Sophists Essay -- Philosophy, Socrates, Plato, Gorgias, Aristotles

Sophists have been perpetuated in the history of philosophy primarily due to their most fierce critic Plato and his Gorgias, where Socrates brings profound accusations against the practice of sophists and declares notoriously rhetoric to be a part of flattery (ÃŽ ºÃŽ ¿ÃŽ »ÃŽ ±ÃŽ ºÃŽ µÃŽ ¯ÃŽ ±, 463c). This paper focuses on the responses to sophists’ practices by Plato and Aristotle, analysing on the one hand criticism made on their practice, on the other, however, trying to evaluate in which respect the responses of the two philosophers differ. Thus, taking the polemic of sophists as a starting point, the paper moves forward into discussing the fundamental differences in the treatment of rhetoric as perceived by Plato and Aristotle. For this reason (and in order to present a fuller account of Plato’s theory of rhetoric) not only Plato’s Gorgias, but also his Phaedrus is incorporated to the following analysis. Plato on sophists and rhetoric In Gorgias Plato claims that rhetoric is not a Ï„Î ­Ãâ€¡ÃŽ ½ÃŽ · (462b) and his accusations against sophists or rhetoricians seem to be reducible to three closely related arguments: first, that rhetoric doesn’t have its own subject (that would make it a Ï„Î ­Ãâ€¡ÃŽ ½ÃŽ ·); second (and most importantly) that it lacks the theoretical basis that is necessary for a Ï„Î ­Ãâ€¡ÃŽ ½ÃŽ ·, and thirdly that rhetoric is used for morally base intentions and pursuits, which corrupt the souls of the citizenship (503a). And, as will be apparent below, a discussion of these problems is offered both in Plato’s theory of true rhetoric in Phaedrus as well as in Aristotle’s treatment of rhetoric in his Rhetoric. Thus, the above presented accusations are latently put forward also in Phaedrus, where Plato presents his positive concept of rhetoric, yet which obviously sta... ...or Plato actually) rhetoric ‘happens’ (McCabe 1994: 152), the sophistic practice has an impact on its audience and thus it must be possible to find out the underlying system of this practice (1.1.1) that would enable one to call it an art. Further, it seems that Aristotle’s response is in some sense more fundamentally a response to Plato, at least in terms of taking the problems Plato articulates in his Gorgias as well as in his Phaedrus into serious consideration, and building up his own theory that would not suffer of the problems demonstrated in Plato’s works. Thus, Aristotle is very profoundly in a dialogue with Plato, accepting some of his criticism against the sophists (rhetoric should be basically a rational practice, with morally-neutral pursuits), while rejecting others (the appeal to emotions plays an important part in Aristotle’s theory, for example).

Operation of Commercial Banks in Bangladesh

Term Paper On Operation of Commercial Banks in Bangladesh Term Paper On Operations of Commercial Banks in Bangladesh Financial Institutions & Markets (FIN 335) Summer 2012 Submitted To Md Lutfur Rahman Assistant Professor Department of Business Administration East West University Submitted by Srabonty MazumderMd. Saddam HossenMd. Mehedi HasanMd. Nazmul Hasan BhuyanSanjana Ahmed| 2009-2-10-0212009-3-10-031 2009-3-10-0762009-3-10-0222008-3-10-101| Section:02 Date of Submission: April 18, 2012 Letter of TransmittalApril18, 2012 Md Lutfur Rahman Assistant Professor Department of Business Administration East West University Subject: Submission of Assignment. Dear Sir: We are very pleased to submit this term paper on â€Å"Operations of Bank management in Bangladesh. † as you have authorized us to in this semester. We are honored to prepare this term paper under your guidance since it gave us the opportunity to know the operations of different commercial bank in Bangladesh and a lso know the product and service offered by that bank.And we explore which bank provides unique product and service for their customers and which way they provide. We analyze its offered product comparative scenario in respective to the other type of commercial bank. We tried our level best to accumulate the information for you as comprehensive as possible. We will be obliged to provide further clarification on this report whenever necessary. Sincerely Yours, Srabonty Mzumder [2009-2-10-021] ________________ Md. Saddam Hossen [2009-3-10-031]________________ Md.Mehedi Hasan [2009-3-10-076]________________ Md. Nazmul Hasan Bhuyan [2009-3-10-022]________________ Sanjana Ahmed [2008-3-10-101]________________ Acknowledgement We would like to express our gratitude and indebtedness to our honorable faculty Md Lutfur Rahman, Assistant Professor, Department of Business Administration, East West University (EWU). With his inexhaustible guidance, valuable advice, continuous inspiration, constr uctive criticism and generosity she helped us to carry out this report successfully.We would also like to express our gratitude to the website that helped us to gather all the necessary information. Finally, we would like to thank to all group members that directly or indirectly helped us to provide and accumulate all the necessary information for the accomplishment of this assignment. Table of Content Executive Summary 1. Introduction: There are different kind commercial bank that are operating their business in Bangladesh like state owned commercial bank, private owned commercial bank, some multinational bank, Islamic bank etc. ach type of bank offer different kind of product and service for their client. These commercial offer different types of deposits service and also offer different types of credit service. So we analyze the comparative situation in one bank offered product and service with another bank. 2. 