Now that we have ChatGPT, can I do the translation on my own?

Bytelingo specializes in translating corporate reports. As a product manager, I've been frequently asked by clients about efficiency and cost control. Especially since ChatGPT has come into the public's view, it has become a valuable assistant for many in their work. Many clients are starting to ponder whether such advanced AI has reached the point where it can help them with financial report translations without relying on translation agencies. In this article, I hope to discuss from a product manager's professional perspective and analyze the pros and cons of ChatGPT in translating financial reports.

Compared to the translation tools we've known over the past years (like Google Translate or DeepL, which some translators are familiar with), ChatGPT has significantly improved in terms of fluency. Particularly because its training data is primarily in English, the translated English sentences are especially smooth and natural. Relative to the AI of the past few years, ChatGPT, due to the considerable investment in text cleaning and manual annotations, has some capacity to handle content that requires professional vocabulary and jargon. It can be said that its translation speed is unparalleled by humans, and its general English writing ability is roughly at the level of a native English speaker.

Limitations of ChatGPT

So, is ChatGPT already a mature tool for translating financial reports? In fact, although ChatGPT has made breakthroughs in fluency and English writing level, the accuracy of its individual word translations is questionable. Especially for corporate reports that have clear translation limitations for proprietary nouns (names of company management, department names, product names, partner names), ChatGPT's "creative freedom" is a headache. Generally speaking, even companies in Taiwan that have reached the scale of being publicly listed have both Chinese and English names clearly listed on their official website. Yet, ChatGPT still doesn't refer to such information. Before writing this article, I tested again: among Bytelingo's publicly-listed clients, there are hardly any instances where ChatGPT could accurately translate the Chinese company name into English.

Limited Proportion of Financial Reports in Training Data

Furthermore, compared to general text writing or translation, financial statements are more specialized. Given that ChatGPT's training sources primarily come from platforms like Reddit, Wikipedia, and GitHub, its mastery of the style of financial reports is relatively weak. Evaluations conducted by major translation agencies, including Bytelingo itself, and current test results from third-party research institutions show that if not trained on past data specific to the industry or company, but purely prompted to translate financial reports, ChatGPT's grasp on specialized terms, such as accounting items, is weak. Particularly, it does not proactively refer to the standardized translations provided by Taiwan's competent authorities, which poses certain challenges.

Ensuring the Security of Financial Report Data

Lastly, for businesses, while financial statements are ultimately public information, they are extremely sensitive prior to their release. Although ChatGPT itself guarantees that the information won't be leaked to other users, any carelessness in using unofficial ChatGPT applications (such as some claimed-to-be-free ChatGPT apps on LINE) can lead to potential breaches. In the translation process, if data passes through third-party platforms, its confidentiality cannot be ensured, and there is a risk of information leakage. In contrast, vendors, including Bytelingo, with years of experience in the translation domain, pay more attention to confidentiality measures in their operational processes, ensuring that client information remains secure.

In conclusion, while ChatGPT has advantages in fluency and produces translations at an incredibly fast speed, there's a certain risk regarding the accuracy of the generated report if it's not reviewed. It's recommended to let translation agencies handle the entire process, which is more effortless for you. If you do decide to use ChatGPT, it should be in conjunction with databases that have a wealth of financial report sentences and a glossary of company-specific terminology. That way, using ChatGPT as an aid becomes a highly effective method.

• Domain knowledge and experience determine the accuracy of financial report translations. The translation of company-specific vocabulary requires joint confirmation between us and you.
• ChatGPT currently cannot handle reformatting issues post-translation, which is one of the core services Bytelingo provides.

With the rapid advancement of technology, in the future, ChatGPT might indeed offer higher-quality translation results. When that time comes, Bytelingo will guide you in real-time to input company-specific vocabulary through a knowledge management platform, maximizing the innovative power AI brings for your benefit.