In the banking sector, which is a major segment of the world economy, every interaction counts. When it comes to assisting clients with deposits and withdrawals, explaining financial products, or resolving account issues, accuracy and transparency are fundamental elements of communication. But what happens when a language skills gap stands in the way? That’s when bilingualism becomes a superpower.
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Provide Personalized Guidance with Bilingual Employees
Imagine a scenario where a bank is approached by a customer with Limited English Proficiency (LEP) but needs assistance understanding their mortgage terms. Tao is originally from China and recently purchased a home in the United States. He is having trouble understanding the terms of his loan agreement due to the financial terminology used in the documents. Terms such as “escrow account” or “amortization schedule” are confusing him and making him unsure about the implications of these concepts on his financial obligations. When Tao reaches out to his mortgage lender for assistance, the customer service representative he interacts with only speaks English. Recognizing that Tao is struggling with the information provided, the mortgage lender arranges for a bilingual representative to help him. During the meeting with the bilingual staff member, Tao feels more comfortable asking questions. This tailored assistance and the proficiency of the banking representative who commands Mandarin and English, makes Tao feel more confident about how the financial institution is managing his investment. Banking professionals who speak the languages preferred by the diverse clientele they serve and who also understand the cultural nuances of their heritage can explain unfamiliar terms with precision and engage the customer more effectively. Thanks to the bilingual skills of this staff member proficient in both English and Mandarin, the customer receives personalized guidance and clarity on their financial obligations. This level of service not only builds trust but also demonstrates the bank’s commitment to inclusivity and accessibility.
By prioritizing language proficiency among their workforce, banks can ensure that every customer receives the support they need, regardless of their linguistic skills in English. A survey conducted for ACTFL revealed that many employers report a foreign language skill gap that has resulted in losing business opportunities, affecting the bottom line. That is why it is so important to consider assessing and training employees who may lack the required level of language proficiency to work in the financial sector. “Service chats online, calls over the phone, and in-person interactions can be more successful if your bi/multi-lingual employee is able to establish a comfortable, familiar atmosphere for them,” (Keefe). Bilingual professionals empower clients to make informed decisions about their money with confidence through accurate financial advice delivered in their language of choice.
Embrace Bilingualism and Set Your Institution Apart
Financial institutions that embrace bilingualism stand out in today’s multicultural and multilingual society as beacons of customer service excellence. As many as 76% of consumers worldwide are more likely to purchase a product if customer support is provided in their preferred language, according to a report by independent market research firm CSA Research. Investing in language proficiency assessments and training for their employees is a turnkey strategy for banks not only to enhance customer satisfaction, but also to foster community relationships and boost business growth, by tapping into new market segments.
To get a quick overview of how your banking institution can ensure your current and prospective bilingual employees have the adequate level of proficiency to work in finance, contact Language Testing International® (LTI). Let’s support and acknowledge the bilingual superheroes who save the day in the highly demanding financial sector by providing them with a reliable assessment of their language skills. It will help minimize risk, guarantee linguistic excellence as part of your customer service, and expand your customer base.
As the exclusive licensee of ACTFL, LTI has become the preferred language testing resource for companies and individuals across the globe. ACTFL language credentials are provided in over 120 languages and the assessments are remotely proctored from anywhere, anytime.
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
Keefe, Samantha. “4 Reasons Why Hiring Bilingual People Will Help Your Business Succeed.” Glassdoor. October 10, 2018. https://www.glassdoor.com/employers/blog/4-reasons-why-hiring-bilingual-people-will-help-your-business-succeed/
CSA Research (2020). “Survey of 8,709 Consumers in 29 Countries Finds that 76% Prefer Purchasing Products with Information in their Own Language”. https://csa-research.com/Blogs-Events/CSA-in-the-Media/Press-Releases/Consumers-Prefer-their-Own-Language