1. Origin of the report:  This report originates to fulfill the req uirement of studying Financial Institutions & Markets, which is the course of BBA Program of East West University. The topic of the report is â€Å"Operation of Commercial Banks in Bangladesh† 2. 2.Objective:  The purpose of the report is to know the comparative situation among the commercial bank and also to elaborate our knowledge about financial market by analyzing its comparative situation. 2. 3. Scope of the report:  There are huge scopes to prepare the term paper to collecting information, analyze the information and also implement the information. 2. 4. Limitations:  To prepare this report we have faced a lot of problems such as unavailability of lab, electricity problem, unavailability of related books unavailability of information in net etc. 2. 5.Methodology: At first we collect the basic information from internet like related bank websites, and then analyzes the information on the basis of available information. So for the purpose of the report completion collect information from secondary sources. Public and Private commercial Banks in Bangladesh Public Banks: The banking system of Bangladesh is dominated by the 4 Nationalized Commercial Banks In which 3 are totally controlled by government and 1 (Rupali Bank) bank is controlled by both government and private sector. Nationalized Commercial Bank of Bangladesh: * Sonali Bank Agrani Bank * Rupali Bank * Janata Bank For Our Comparison we select Agrani Bank and Sonali Bank Private Banks: Private Banks are the highest growth sector due to the dismal performances of government banks (above). They tend to offer better service and products. Now 39 private commercial banks are operating in Bangladesh. Among them we select Dutch Bangla Bank ltd and BRAC Bank ltd for our comparison. Comparison between Public and Private Banks: 1. Personal Banking: As public Bank Agrani Bank and Sonali Bank offer Personal banking products for their current and potential customers.On the other hand private bank also provide different types of personal banking service for their current and potential customer. Deposit and loan services are- Product type| Public Bank| Private Bank| Deposit services| Savings bank account, Fixed deposit receipt, Pension schemeSonali Deposit Scheme (SDS)Education Deposit Scheme (EDS)Medicare Deposit Scheme (MDS)Monthly Earning Scheme (MES)Marriage Savings Scheme (MSS)Rural Deposit Scheme (RDS) andDouble Benefit Scheme (DBS)Credit Schemes| Convertible Taka Account.Current Deposit AccountCurrent Deposit Account BankExporter’s FC DepositForeign Current AccountNon- convertible Taka Account Saving deposit AccountShort Term Deposit AccountShort Team Deposit Bank Account| Loan Sevices| Home loan, Consumer loan, Advance against salaryConsumer Credit Special Small Credit IT Finance Loan for Diagnostic Center Loan scheme for Employment Abroad | Auto Line Care Line Dreams comes true LineEducation LineFestival LineFull Secured Line General LineHome Line: Marriage Li ne Professional LineTravel line| 2. Business support And Industry Development Products :With a view to building up a fund of Tk. 500 crore for financing industrial projects,  Agrani Bank  introduced  Agrani Bank Shilpa Unnayan Bond  in 1999. There are two types of bonds – 5 and 7 years. The lowest denomination is Tk. 50,000 and highest one is of Tk. 500,000. Interest rate is good enough to attract people. Major credit Schemes for business people are Industrial Credit, Trade Finance, Import Finance and Export Finance. If you are a deserving candidate for any of them, or you need any documentary support from  Agrani Bank, you may visit to any branch of  Agrani Bank.For industrial development of the country  Sonali Bank  provides long term loan against new industries and BMRE program of existing industries. Under different schemes it addresses thrust sector, Garments, Tourism, Hospital, Pharmaceutical, Power Plant and many more. Compare to Public banks with priva te bank : Also offer different type of loan facilities that’s interest rate is generally floated interest rate. 3. Agri & Rural Banking product : Now bottom line farmers may have a bank account depositing Tk. 10 only. Agrani Bank  provides this service to rural areas in Bangladesh.Young generation intending to go abroad for jobs may have loan for their air tickets and other expenses against nominal securities. Other rural economical activities are also supported by  Agrani Bank  credit programs. The areas addressed are Cultivation (flower and others), Fisheries, and Poultry, Purchasing Agriculture and irrigation machinery and ploughing animals. So it can be said that  Agrani Bank that public bank  is working to promote economic growth of Bangladesh from the very grass root level which is 80% of national economy. 5% of our population lives in rural areas of Bangladesh and 75% earn their living from agriculture. So without boost up of agriculture our economy wonâ €™t grow. Also Sonali Bank as a public bank  very correctly addresses it through the Rural Credit Scheme. The scheme provides loan under the following criteria: * Crop Loan * Special Investment Program * Farming & Off Farming program * Krishi Khamar Rin Karmasuchi * Pond Fisheries Credit Program * Fertilizer Dealers Credit Program * Sugarcane Production Loan Program * Social Forestation ProgramAll these credit programs are very much suitable for our rural people and society and in the mean time these efforts have started to give result. The results are very encouraging. On the other hand private banks Such as Bank Asia and Dutch Bangla bank as private bank, normally focus on the urban people. They don’t have any specific products on the rural or Agricultural sector. Bank Asia has a product â€Å"KIOSH† for the farmer but it is not so popular or useful for the farmer. 