Social Responsibility of Banking Business
ანოტაცია
Corporate social responsibility in the banking business spans several decades, although its relevance dates back to the twentieth century, and today it is one of the most important components, as the global crisis has necessitated the integration of moral principles into banking. Many banks have realized the need to create a management system that not only maintains the efficiency of the banking system in the short term, but also ensures the efficiency of its long-term development.
The global financial and economic crisis, which began in 2007 and ended in 2010, has forced companies around the world to reconsider how they do business. Particular attention should be paid to financial institutions and their political will, so as to regulate their actions in order to protect those who easily entrust their finances to them. Emerging areas of social banking and social finance are recent efforts to incorporate broad aspects of capital, social value, and capital into our models of economic well-being. These are approaches to the financial industry that have emerged and attracted public attention mainly during the recent economic crisis. After this crisis, they can use useful lessons on how to improve local and global financial systems, using “best practical” examples.
Social banks were one of the most successful economic start-ups during the global economic crisis of 2007-2010, which increased annual capital by 30%, while most banks were hit by the economic crisis. Social banking is not a radical change of the capitalist system, but an improvement of its basic functions, using the practice of the triple profit principle, which defines three areas of focus: profit, people and the planet.
Thus, our goal is to briefly and simply explain the history, philosophy, current status, perspective of the social bank and what place they have in the global economy, as social banks are based all over the world and their interactions around the world create social finance development.
