Whether a global institution or local bank, and whether a digital native or an organization in the early phases of digital transformation, technology deployed in the LSP/FSI relationship must fit the need at inception and sustain the “right-sized” delivery. This is important whether in the peaks or valleys of demand or on the growth curve of institutional roll-out as a strategic initiative.

4. Information Security

Information security at the data, infrastructure, or architectural level is simply table stakes in the operating environment of the finance and banking industry. FSIs should reliably know that their LSP partner has invested in and practices top-tier security protocols. Whether by audit, documentation, or both, assessment and maintenance should be an ongoing endeavor to stay ahead of the curve.

5. Client Experience

Whatever corner of the vast and dynamic industry in which an organization operates, the criteria to “win” in that space is particular to the organization and regulatory landscape. From commercial to retail, investment banking to asset management, or FinTech to community banking—the linguistic demand, delivery, and objective for engagement in multiple languages is unique. As a result, LSPs should integrate effortlessly into processes and technology to produce within the FSI’s workflows and requirements, supporting business strategy as a seamless contributor.

6. Data and Reporting

LSPs support FSIs in critical business processes. As such, the delivery of actionable insight on performance, areas for improvement, and trends over time in service delivery is a capability LSPs should deliver to meet clients’ acceptance criteria. Performance against KPIs and monitoring for improvement should be a part of the ongoing conversation in the relationship at all altitudes of the engagement—project, volumes, services, and costs.

Conclusion

We recommend that FSIs consider these six criteria when evaluating LSPs to consider as a partner.

We maintain top-tier standards for our own delivery against these pillars of delivering a robust, compliant, and effortless FSI-to-LSP relationship. As we work with top financial services performers and innovators in the industry, our research and development roadmap is defined by the conversations and needs of our clients. In addition, our GlobalLink platform consistently passes top banking audits for technological integrations and security.

Please reach out to discuss the linguistic requirements for your organization and how we can help your specific goals.