ISSN:
2181-3906
2025
International scientific journal
«MODERN SCIENCE АND RESEARCH»
VOLUME 4 / ISSUE 10 / UIF:8.2 / MODERNSCIENCE.UZ
478
A STUDY OF ENGLISH TERMINOLOGY USED IN THE BANKING SECTOR
Urozova Nigora Toshmurodovna
Respublic of Uzbekistan, Samarkand
Assistant teacher of Samarkand institute of Economics and Service.
Kuralbayeva Nursulu Kuatbekovna
Oralbayeva Ruxshona Vafoyevna
Students of Samarkand institute of Economics and Service.
https://doi.org/10.5281/zenodo.17457861
Annotation.
This article reviews the history of the study of banking terminology in
English. It also highlights changes in the meaning of the terms under study, their
correspondence to other words, and words borrowed from other languages.
Keywords:
Termins, banking, credit, loan, account, checking account, saving account,
personal loan, market, risk, deposit.
Annotatsiya.
Ushbu maqolada ingliz tilidagi bank terminologiyasini o‘rganish tarixi
ko‘rib chiqiladi. Shuningdek, o‘rganilayotgan atamalarning ma’nosidagi o‘zgarishlar, ularning
boshqa so‘zlarga mos kelishi va boshqa tillardan oʻzlashtirilgan soʻzlar ko'rsatib oʻtilgan.
Kalit so‘zlar:
terminlar, bank, kredit, qarz, hisob raqam, joriy hisob, jamg‘arma hisob,
shaxsiy kredit, bozor, xavf, omonat.
ИССЛЕДОВАНИЕ АНГЛИЙСКОЙ ТЕРМИНОЛОГИИ, ИСПОЛЬЗУЕМОЙ В
БАНКОВСКОМ СЕКТОРЕ
Аннотатция.
В статье рассматривается история изучения банковской
терминологии на английском языке, а также изменения в значении рассматриваемых
терминов, их соответствие другим словам и заимствованиям из других языков.
Ключевые слова:
термины, банк, кредит, заём, счёт, текущий счёт,
сберегательный счёт, потребительский кредит, рынок, риск, депозит.
The banking sector, a cornerstone of modern economies, relies heavily on precise and
specialized terminology. This article explores the landscape of English terminology within
banking, examining its key areas, evolution, and significance for effective communication and
global financial operations. Banking terminologies are widely used by all types of banks in
Uzbekistan. Knowing these terminologies can be helpful in understanding banking concepts and
managing your finances effectively.
The core of banking terminology revolves around fundamental concepts such as
accounts, loans, and transactions. Terms like "checking account", "savings account", and "money
market account" are ubiquitous, representing different types of deposit accounts offered to
customers. Loan terminology includes "mortgage", "personal loan", "commercial loan", and "line
of credit", each denoting specific lending products tailored to various needs. Transaction-related
terms such as "deposit", "withdrawal", "transfer" and "payment" are essential for describing the
movement of funds within the banking system.
In the context of Uzbekistan, however, these terms are adapted to local practices. In the
glossary compiled by the Central Bank (2023), the term "collateral" is defined as "a necessary
ISSN:
2181-3906
2025
International scientific journal
«MODERN SCIENCE АND RESEARCH»
VOLUME 4 / ISSUE 10 / UIF:8.2 / MODERNSCIENCE.UZ
479
financial asset to cover credit risk" (p. 33). This evidence demonstrates that combining
international terms with local interpretation is crucial for the success of the learning process.
Cortazzi and Jin (2019) emphasize that "mastery of specialized field terminology
significantly enhances the efficiency of international cooperation" (p. 45). Specifically, concepts
such as "leverage" and "collateral" hold the same meaning across different cultures, which
facilitates their application on a global scale (European Central Bank, 2023).
Beyond these basics, banking terminology extends into more specialized areas such as
investment banking, risk management, and regulatory compliance. Investment banking utilizes
terms like "equity", "bond", "securities" "underwriting", and "mergers and acquisitions (M&A)",
reflecting the activities of facilitating capital raising and corporate restructuring.
