Role and Importance of English Language Usage in the Banking Sector in Serbia

Abstract

The objective of this paper is to gain insight into the importance of English in conducting business efficiently in the banking sector. Also, the conclusions have been made after consideration of relevant research as well as its comparison with research conducted in certain banks in Serbia. The conclusions address the level of usage of the English language in this sector and the opinions that employees have regarding it. Due to the development of e-commerce and daily use of the Internet, the English language has become lingua franca in the banking sector. Also, in order to operate effectively and communicate between banks of different countries, it is important to begin with English language learning in a timely manner. In this paper, the emphasis is primarily placed on written correspondence since it is highly present in banking operations. Employees who perform a more complex type of business and who use English every day should improve their writing skills by gaining greater familiarity with, and putting into use more frequently, certain banking terms and initials/acronyms in the English language.

Keywords

• english language
• business english
• banking
• banking correspondence