Whether providing investment advice to clients, conducting transactions, processing a loan, or navigating regulatory requirements, precision and clarity are paramount in the fast-paced industry of finance. Conversations about financial issues are very layered and financial institutions acknowledge that accurate communication is essential for successful outcomes.
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The Importance of Assessing Employee Language Skills
Many companies hire candidates who claim to be fluent or conversant in Spanish or Mandarin—two of the foreign languages with the highest demand in the United States—according to a survey conducted for ACTFL. However, many of these employers learn the hard way that when they don’t ask for evidence or proof of assumed language abilities it can quickly lead to serious errors or reputational harm. Hence the importance of assessing the foreign language proficiency skills of your current employees or potential candidates for vacant positions.
Imagine a scenario where your company is expanding its services to serve international markets. A prominent investment bank headquartered in New York City is assigned to facilitate an important deal between an American corporation and a Japanese conglomerate. The deal involves negotiations spanning various sectors such as technology and finance. Even though the Japanese executives involved in the deal have a basic understanding of English, they prefer negotiations conducted in their native language. Drafting legal documents and contracts in both languages requires a deep understanding of legal terminology to guarantee accuracy and compliance with laws and regulations in both countries. The role of foreign language expertise in cases like this one is crucial to mitigate misunderstandings. The clarity, transparency, and trust developed between both parties when a bilingual or multilingual team member participates in the process, helps complete the transaction successfully and with ease. It also nurtures a mutually beneficial, strong, long-term business relationship.
Strengthen Your Institution’s Competitive Edge with Multilingual Staff
By hiring bilingual or multilingual staff, a financial institution can seize worldwide opportunities. “Due to language access issues, Limited English Proficiency (LEP) consumers face unique challenges in learning about and accessing financial products, services, and education tools; understanding and completing key financial documents; managing bank accounts; and resolving issues with financial products and institutions,” (Kraninger). Establishing a linguistic advantage not only enhances customer satisfaction and strengthens the financial institution’s competitive edge in the global marketplace, but also encourages the entire enterprise to better serve people with LEP domestically and internationally in compliance with regulations and applicable laws.
When language proficiency assessments are conducted among employees, making language proficiency certification a vital part of the recruiting process, financial institutions can be proactive in managing and even avoiding risk. This informed approach about the actual language skills of bilingual professionals enables financial institutions to confidently assign tasks such as conducting market research, providing investment advice, and negotiating contracts in another language, which helps the organization thrive in today’s interconnected world.
Unlock the potential of language proficiency in the financial sector and pave the way for sustainable growth by collaborating with Language Testing International® (LTI), the exclusive licensee of ACTFL. ACTFL’s valid measures of language proficiency in speaking, reading, writing, and listening are universally recognized. Their certified results are legally defensible, and their decades of experience ensure the validity of each language proficiency assessment available in over 120 languages through remote proctoring. This makes it possible to assess multilingual employees anytime, anywhere.
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
Kraninger, Kathleen. “Bureau takes additional steps to foster an inclusive financial system.” Consumer Financial Protection Bureau. Jan. 13, 2021. https://www.consumerfinance.gov/about-us/blog/bureau-takes-additional-steps-to-foster-an-inclusive-financial-system/
