There’s no sector more diverse, international, or versatile than the finance and banking industry. It’s fast-paced, competitive, and it’s becoming increasingly globalized—which is why there’s no better time to get ahead of the game and implement a language learning strategy in your business. So here’s our step-by-step guide to help get you started.
The Importance of Language Training in the Finance and Banking Industry
Language training holds significant importance in the banking industry for a variety of reasons:
- Global Operations: Many banks operate internationally, dealing with clients, partners, and counterparts from different countries. Language training allows banking professionals to communicate effectively and build relationships across borders, contributing to the success of global operations.
- Client Relations: Clear communication is essential in the banking industry, especially when dealing with clients’ financial matters, investment opportunities, and account management. Language skills enable bankers to understand clients’ needs, offer tailored solutions, and provide exceptional customer service.
- Cross-Border Transactions: International trade, investments, and cross-border transactions are common in the banking sector. Effective language skills facilitate communication during negotiations, documentation, and compliance procedures, ensuring smooth transactions.
- Regulatory Compliance: Banking involves adherence to complex regulatory frameworks, often in multiple jurisdictions. Accurate communication is crucial for understanding and complying with regulations, preventing errors, and mitigating risks.
- Financial Reporting: Language proficiency is vital for accurately preparing and interpreting financial reports, statements, and documentation required for audits and regulatory purposes.
- Negotiations and Contracts: Banks engage in various negotiations, such as loan agreements, mergers, and acquisitions. Language training enhances bankers’ ability to negotiate effectively and draft legally sound contracts.
- Customer Communication: Banks provide a wide range of financial services, and effective communication is necessary for explaining terms, conditions, fees, and interest rates to customers, ensuring transparency and trust.
- Risk Management: Clear communication is crucial in conveying risk assessment and management strategies to stakeholders, clients, and colleagues. Properly communicating potential risks helps prevent financial crises.
- Technical Language Proficiency: The banking industry uses specialized financial and technical terminology. Language training ensures that employees understand and use these terms accurately, reducing the risk of misunderstandings.
- Professional Development: Language training enhances employees’ skills and marketability. Banks that invest in language training demonstrate a commitment to employee growth and development, contributing to employee satisfaction and retention.
- Market Insights: Banks analyze economic trends, market conditions, and investment opportunities. Proficiency in languages spoken in key markets allows bankers to access and understand local information, enabling informed decisions.
- Diverse Workforce: Many banks employ individuals from diverse linguistic and cultural backgrounds. Language training promotes inclusivity, effective teamwork, and a positive work environment.
- Brand Image: Effective communication in multiple languages contributes to a positive brand image. Banks that can engage with clients in their preferred language are likely to be seen as customer-centric and trustworthy.
How Can the Finance and Banking Industry Profit From Language Learning?
According to a report by consumerfinance.gov, more than 1 in every 12 people in the US are limited proficient English (LEP) and, according to the US Census Bureau, are likely to struggle with day-to-day tasks including accessing financial products and services.
With this in mind, the more employees proficient in a wide range of languages, the easier it is for your bank to provide a happy, relaxed, and stress-free customer experience. In our increasingly connected world, it’s becoming more common for people to leave their home countries to seek challenges and economic security elsewhere. As a result, it’s never been more crucial that multilinguists are placed front and center of customer service strategies.
So we know that a diverse range of languages is key to a happy customer—but what about international partnerships? As local turns global and analog turns digital, networks expand and with that come new, multilingual partnerships. Connecting with these partners is paramount to building healthy relationships, and there’s no better way of showing respect to a new culture than by taking the time to learn their language.
There are a ton of benefits for your employees, too. Giving your team the opportunity to learn a new language not only expands their horizons but boosts their motivation. With a new language, they can communicate with their colleagues from overseas branches, carving a clear pathway to a more senior role—not to mention the confidence boost that comes with successfully learning a new language.
What to Expect From Babbel’s Training Program
In a study by the Wall Street Journal, the financial industry revealed itself to lead the way in diversity and inclusion in business. In an industry that recently lagged behind in representing workforce diversity, this transformation has taken place rapidly, and we know exactly how your business can keep up with it.
