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.

Lisa March is a bilingual Marketing and Sales Executive. She works closely with LTI on strategic partnerships, business development and marketing. Her efforts help LTI scale the use and implementation of language assessments in schools, institutions, corporations and government agencies.

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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Lisa March is a bilingual Marketing and Sales Executive. She works closely with LTI on strategic partnerships, business development and marketing. Her efforts help LTI scale the use and implementation of language assessments in schools, institutions, corporations and government agencies.