Using Multiple Language for Financial Services is a Trend

Commanding more than one language is a key skill in the financial world. Accuracy and clarity of information while managing financial transactions is paramount when communicating numeric data and small print that contains economic terms. Communicating the details of financial documentation can be difficult enough in English, but when clients speak another language, the conversation can become even more challenging. With our society becoming more and more diverse and multilingual, the need for employees that speak a language other than English has been steadily increasing, especially in the financial sector. Today, employers in the financial industry recognize that their commercial activities require hiring bilingual or multilingual employees to convey the right messaging and insight to an increasingly diverse clientele.

The State of Financial Literacy in the U.S.

Research shows that financial illiteracy among consumers in the U.S. is a major issue that needs to be addressed. According to the Financial Literacy Club, “Many people in their early 20s in the United States start their working life already with unsustainable burdens of college loans, car loans, and credit card debt. The problem is not only the debt itself but also the lack of financial literacy that resulted in the public normalizing these hefty debts. Lack of education for long-term preparation of a financially healthy life is where we, as a country, have gone wrong”. If we add to this concern the language barriers that limit access to financial education to consumers who do not speak English, it can become even more challenging to provide them financial products and services.

The Growing Demand for Languages Other than English

A recent survey conducted by Ipsos Public Affairs for ACTFL, unveiled that the foreign languages in highest demand among employers in the United States are Spanish, Chinese, French, Japanese, German, Russian, Arabic, Italian, Korean, Hindi, and Portuguese. With the ever-increasing demand, it has become clear that employers cannot rely only on English to reach their clients.

Having culturally competent talent and employees who are fluent in languages other than English is vital in the workforce across all industries. This is especially true in customer-oriented businesses like financial institutions where exceptional service, clear communication, and excellent human interaction are essential and expected as consequences of miscommunication could lead to serious errors, legal ramifications, and reputational harm. Bilingual or multilingual employees are better equipped to manage financially sensitive matters, understand the needs of your clients, and make sound recommendations in the customers’ preferred languages.

Hiring Multilingual Employees Pays

A Forbes article entitled Bilingual Organizations: The Leaders of Global Expansion states that “Bilingual employees open up new revenue streams and help a company assist their current customers more effectively.” In addition, multilingual staff could help the business succeed when navigating through global markets and by creating easier access for domestic customers who don’t speak English and don’t always receive the highest quality support in their preferred language.

Read more –> How to Recruit Multilingual Employees

Financial institutions like commercial banks, insurance companies, wealth management and investment firms, must not only provide the best customer experience, but they must also incorporate strategies to be cost-effective and use time wisely while achieving their goals. Some business experts like Brianna Guarino suggest that employing multilingual employees in banking and finance pays off. “In order to stay competitive, businesses must employ workers who can provide on-site, on-demand language services,” she recommends.

The 2020 U.S. Census reflected a 276% increase of people who identifies as multiracial – growth from 9 million to 38 million in a decade. The Hispanic population alone grew 23% during the same timeframe. These are not temporary trends, and providing financial services in various languages is not a temporary trend either. Prepare your bilingual and multilingual employees to fulfill their roles in a linguistically and culturally appropriate manner.

Contact Language Testing International (LTI) today to help you assess your bilingual and multilingual employees’ and prospective employees’ language proficiency.

LTI is the exclusive distributor of the internationally recognized proficiency assessments developed by ACTFL. As world leaders in the direct assessment of language proficiency in speaking, writing, listening and reading, we currently offer testing in over 120 languages. LTI has organized and administered proficiency assessments for numerous Fortune 500 companies and small businesses, as well as countless universities and government agencies across the globe. We administer nearly a million language proficiency assessments each year.