1
Risk
management involves terms such as "credit risk", "market risk", "operational risk" and
"compliance risk" highlighting the various threats that banks must mitigate.
2
Regulatory
compliance introduces terms like "Anti-Money Laundering (AML)", "Know Your Customer
(KYC)", "Basel III", and "Dodd-Frank Act" reflecting the legal and regulatory frameworks
governing banking operations.
3
The evolution of banking terminology reflects the changing nature of the financial
industry. The rise of digital banking has introduced new terms such as "online banking", "mobile
banking", "e-transfer", and "cryptocurrency". Globalization has also contributed to the
convergence of banking terminology across different countries, with English often serving as the
lingua franca.
Effective communication within the banking sector is crucial for several reasons. Clear
and unambiguous terminology ensures that customers understand the products and services
offered by banks. It also facilitates efficient communication between banking professionals,
regulators and other stakeholders. In the global context, standardized English terminology
promotes interoperability and reduces the risk of misunderstandings in cross-border transactions
and financial operations.
English is considered the primary language of international finance and banking today.
Most of the world’s largest banks, such as HSBC, Citibank, Barclays and JP Morgan
Chase, conduct their internal documentation, contracts, and international correspondence in
English. Therefore, understanding and correctly using English banking terminology is an
essential part of professional competence for bank employees.
Knowledge of English terminology provides banking specialists with several key
advantages:
• Enables effective communication with international clients.
• Prevents errors when drafting loan or investment contracts with foreign banks.
• Helps in reading and analyzing international financial reports.
• Facilitates faster adaptation to new technologies and developments in the banking
industry.
https://www.lseg.com/en/risk-intelligence/glossary/regulatory-compliance
https://www.4degrees.ai/blog/the-ultimate-glossary-of-investment-banking-terms-a-comprehensive-guide
ISSN:
2181-3906
2025
International scientific journal
«MODERN SCIENCE АND RESEARCH»
VOLUME 4 / ISSUE 10 / UIF:8.2 / MODERNSCIENCE.UZ
480
For example, terms such as “SWIFT transfer”, “interest rate”, “balance sheet”, “credit
score” and “financial statement” are widely used in everyday banking operations. Understanding
these terms accurately ensures clarity and efficiency in the work process.
Nowadays, Uzbekistan’s banking system is rapidly developing and expanding its
cooperation with foreign investors. Therefore, having a solid command of English — especially
financial and banking terminology — is becoming increasingly important for specialists.
Many higher education institutions now offer courses such as “Banking English” and
“Financial English”, which help students and employees become globally competitive
professionals.
In conclusion, English terminology plays a vital role in the banking sector, encompassing
a wide range of concepts from basic transactions to complex financial instruments and regulatory
requirements. As the banking industry continues to evolve, so too will its terminology, reflecting
the ongoing trends of digitalization, globalization, and regulatory change. English banking
terminology is not only a part of language learning but also a measure of professional literacy in
the financial world. A specialist who can use banking terms accurately can communicate
effectively, perform tasks more efficiently, and participate in international financial cooperation.
Thus, mastering English and its banking terminology is truly the key to success in the
modern banking sector.
References
1.
Crystal, D. (2008). A Dictionary of Linguistics and Phonetics. Blackwell Publishing.
2.
Cortazzi, M., & Jin, L. (2019). English for Academic Purposes: A Guide for Students of
Banking and Finance. Routledge.
3.
European Central Bank. (2023). Glossary of Financial Terms. ECB Publications.
4.
Investopedia.
(2024).
Banking
Terminology
Dictionary.
https://www.investopedia.com/banking-terms-5073165
5.
Markaziy Bank. (2023). Bank sohasidagi atamalar lug‘ati. Toshkent: IQTISODIYOT.
6.
Cambridge Dictionary. (2024). Business English Dictionary. Cambridge University Press
