Question

Socio economic issue that challenges the social responsibility of standard bank

Answer 1

Explanation:

• Poverty is a socio-economic issue. Socio-economic issues are factors that have negative influence on an individuals' economic activity including: lack of education, cultural and religious discrimination, overpopulation, unemployment and corruption.

Answer 2

The Socio-economic issue that challenges the social responsibility of standard bank are the high fees that limits the usage of banking services and due unfamiliarity of the low income group they have a general sense of mistrust in banks’ motives.

Explanation:

• The sustainability and success of the banks are  linked to the prosperity and well being of the societies.  It is the important that the core business activities of the banks must support and contribute to this prosperity and well being of the society.
• The people in the low-income bracket do not make use of the mobile and internet banking due to lack of familiarity and fear of fraud. They have  concerns of fraud  that negates the usage and the convenience of cashless transactions.
• The banks have many barriers  for people from low income group to access the loans and the banks require a lot of paperwork and the response times are slow .

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