Language in Business & Science: Banking

Showing posts with label Banking. Show all posts

And I won’t do it again?

And I won't do it again?

'So Sorry'

Fund Managers Now Well-Versed in the Language of Loss

By Steven Mufson

Washington Post Staff Writer

Sunday, November 2, 2008; F01

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/01/AR2008110100231.html

"Being a stock market fund manager or strategist these days means always having to say you're sorry........."

A very interesting article about the language of contrition by fund managers. Except this unforeseen behaviour raises two questions. The first question: is this just herd behaviour? If everyone is saying sorry it is much easier to follow and say you are sorry. In the same way as when everyone was doing the equivalent of jumping off a cliff with other people's money, I guess, it was easy to jump off a cliff as well.

The second question is this: what happened to "...and I won't do it again?" Usually when we say we are sorry we try to convince the other person of our genuine remorse by promising not to do it again? Even if this promise is some sort of short term confidence assurance. I have a feeling that we have to wait another six or seven years before we find out. So much for imperative moral language.

Label: sorry, business language, fund managers, economy, banking, Washington post

The Dragon uses English

The Dragon uses English

Country:
Hong Kong, China

Source:
Bank of China chief's fluent English sways investors

The Star Online

Saturday May 27, 2006

Latest business news from AP-Wire

Story:
The head of the Bank of China impressed investors by speaking in fluent English during the bank’s IPO road show.

His ability to take questions in English really endeared him to his audience since Chinese executives do not usually like taking questions even if they give presentation in English.

Facts:
- Bank of China IPO US$9.7bn

Language Issues:
- Language is an important business tool and this story shows how language can be used to create trust and confidence. However, how important is the “fluency” factor in creating that truct?
- Being able to answer questions is a fundamental feature of language use. It is clear from this story that dealing with questions is itself a causal factor in establishing a dialogue with and confidence in the other person.

Comments:
- This story is evidence that English, as a language, is not a cultural or political issue.
- The need to do business takes priority over cultural or even political score points.

Bottom-Line:
Can we put a value on the good-will created to a business because of good dialogue with shareholders and stakeholders?

Free Credit Reports in English

Free Credit Reports in English

Country:
USA

Source:
Que? Credit reports available only in English

South Florida Sun-Sentinel

Story:
Under Federal law consumers are entitled to a free credit report, but these are only available in English. Only one of the three major credit agencies can provide reports in Spanish if requested.

Facts:
- 20 million files are constantly being updated.
- No language provision exists in the relevant legislation.

Language Issues:
- Do we have a right to exercise our rights in our language (if applicable) or are rights independent of language?
- If there is a language right is this relative or absolute? For example, should all languages be treated equal or only those with a big enough population; compare Welsh or Catalan with Mandarin or Russian.
- Are we heading towards a global language? Do we need a global language?
- Can we really discriminate because of language? We can do something about our language skills, but not our race or colour of our skin.

Comments:
- What would be the business costs to introduce a multi language service for these free reports?
- Is this an opportunity to introduce some intelligent software for this service?
- Should the government pay for a multi language service?
- If reports are provided in different languages, which would be the legally binding report in a court of law?

Bottom-Line:
How big is the demand for credit reports in other languages?

Bank Goes from Pole to Polish

Bank Goes from Pole to Polish

Country:
UK

Source:
Opportunity Knocks
Peter Day
BBC-Radio 4
In Business (podcast) 11 May 2006
British Broadcasting Corporation © 2002-2005
Podcast Link
Web Page

Story:
Local Barclays Bank branch has had growth of 60 – 80% by attracting Polish clients living in London. It started when the branch recruited a Polish member of staff who attracted business though word of mouth. Polish clients found it convenient dealing in their own language.

The bank is now embarked on a recruitment drive for Polish employees. The bank expects to attract 2,000 Polish businesses from the catchment area.

Facts:
- local branch business growth of 60 – 80%.
- the bank has 10 Polish employees working in the area and recruiting more.
- estimated Polish settlers in the

in 2005 is 132,000.
- estimated Polish settlers since opening borders 350,000 – 750,000.

Language Issues:
- Polish employees can communicate in both English and Polish. So, in a way, the bank is recruiting language efficient employees with the necessary professional skills already in place.
- it seems that a certain critical mass is required in business to make any investment in languages worth while.

Comments:
- a seamless integration of language skills and professional skills is probably necessary to maintain any competitive edge. Presumably, the competition is watching and would want part of the action.

Bottom-Line:
Are there cultural requirements which clients expect from the bank?