Our language experts at Babbel have designed a series of lessons that target finance-specific language learning. With increasingly diverse partnerships, employees, and customers, the finance and banking industry needs to get international, fast—and that’s where our lessons come in.
In this section, we take a closer look at one of Babbel’s banking lessons so you know exactly what to expect. Here’s a first look at our advanced Commercial Banking lesson:
- Introduction:
“In this advanced course, you’ll focus on the financial industry,” your screen will say. “You’ll read and hear a variety of articles and reports—just like in real life. It’s time to start thinking in a different language! This means we haven’t translated everything for you… Don’t worry about understanding every word – focus on the general meaning and the rest will become clear with time!” - Exercise 1:
The first step focuses on reading. You’ll be given a short text directly related to a business environment. In our commercial business exercises, Babbel covers issues relevant to current affairs, so in this example, our text addresses the issue of sustainability in business. It’s a challenging topic – but it’s designed to accelerate our learners to become proficient in the chosen language fast.
The first exercise requires the learner to read through the text and select the correct answer via multiple choice. However, Babbel doesn’t give away the answer easily—we’ve made sure the learner will have to truly digest the information in order to answer the questions correctly. - Exercise 2:
Repetition and pronunciation are vital components of language learning. That’s why we dedicate the next step to speaking and listening, so when your employee is required to make use of their new language in a real-life situation, they’ll be able to speak with confidence. And did you notice? There is no translation of the vocabulary, but instead a definition in English! This way we support the learner thinking in their learning language through the entire lesson. - Exercise 3:
Fill in the gaps. Our linguists don’t leave any language-learning stone unturned, so in this section, the learner must use their memory muscles to fill in the gaps using vocabulary and phrases from the text previously studied. Not only will this cement the new vocabulary in their memories, but they’ll absorb the context, too—which will come in handy when managing similar situations and conversations in the workplace. - Exercise 4:
Because email communication is a crucial aspect of Business English, Babbel has designed exercises that specifically target spelling. Here we take the vocabulary previously learned and scramble the letters, so the learner must perfect their spelling in order to complete the task. This is a skill that instantly translates to written English—so they can write professional and succinct emails. - Exercise 5:
“All clear so far?” Babbel likes to take the time to check in on the learners. “Now that we’ve covered the vocabulary, it’s time to hear it in some professional contexts. Listen to the words you’ve just learned and try to understand the general meaning. Ready?”
Here the learner is asked to listen and answer the questions. Not only does this improve vocabulary and grammar, but it prepares the learner for real-life conversations. It also increases the analysis skills of the learner so they can understand meanings in written English from emails or instant messaging. - Exercise 6:
The learner must listen to the opinion of a speaker and then evaluate their tone, choosing from a list of options whether the person feels negative, neutral, or positive towards a topic. This is a fantastic training for learners to pick up nuance and tone of voice and will teach them how to adapt their response accordingly.
And finally, the learner will get a score. Babbel remembers which areas the learner found difficult, so they can go back and revise these problem areas later on. Clever, hey?
How Babbel’s Banking Lessons Will Benefit Your Business
Babbel’s lessons in banking are a fantastic way of keeping ahead of the competition—with the industry becoming increasingly diverse, there’s never been more need for multilingualism to push your enterprise forward.
Babbel is flexible, versatile, and convenient. We know how fast-paced the finance industry is, and with each learner able to progress at their own pace, there’s no need for expensive and time-consuming classroom lessons. Your employees can learn their language anywhere at any time—whether on a coffee break, on a bus, or at home after work.
It’s cost-effective too—with a rate tailored to the needs of your business, there are no hidden costs or unpleasant surprises. Plus, our blended learning solution will help employees get speaking fast and gain confidence.
And the best bit: No other language learning provider has lessons specifically tailored for the banking industry. So when it comes to languages, you can bank on Babbel!
Ready to learn more? Visit our website and schedule a demo to get started today.
