Machine translation and linguistic AI for asset management – a question of trust

In today's globalized world, asset management firms face increasing pressure to expand their operations and reach new markets. This comes with its own challenges and means overcoming language barriers, cultural differences and regulatory complexities.

 

By and large, asset management firms have routinely relied on traditional translation services to manage their multilingual projects. As a result of strict privacy laws, international regulations and concerns about the accuracy, reliability, and security of machine translation and linguistic AI, their approach has understandably tended to be more conservative.

 

So why should asset managers start trusting these technologies now? Let’s explore how machine translation (MT) and linguistic AI technology can support and benefit asset management firms dealing with large volumes of multilingual content.

 

Crucially, MT and linguistic AI have advanced significantly over the last five years and can now achieve levels of accuracy and reliability that were previously thought impossible. MT solutions are trained on vast amounts of high-quality data and designed to learn and improve continually.

 

These technologies can now be customized to meet the specific needs of asset management firms. Whether trained with industry-specific language for accurate and relevant terminology or tailored to meet the unique requirements of different markets, MT and linguistic AI can undoubtedly help asset management firms to reach new clients worldwide – and at scale.

Annual reports, prospectuses, statements, KIIDs, PRIIPs, and shareholders notices are just some documents that asset managers need to deal with, following specific authoring rules and regulations. Asset management firms also produce marketing materials to promote their services and investment products, including brochures, presentations, and advertisement campaigns.

 

So what are the specific challenges for asset management content?

 

1. Security: choosing an enterprise-grade solution prioritising cybersecurity and data privacy is critical. MT involves processing and analysing large amounts of often highly sensitive and confidential data. A trusted technology provider with a proven track record delivering a platform in fully secure environments can help make a case for procurement and IT when investing in MT and linguistic AI.
2. Terminology and content complexity: asset management materials often cover complex financial concepts with highly specialised, technical terminology related to financial products, investment strategies and risk management. When translating these documents, linguists must have a deep understanding of the sector and the language. The need to comply with the various regulations and guidelines set by financial regulators or accounting bodies adds additional complexity. Linguists must ensure that the translated content meets all the relevant requirements.
3. Client-specific requirements: asset management firms may have unique needs for translating their documents, from specific terminology to formatting. Linguists must be aware of these requirements and follow them closely to ensure that the translation meets expectations.
4. Tight turnaround times: asset management firms often need to provide translated versions of their documents to regulators or investors within a specific timeframe stipulated by law. Most asset management firms operate in a fast-paced environment where market conditions can change rapidly. As a result, they may need to quickly issue reports or updates in multiple languages to ensure that investors can make informed decisions. A final point to consider when discussing tight deadlines is competitive advantage: being the first firm to release localised versions of investment products in multiple languages can help unlock new business opportunities. 

How can RWS solutions help asset managers meet their unique set of challenges?

1. Security: choose a trusted technology provider. Language Weaver offers a secure, scalable and adaptable solution based on state-of-the-art technology that is also available on-premise to ensure the highest security levels.
2. Terminology and content complexity: work with us to establish a defined process to efficiently manage linguistic assets such as Translation Memories (TMs), glossaries and dictionaries. Asset managers and their partners can update their  materials independently with Language Weaver. These linguistic resources can also be used to create adaptive MT models based on the company’s specific terminology and style.
3. Client-specific requirements: select a platform that supports your firm’s translation workflows and growth aspirations. Additional linguistic AI capabilities available in Language Weaver provide valuable insights and can, for example, help asset managers quickly understand the content of a document in a different language.   Other functionalities include an automatic estimate of the quality of the machine-translated output for a given segment that can be useful to check the consistency and compliance of the prescribed wording when translating KIDs for instance. Access is also available to performance monitoring tools that can track the use of MT to identify additional content or groups inside your organization which might benefit from these additional capabilities, and anticipate risks based on previous projects. 
4. Tight turnaround times: optimize your translation workflows to maximize utilization of language technology across the organization and boost ROI. Language Weaver MT and linguistic AI ensure seamless integration with translation management systems. Centralizing the localization workflow streamlines the flow of information and reduces the time spent on admin tasks. Post-editing and review steps are optimized, resulting in higher efficiency and productivity to meet tight deadlines. MT can also be used for low-visibility content without a post-editing or review step. Chatbots and virtual assistants can be trained to understand the nuances of different languages and cultures. This allows asset management firms to handle customer queries and provide personalized assistance to improve customer experience. 

How does RWS approach asset management content?

Machine translation and linguistic AI can bring multiple benefits to asset management firms. At RWS, we firmly believe that a holistic approach considering all aspects of a document, including its purpose and audience, is the key to success. To apply MT and linguistic AI to an asset management content roadmap in the most agile way possible, we work with leading specialists, including MT developers, post-editors, computational linguists, consultants and researchers.