In an attempt to better serve diverse customer bases, financial institutions might be tempted to tap into their multilingual staff for translation and interpretation tasks. While it might seem convenient, it's not always the most effective or efficient strategy. Here are some reasons why using your multilingual employees for these tasks might be a slippery slope:

The Dual Role Dilemma: Divided Attention, Reduced Efficiency

Your employees were hired for specific roles within your bank or credit union, whether it's customer service, loan processing, or account management. When they're pulled into translation or interpretation tasks, their attention gets divided. This could result in a decrease in their primary job efficiency, affecting your institution's overall productivity.

Professionalism in Translation: It's More than Being Bilingual

Being bilingual doesn't automatically make someone a professional translator or interpreter. Translation and interpretation require specialized skills and training. They involve understanding the cultural nuances, specific terminologies, and the art of conveying the message accurately in another language. Errors in translation, especially in the financial sector, can lead to misunderstanding and even compliance issues.

Confidentiality Concerns: The Risk of Unintentional Information Leaks

When your employees are tasked with translating sensitive information, there's a risk of unintentional information leaks. Professional translators, on the other hand, are bound by confidentiality agreements and have a clear understanding of data protection regulations, ensuring that your information is in safe hands.

The Expertise Gap: Lack of Quality Assurance and Standardization

Professional translators not only translate but also have systems for quality assurance. They follow strict protocols and standards, ensuring consistency across all materials. In contrast, your internal staff might not have this expertise, leading to inconsistent translations and a potential dilution of your brand messaging.

While it might seem cost-effective and convenient to use internal staff for translation tasks, the hidden costs and potential risks should not be overlooked. Instead, consider hiring professional language services that specialize in financial terminology. They can help maintain consistency, accuracy, and confidentiality while freeing your staff to focus on what they do best. In doing so, you’re not just ensuring efficient service to your non-English-speaking customers, but you’re also making a strategic business decision that supports productivity and risk management.

For more information, reach out to the team today!