Managing finances can be complex, especially when language barriers stand in the way of clear communication. Whether opening accounts, applying for loans, or seeking investment advice, understanding financial terms and services is essential. U.S. Census data released in October 2023 revealed that an estimated 68 million people speak a language other than English at home, with 29.6 million of those people identified as having Limited English Proficiency (LEP). This means millions of people prefer to communicate in a foreign language, and this is especially true when it comes to a subject as delicate as managing their money. That’s where you as a bilingual professional can make all the difference.
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The Importance of Your Bilingual Skills
Imagine a scenario where a customer named Laura who is a newcomer to the United States and has limited proficiency speaking English, attempts to open a bank account at a local branch of a bank. Laura migrated from a Latin American country with her family to pursue a career in Spanish-language television broadcasting in North Carolina, a state that is experiencing tremendous growth in its Hispanic population, according to the 2020 U.S. Census. She knows the importance of having a bank account to receive her salary through direct deposit and save money safely, among other benefits. As she walks into the branch of the bank, she anticipates that her struggles to communicate effectively in English with bank employees will be a nightmare. In addition to the language barrier, Laura is unfamiliar with U.S. banking procedures, account features available to her, and cultural expectations regarding how banking transactions and interactions are conducted here.
The good news is that upon entering the institution, a bilingual customer service staff member greets her and offers to assist her in Spanish, her native language. The employee, committed to serving diverse communities, ensures to provide Laura with a welcoming and inclusive environment. The bank representative supports her throughout the whole process of opening a bank account, from providing clear instructions on the required documents to explaining banking terminology she might not be familiar with yet. Laura’s positive experience will likely lead to a long-term engagement with this financial institution, which can include purchasing a home, buying a car, securing a credit card, and a plethora of additional products and services she will need as she advances in her career and grows her family.
As you can see, bilingual professionals like you are instrumental in banking to effectively communicate life-transforming information from breaking down account features to addressing concerns about fees, and helping customers make informed decisions about their finances. This level of personalized service not only builds trust and loyalty but also fosters a sense of confidence among English language learners about their banking services provider.
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In today’s multicultural society, financial institutions that prioritize language proficiency stand out as leaders in customer service excellence, attracting new clients every day. In contrast, companies that do not address their language gaps lose business every day. According to a survey conducted for ACTFL, about one-quarter of all respondents say their organization could not pursue or has lost business in the past three years due to a lack of foreign language skills (23 percent). That figure more than doubles (50 percent) for employers that report a foreign language skills gap within their organization.
The U.S. Bureau of Labor Statistics also reported that business and financial occupations are projected to grow faster, from 2022 to 2032, than the average for all other occupations. So, the financial industry is always a good sector to look for sustainable employment, especially if you are a bilingual professional. “Financial corporations such as Bank of America, Wells Fargo, and M&T Bank all listed hundreds of Spanish-speaking vacancies.,” (Dimitrov). In other words, your bilingual skills can save the day, making financial services accessible to everyone while bringing more revenues to the banking institution you work for as well.
Language is a key to financial empowerment and security, but you mustn’t overstate your language skills, elevate them, and play them up—you can be a liability to your employer if you do, and this can adversely affect your career. Order an assessment from Language Testing International (LTI) today to adequately leverage your language skills by accurately determining the specific proficiency you have in another language. LTI, the exclusive licensee of ACTFL, provides reliable ACTFL assessments in speaking, reading, writing, and listening that are widely recognized and have become the preferred language testing resource for people and companies across the globe. Each test is designed to measure the level of an individual’s language proficiency in any of over 120 languages, and ultimately provide a valid and defensible language credential that you can use as proof that you are qualified to work as a bilingual resource in the financial industry. LTI’s safe remote proctoring solutions make language proficiency assessments possible from anywhere you are, and at any time for your convenience.
Sources
American Council on the Teaching of Foreign Languages (ACTFL) and the Lead with Languages Campaign commissioned Ipsos Public Affairs, with the support of Pearson LLC and Language Testing International. (2019). “Making Languages Our Business: Addressing Foreign Language Demand Among U.S. Employers”. https://www.actfl.org/uploads/files/general/MakingLanguagesOurBusiness_FullReport.pdf
Dimitrov, Rumen. The value of being bilingual in the US job market. LinkedIn. October 30, 2022. https://www.linkedin.com/pulse/value-being-bilingual-us-job-market-rumen-dimitrov/?trackingId=pE%2F4QtavQTuKNUxCf63wMA%3D%3D
U.S. Bureau of Labor Statistics. Business and Financial Occupations. September 6, 2023. https://www.bls.gov/ooh/business-and-financial/home.htm
