Case Study: International money transfer firm cuts spending by 68% with 99% accurate AI translations

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One of the largest organizations in global money transfer and financial services chooses Smartcat for its need to translate and localize enormous volumes of content. Until recently, departments across this organization handled translations in a more traditional manner. However, they collectively decided to look for a new translation solution that provided greater flexibility, transparency, and quality consistency.

The company’s Global Diversity & Talent department was the first to try Smartcat. They highlighted the Smartcat platform’s capabilities of eliminating translation budget wastage, generating 3x faster turnaround times, and ensuring quality consistency.

The challenge

The translation needs of the Global Diversity & Talent team were focused on localizing education and training materials on compliance and cybersecurity. They also created multilingual video subtitles and internal communications. Their needed target languages included Spanish, Brazilian Portuguese, French, Russian, and Dutch.

Two traditional language service providers had predominantly handled the recurring translation requests of the team. The Global Diversity & Talent department experienced some recurring problems with their two primary translation service providers:

1. Slow turnaround times

They were struggling with long wait times for translations, which in some cases are urgently needed.

2. Inconsistent quality

They were consistently getting translations back with unsatisfactory quality. They needed to go back and forth between the two suppliers to see who could give them the highest quality for the best price.

3. Poor use of translation budgets

Eventually, the excessive number of feedback loops and the need to pay overhead to these vendors meant budgets weren't used sustainably. They decided they needed to completely overhaul how they managed translations.

Other departments also highlighted problems with their translation service providers. These include generic translations that were inconsistent in terms of tone of voice; a lack of quality control and poor results; slow turnaround times for large and urgent requests; and rigid payment models.

The solution

The payments company wanted a drastic, urgent change. The Global Diversity & Talent team was drawn to Smartcat for a number of key reasons:

Direct access to the world’s largest professional translator marketplace

The company was particularly interested in Smartcat’s Marketplace of over 500,000 vetted professional translators, as they would be able to see each linguist’s experience, subject matter expertise, reviews, and pricing, and communicate with them directly.

Smartcat offers AI sourcing, an automated algorithm-backed tool that selects the best translator, proofreader, or editor for the task, including sorting based on specialization, language pair, market, country of origin, and more.

The company now has full control over who they hire and rest assured that their selected translators understand the subject matter, tone of voice, and correct terminology.

"With our expectations of high quality, it's ideal for us to be able to select translators that fit your needs and continuously source more to meet rising content volumes." - Senior Manager, Learning & Development in the Global Diversity & Talent team

Seamless, fast file translation management

The organization is now able to work with nearly any file format. This includes the ability to translate XLIFF, Docs, videos, and PPT, to name a few among many other formats that they require for their educational and training materials.

Simple supplier procurement and payment

Companies often turn to agencies to source translators in part because of the complexity surrounding the process of contractor payment. Smartcat eliminates this bottleneck by allowing companies to hire all suppliers under one single agreement and to pay them all with just one invoice. The entire process takes minutes instead of hours.

Automated, customizable workflows with combined AI and human translations

Smartcat has many automation capabilities. For example, companies can use ready-made translation workflow templates, which include AI translation and human editing. The combination of the two working seamlessly together reduces costs – on average by between 50% and 80% – and triples turnaround time speed. AI generates automatic translations using the industry’s best adaptive machine translation engines.

Then, subject matter expert human translators ensure that the AI translations are on brand, high quality, correctly formatted, and fit the context precisely.

The result

Translation performance in numbers:

  • Cost savings: 68%

  • Total cost savings: $49,753

  • Average % of translations accepted with any changes: 99%

  • Average turnaround time with Smartcat: 951 words/hour

The leader in international money transfer achieved great results with Smartcat in 2022.

The learning and development translation needs of the Global Diversity & Talent team have significantly improved. They’ve managed to regain management control over their content translation. The company now also knows which translators do the work and they have the flexibility to hire as many translators as needed to keep up with translation demand.

With AI and human translation workflows, we could cut out any overhead they were previously paying when working solely with a vendor. - Senior Manager, Learning & Development in the Global Diversity & Talent team

The option to work with a language service provider is still available for companies, as they can invite anyone to collaborate with them on the Smartcat platform, while still having full transparency over project statuses, workflows, quality, and resources.

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