Is Language Translation of Services a New Banking Trend?

The Consumer Financial Protection Bureau (CFPB) is ordering GE Capital Retail Bank (GE Capital), known as Synchrony Bank, to “cough up” $225 million to consumers who were victims of illegal and discriminatory credit card practices. GE Capital must refund $56 million to approximately 638,000 customers who were subject to these deceptive marketing practices.

In light of these developments many banks and financial institutions are taking steps to protect themselves against increasing regulations initiated by the CFPB for not providing services and disclosures in the target language of their customers. One way would be to translate such items in the specific, native language of its customers. This could likely become a trend and a best practices standard for the banking and financial markets. Outside of the risk of potential fines for unintentionally misleading customers, taking this action will better ensure a more positive customer experience for consumers who speak any language.

Click here to read the full article on CFPB’s fine to GE Capital Water Slide Sea Tema.

Using Language To Land The Job

As the economy continues to slowly improve and unemployment levels drop, more and more jobseekers are finding the task of getting hired less daunting. Unemployment rates in the United States decreased to 5.40 percent in April of 2015 from 5.50 percent a month earlier. This trend signals a slow yet steadily growing confidence in the economy and a positive future outlook from many companies. Now that doesn’t mean a new job will fall into your lap. You’ll still need to get noticed and recruiters, like Michael Ziegelbaum, of Infinity Consulting Solutions in Manhattan says, “Employers are always looking for that extra something in a candidate, even if it’s not required for the role”. That “extra something” could be anything from being proficient in graphic design to even speaking a second language. “These are all things most candidates will leave off a resume, especially if the role doesn’t specifically call for it and that’s a big mistake”, according to Ziegelbaum.
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A Second Language Can Be Your Hidden Asset

Outside of looking for a job, you’ll find that many current jobseekers won’t have the same educational backgrounds, industry experience or job descriptions. However, approximately two-thirds of them do have one thing in common.

Over 31% of jobseekers speak two languages, according to a poll of over 12,000 visitors to the Korn/Ferry International website. An additional 20% speak three languages, 9% speak four languages and 4% speak more than four. Whether companies are conducting business overseas or trying to obtain a larger market share locally, employers are increasingly seeking out bilingual employees, or people with the ability to speak and communicate in more than one language. In fact, a recent CareerBuilder.com keyword search turned up more than 6,000 job postings seeking bilingual applicants.
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Connecting With The Hispanic Market Through Language & Culture

Corporate America has awakened to the monumental importance of the Hispanic consumer and their growing purchasing power, which by end of this year is estimated to reach between $1-$1.5 trillion dollars. Companies are realizing this is a market that can’t be ignored and that if they don’t act now the chance to capture it may be lost. Those who’ve succeeded, went well beyond simply translating English copy into their native language on their website and marketing collateral. These companies expanded their strategy from merely targeting the Hispanic consumer to exploring the cultural characteristics and values that would drive them to trust their brand.
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