Top 5 Common Mistakes in Korean Financial Translations

You need to build reliable Korean financial translation services conducted in the Korean market.

Financial firms properly localize their products for various international audiences to maximize profits. They can do far more than if they only provided their items in a single language.

However, financial firms that want to increase their profits by going to South Korea face significant challenges.

Some of the most common factors Korean financial translation services fail when they try to reach out to a non-domestic audience are as follows:

Don’t commit

Not every financial company achieves success in the Korean market. Failure to commit to a proper localization strategy can rapidly damage a company’s public perception.

One only needs to look at some of the English translations of the websites of financial companies that do not speak English as their first language to understand why this is the case. Consider how damaging having poor quality translations as the face of your brand can be to investor and customer confidence.

The same is true for fintech companies that fail to truly commit to understanding various regulatory frameworks and assets required to enter any provided new market – or to collaborate with a Language Service Provider or another local partner who does.

Don’t communicate persuasively

It is more than just translating the words you use when localizing your communications strategy for other markets. What works in your domestic market in terms of effective marketing and clear communication is unlikely to have the same effect in the Korean market.

You should be proud of the clear, persuasive messages in your domestic marketing. You put in the effort to conduct market research, and the result is a high level of conversions. Precise translations of the words you used to entice your local audience, on the other hand, are rarely effective in Korea.

Financial firms that want to achieve the same results in the Korean market must research their new target local cultures – or, once again, collaborate with a local partner who operates locally.

That isn’t to say that the language barrier isn’t a consideration. Many foreign fintech firms attempting to do business in Korea are surprised to learn that many dialects and languages are spoken within its borders – rather than just the Mandarin they expected.

Don’t adjust the product

You may have spent a significant amount of time and effort creating your user interface to be as user-friendly as possible. However, what constitutes “user-friendliness” varies greatly depending on your Korean’s cultural background.

Every aspect of your product and user experience, including the UI, functionality, images, and colors, must be localized for your Korean audience. It’s also a mistake to believe that only final-stage interactions like this must be considered when adapting your product for the Korean market.

In reality, you should investigate whether there is enough potential local demand for your entire product.

However, real-world examples are far more nuanced. Perhaps the entire concept of payment for goods or services differs culturally. You could, however, pivot your product so that it is better suited to Korean needs.

You may download our white paper for detailed localization tips for the Korean language and cultures.

Don’t consider market segmentation

Markets are highly segmented, particularly in regions such as South Korea, which focuses on many financial companies looking to translate their products for international audiences.

Younger generations in Korea are technologically advanced. New financial technologies are being adopted at a rapid pace. However, among the elderly, relying on traditional banking concepts or being completely unbanked is popular.

However, these are broad generalizations that are broadly but not universally true. As always, it is critical not to use a broad brush for Korean cultural understanding. Specific, trustworthy knowledge is your best friend.

Don’t follow regulations

Almost every jurisdiction has stringent regulations governing financial services and technology. If you want to succeed in the Korean market, you must conduct thorough research into Korean rules.

A local partner who understands and has experience with financial localization and regulations in Korea will provide you with the insight and understanding you require to succeed.

High-quality Korean financial translations are critical

The high-quality financial translation may present several challenges. However, the opportunities that result from getting it right are enormous.

If you are looking for a professional Korean translation partner to help your localization journey in the Korean market, choose GTE Localize. With numerous offices in Southeast Asia and extensive market knowledge, we will bring you the best Korean financial translation services at the most budget-saving rates.

GTE Localize offers Korean financial translation services to businesses of all sizes. We provide numerous translation and localization platforms and tools to bring you accurate and fast translations.

Contact us to discuss your Korean financial translation services today.

Here is a 38-page white paper for SMEs on the process of building efficient localization projects. Download our white paper now.