This is because signing off on English documents can expose non-English speakers to deceptive practices. ![]() Finally, the dialects split off into further strains depending on where they are spoken, such as Hong Kong, Singapore or China.īut having documents written in Mandarin, even if the consumer can use a translator to help them verbally understand the content, is essential, according to the Consumer Financial Protection Bureau. Secondly, different Chinese dialects, such as Mandarin and Cantonese, have their own takes on certain concepts. First, characters are written differently in simplified and traditional Chinese, and different groups are usually comfortable with one of the two written forms. Overall, there are "three major categories of differences" when translating a financial term into Chinese, according to Shi. Shi added that the nuances of financial terminology become even more tricky as terms have different connotations depending on the specific context. Translating financial concepts can prove tricky when considering the cultural differences between key financial terms, and takes an immense amount of resources to translate effectively, according to Sung.įor example, the concept of "retail banking" is more accurately encompassed by the Chinese translation of "personal banking," according to Shi. That team then sends their proposed translation back to be checked for legal compliance. There is enormous "complexity" in the translation process, Shi said, since communications to consumers need to be "100% conforming to the real regulation." To ensure accuracy, East West will even sometimes send English terms to mainland China to get a Chinese perspective. In addition to the verbal aids from bankers, customers will often ask relatives, mortgage brokers or third-party translators key questions. The $68.5 billion-asset bank is the largest Asian-owned bank in the country, with branches in both the U.S. Since written disclosures in Mandarin are unavailable, Abacus, in addition to East West Bank in Pasadena, California, uses a customer's native language to verbally walk them through documents written in English that are necessary for transactions, such as those needed to close a mortgage.Įast West carries out one-on-one mentoring and tutoring for new hires, to show them the "tips and tricks of the trade," according to Parker Shi, chief operating officer of the regional institution. Banks with Chinese-speaking customers have to rely on their staff and cultural knowledge to meet their clients' full needs - rather than rely on extensive government translations and resources available in other non-English languages, like Spanish for example. And they're not large customers."Ĭommunicating with those customers in their native language is no easy feat. "We know larger banks are not investing in that anymore, because it's not necessarily cost effective. "We have to give a lot of service to customers," said Sung. ![]() Customers reward the banks with loyalty, sticking with them rather than turning to the country's biggest banks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |