1.5.1. Economic responsibility
A bank should firstly respect corporate governance by
respecting the laws. Secondly it develops a fair safe and stable competitive
industry and creates continuously economic values through operations,
shareholders, employees, clients and general public. Finally, it also
guarantees stakeholders' and employees' rights by giving equal pay for equal
work and by creating a comprehensive employee development program and a good
scheme. Finally, it guarantees consumers' right by giving a correct and a clear
information providing a protection system and warn them of potential risks. In
other words, CSR is an important business strategy because wherever possible,
consumers want to buy products form companies they trust, suppliers want to
form business partnership with companies they can rely on, employees want to
work for companies they respect and satisfy its stakeholder groups.
The bank's strategy should involve
· Promoting responsible lending and afford activities to
advance the growth of responsible lending through a simple and demanding vision
like encouraging the access to credit for all kinds of people and at the same
time defeating over indebtedness.
· Helping customers to put their plans into action and
securing their future and campaigning for the responsible distribution of
credit and clear consumer information.
· Boosting the customer's confidence: a bank should
combat over indebtedness by making sure that individual plans are realistic,
clients have sufficient resources to repay their borrowings, settling monthly
payments, matching with household budgets, encouraging access to credit for as
many people as possible through a diverse and personalized range of services
and products, and by offering flexible support to each customer and listening
carefully to his needs.
The bank should develop a responsible product by giving the
customer the opportunity to secure their loans with effective insurance like
permanent disability, and unemployment, and ensure clear information by
providing the consumer the information and services they need. The company
should also be committed to obtain the possible rating like the percentage of
accounts with clear payment records and finally making its convictions by
explaining its business, its commitments and its support for responsible
lending to the staff and the public.
1.5.2. Social responsibility
It is about protecting the public interest of consumers,
employees and community guided by the corporate vision. It is also about
actively participating in public welfare activities, cultivating social harmony
and promoting social development.
The company's core should be based on integrity, respect,
excellence and accountability. To make a positive social impact by creating
jobs and providing a healthy and
dynamic work place is among its priorities. Furthermore it
should conform to all laws and regulations provide clear disclosure of
financial results and adopt fair and progressive human resources practices. It
also protects the health and welfare with the support of the initiatives to
assist environmental sustainability and invest in communities through
donations, sponsorship and in kind contributions of products and services.
All those goals could be achieved by:
· Developing a responsible credit system to help raising
the public awareness about the credit and sharing information with the
industry.
· Being responsible for employees by emphasizing their
health and safety.
· Providing human resources management and an effective
employee training and creating a professional working environment.
· Supporting the social development of the community by
providing convenient financial services.
· Initiating campaigns for financial education and
participating in charity donations and voluntary activities.
Finally to be socially committed and responsible, a bank
should inform and advice its clients by teaching them how to manage money
budgeting, how to read bank statements and be able to evaluate their own
financial situation by affording money management and education programs in
their services. This is an important skill to avoid risks.
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