Филологические науки/ 7. Язык, речь, речевая коммуникация

Verenich D.M, Peshko K.A, Tatarevich M.V.

Polessky State University, Belarus

The Role of English in the Banking Sector

Worldwide popularity of the English language is growing rapidly from year to year. Currently, this language has become one of the main languages in banking, scientific, industrial, technological spheres of life. Quietly but at the same time very quickly English became the force of progress and a way to share information.

Most major world exchanges are in English-speaking countries - New York Stock Exchange, American Stock Exchange, London Stock Exchange, Toronto Stock Exchange and Johannesburg. English was the main language in the field of investment, international currency transactions and banking. That is why many corporations organize English lessons for their employees. Especially, ambitious young people who dream of a career in finance are sent to study in the universities of English-speaking countries because it increases their chances of finding a job in the future.

Knowledge of English banking vocabulary helps to communicate with foreign bank customers and foreign partners quickly and efficiently, to be active in international financial markets.

It is not always convenient to use the services of professional translators. Knowledge of English in the banking sector provides a number of advantages, among which the most important is the ability to prevent leakage of confidential information to competitors.

English is used for bank employees in credit system, in working with cash through electronic means, working with financial documents, invoicing, preparing of balance sheet and accounting documents [1].

But in more detail the scope of English in the banking industry can be grouped as follows:

Let's start with the senior executives or top managers who take part in seminars, conferences and negotiations. Possession of Business English gives a number of advantages, even among those senior executives who use interpreters. But the need for the ownership of the Top manager in English is due to the following reasons:

Firstly, the interpretation is complex in itself, and the translator does not always know a theme to make a translation. As a result, the participants prefer to listen to him, without resorting to the services of translator of course if he has a certain level of business English.

Secondly, while the translator does his job and the head has already understood the essence of the matter, he has privileged time to think of reaction.

Thirdly, sometimes undesirable leakage of the confidential information exists, and the translator may provide this channel of leakage.

Now, a few words about the division of the Department of Financial Institutions. The main functions of this department are to establish correspondent relations with foreign credit institutions, including banks in Germany, Switzerland, Austria, Sweden, Denmark, the United States and other countries.

Documents are in English: contracts for work on the interbank market, founding documents, signatures albums. Ideally, the document must be translated, but if you give it to the Bureau of translators it will cost you a lot.

The following representatives of the banking sector, who also need to know business English, are currency control and services for International Settlements. In case of untimely receipt of funds the bank has to make investigation and go for direct contact with non-resident banks. Also, for the purpose of exchange control clients provide bilingual contracts for the subsequent analysis of the content of the transaction.

All correspondence of SWIFT (Society for Worldwide Interbank Financial Telecommunication), special relationship between banks are carried out on business English, even between the counterparty banks. Despite the fact that the bank is a resident, a message can be transmitted only in English.

In working with letters of credit specialists use economic, foreign trade and financial vocabulary (irrevocable, confirmed, Letter of credit, validity period, repayment period, installment, damage, partial deliveries, last date of shipment, out-of-court settlement of any dispute, payment in advance, all the terminology of Incoterms - DDU, CIF, CIP, EXW).

The next department is the Management of retail business, which is engaged in credit cards of international payment systems: VISA, MasterCard, American Express and others.

Other departments, such as Credit Division of an opening of account, Operation Management, face needs to use business English in the course of their job functions. Customer-foreigners come to the bank to open an account in order to register the company. It is necessary to understand what they want and to explain to them what documents are needed to register a company.

Thus, the following advantages of English proficiency in the banking sector are:

Firstly, the increase of productivity of the bank by improving work with a client base: in all the above mentioned examples, the employee who owns business English, has an opportunity to make contact with clients of any level, without using the services of translator, to solve all problems better and more quickly.

Secondly, the productivity is improved: a business letter is written not in two days, but in a few minutes. Work goes efficiently [2].

Literature:

1. Банковский английский: [Электронный ресурс]. – Режим доступа: http://www.dschool.com.ua/banking_english. Дата доступа: 29. 03. 2015.

2. English speaking club: [Электронный ресурс]. - Режим доступа: http://e-s-club.livejournal.com/12174.html. Дата доступа: 29.03. 2015.