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Business Report - Essay Example

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Business Report

The economic activities have accelerated in the current century, the economic opportunities have been explored, and wealth proportion has expanded instead of getting more concentrated. The FASB therefore adopted a policy of variance, aimed at adaptability towards economic progression. The economic expansion and rapid circulation of wealth intensified the activities of the banking sector, and for the procurement of its share, the FASB broadened the horizon of its banking facilities.
The requirements and the expectations of the consumers revolutionized, and for this purpose the banking sector was compelled to adopt and introduce set of revised and modified scheme which primarily focused on lending services, the deposition activities although gained a massive momentum, but the contribution in this regard was mainly from the wealthy people, the lending services were sought by the industries, corporate world and the major portion of society. Initially the banking institute was reluctant to adopt the concept of accountability and transparency, but once the population of the consumers rose, and the banking institute developed linkages with different clients, the bank was forced to ensure that accountability and transparency is practiced in all its form. The economic expansion did not only broaden the horizon for the FASB, rather the other banking institutes also strengthen and received an equal opportunity for procurement of contracts and opportunities. The FASB therefore had to intensify the implementation of its plan in the wake of economic expansion, and rising competition. The FASB developed an strategy, previously when the economic activities were sluggish, the bank focused on the areas where the community sought financial assistance and safeguard for the deposition of their money and other valuables, lately when the technological revolution improved the qualitative and the quantitative standards of living, the bank adopted an entirely different strategy to overcome the needs of the customers, not by offering to them what they require, but by offering to the customers all which they should inherit in this period of technological development, so that the improved quality standards can be availed by the customers. The bank focused from routine operation to an arena of innovation, where the need was never felt but generated to apprise the customers about the qualitative enhancement of life, through different financial schemes.
The organization usually assigns the managerial responsibilities to the employees of various divisions, keeping in view the difference of area of specialization of the employees. According to Welch (2001), the organization ...Show more

Summary

The FASB has strived for the sustainable success since its inception, and has been successful in development of corporate and business relationship with its valued customer. The banking institute has tried to evolve a healthy relationship with its partners which is based on mutual trust and understanding, the banking institute understand the responsibility on their part, and has tried to accomplish objectives and aims through recognition of its role and responsibility as a financial intermediary brings with it a duty of responsible conduct and engagement…
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Business Report Essay essay example
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