Post on 08-Mar-2018
transcript
Julie Pratten
MELTA 2015
Munchen, 13 June 2015
http://mywellrunbusiness.com/wp-content/uploads/1970/01/bank1-210x200.jpg
Part 1 :
Introduction
Developments in Banking English
• Pre and post financial crisis
Outline
Outline
Why finance professionals need to upgrade their
performance in English
Developments/Problems
Key competences then/now
Focus on learners:
Challenges
Solutions
Materials
Overview
front office operations
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client specific issues
local banking activities
ITF transactions
Globalisation Deregulation
Cross borderFree market
activities
Reciprocity Harmonisation
Overview
New legislation
Tighter banking supervision
Basel II accord
BIS cooperation
Harmonisation
Transparency
Challenges
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Then along came the global meltdown
http://blog.emergencyoutdoors.com/tala/uploads/2012/06/bank-run-03.jpg
Challenges
•Sustainability?
Clients looked for alternatives
•Accountability?
Anti banking initiatives
•Responsibility?
No confidence in banking industry
Challenges
New terminologyThey need active
listening skills
Emphasis on
improved
performance in main
4 skills
Need to be pro-active
/more interactive
Challenges
Challenges
I can’t say what I
want: I just don’t
have the words.
I don’t have
enough specialist
vocabulary …Explaining
complicated
situations is
trickyMy
presentations
are too wordy /
I can’t use KISS
principle
I can’t understand
native speakers.
They use
expressions I’ve
never heard .
I don’t know how
to outline
conditions &
procedures
key competence solutions
Combined performance skills plus
‘New’ Financial terminology
http://blogaziendali.com/wp-content/uploads/2013/07/comunicazione-aziendale.jpg
key competence solutions
Bank stress tests
http://stopforeclosurefraud.com/wp-content/uploads/2011/09/mortgage-crisis21.jpg
Risk-weighted assets
Forensic accounting
Bankruptcy-related problems
Fraud and security issues
Relationship banking
Basel II developments
Technological shift
ICFE course
key competence solutions
http://www.deltapublishing.co.uk/titles/bu
siness-english/absolute-banking-english
http://www.deltapublishing.co.uk/titles/business-english/absolute-banking-english
http://www.deltapublishing.co.uk/titles/business-english/absolute-banking-english
Recommendations
•Self study with exam book Option A
•Self study with weekly Skype coaching sessionsOption C
•Self study with trainer monitoringOption B
Recommendations
•A combo of self study/extensive/intensive short courses
withblended course modules
Option
D
For key communicators
TED TALK
by Halla Tomasdottir
Author Insights
English for international
banking post crisis
“ The words “banking” and “crises” are
natural bedfellows. If love and marriage go
together like a horse and carriage, then
banking and crisis go together like Oxford
and the Isis, intertwined for as long as
anyone can remember ”
-- Mervyn King
- the impact of the global banking
meltdown on English in the financial
sector,
© 2013 1
English for international banking post-2008
Julie Pratten, author of Absolute Banking English, discusses the impact of the global banking meltdown on English in the banking sector.
Since the global meltdown of 2008, it has become more important than ever for financial
experts to be able to deliver a coherent message in English. With confidence in bankers at
an all time low, they must go the extra mile to convince their clients, their investors, and
their shareholders that they are competent. At the same time, finance has become the
focus of daily conversation, hence most business professionals need to have some
knowledge of financial English to be able to communicate in this area.
Even the general public are much more clued up about finance. The man is the street knows
many specialist terms and understands quite complicated banking scenarios. Toxic assets,
sub-prime mortgages, risk asset weightings, quantitative easing; you’d be surprised but all
these terms have even been featured in tabloid newspapers accompanied by cartoons of
Helicopter Ben; an image of the Governor of the US Federal Reserve, Ben Bernanke,
throwing bundles of banknotes from a helicopter to bailout the ailing economy. In the UK,
people used to be rather complacent about the flaws of other countries’ banking systems.
When they heard Greece was in trouble, they presumed it was only other countries whose
bankers offered highly dodgy credits (in terms of risk) until someone twigged that the cross-
border aspect, i.e. systemic risk, had a domino effect on all banks and can have a
devastating impact on the economy.
In terms of global communication, bankers’ enhanced knowledge of financial English and
ability to express themselves fluently and accurately is the key to gaining a competitive
edge. Some of the main issues that have been constantly discussed in the business and
banking community have been responsible lending practices, accountability and
transparency. In short, this means banks have to be more cautious in their lending decisions
and in the case of negligence, they need to own up and face the consequences of their
mismanagement. Absolute Banking English stimulates discussion on a range of sticky
scenarios that have arisen where the finger can be pointed at bankers, and challenges them
to defend their corner.
Author Insights