4. Microcredit product: For Bangladesh perspective microcredit is necessary.To think about th e poor people of Bangladesh Sonali Bank offer Microcredit. Sonali Bank  being committed for people and society has been participating in the field actively since 2003. About 20 projects under the scheme are in progress. On the other Hand in Private Banks: Such as Bank Asia and Dutch Bangla bank have no specific microcredit product for the lower middle class people of Bangladesh. Their every product is basically for upper class and middle class people. 5. SME Banking product: Small and medium enterprise of the country is one of the deserving sectors for financial support.Agrani Bank  justifiably provides credit to them under different schemes. Agrani Bank  launched a joint venture program named Small Enterprise Development Program (SEDP) with NORAD, a Norwegian agency in 1995. This program was implemented in greater Mymensingh and Faridpur districts. The target fields were rice mill, oil mill, and nursery, repairing shops, fishery, weaving and many more. The bank is presenting micro credit and other supports to land less day labor for alleviation of poverty by generating employment. Agrani Bank  had designed some programs in collaboration with other agencies.One such program is Employment Generation Project for Rural Poor (EGPRP). This program was launched in 1995. All these programs are very much favorable to the micro enterprises and the poor. Terms and conditions are also customer friendly and easy to follow. On the other Hand in Private Banks Private Bank such as Bank Asia and Dutch Bangla Bank has SME banking for the Small and middle enterprise. Bank Asia have 10 SME service branches all over the Bangladesh. They have different 9 SME products that interest rate start from 10-17%. Dutch bangle bank have 3 SME branches.From the branches small and meddle enterprise can borrow from 100000 to 5000000 tk. Floating Interest rate is 17% and collateral 16%. As an entrepreneur must have experience at least 2 (Two) years. 6. Nonresident Bangladeshis customers products : Nonresident Bangladeshis now get banking facility through  Agrani Bank. They may have an account in taka, they may invest in Dollar Bonds. They are also allowed to have an F/C account. To compare with Private Bank Such as Bank Asia and Dutch Bangla Bank gives the account facilities and F/C account for the NRBs . NRBs can also invest in Euro Dollar bonds. . Islamic Banking product: Among the nationalized banks Agrani was the first to introduce Islamic Banking service. Agrani Bank  provides completely interest free Shariah based banking for their clients. Deposit services offer  interest free profit in compliance with Shariah. Agrani Bank, as per its slogan, is always beside the people in their struggle to come up with sustainable economic growth for themselves and for the nation. On the Other Hand Private bank Such as Bank Asia have Islamic banking services in 6 braches such as 3 in Dhaka, 1 in Chittagong and 1 in Sylhet.They provide completely interest free Shariah based banking to the clients. Deposit services offer  interest free profit in compliance with Shariah. Now a day most of the private banks start Islamic Banking Service to attract the all types of people. 8. Internet Banking : Agrani bank and Sonali bank don’t have internet banking services. On the Other Hand Private bank All private banks branches under online banking system will be able to do banking practices using a common server (which is centralized) from where only the branches will be able to enter using a common password.Dutch Bangla Bank and Bank Asia give the below internet banking services for their customers. Internet Banking Services * Check account balance * Take print out of account statement for a particular period   * Transfer fund within your own account * Make payment of mobile phone bill * Recharge your mobile phone as well as others from your account *   Enquire foreign exchange rate * Enquire currency exchange rates. * Acquire information on all our products. * Every transaction report will be sent to clients through e-mail account. *   Can change the password, pin code and respective  mobile number (For All Mobile Operator's). 1. ATM Booth product : Now a day public bank doesn’t offer any ATM facilities for their Clients. On the Other hand With more than 1000 of ATM booths all over the country,  DBBL's has the largest ATM networks in Bangladesh. DBBL offering free access to its ATM network for its subscriber. This network helped  DBBL  gaining more popularity and confidence among subscriber and expanding banking opportunity to mass people. This entire network is being maintained by its own IT staff without any 3rd party dependency Brac Bank also has huge ATM booths facilities for their clients. 12.Credit / Debit Cards Product : Public bank offer credit / debit card facilities in a smaller range such as Sonali Bank Limited are one of the member banks of Q-Cash Consortium. Card holder of Sonali Bank Limited can use ATMs of consortium member banks, Dutch-Bangla bank and BRAC bank limited. Member Banks of Q-Cash Consortium. Agrani bank also give their clients debit card facilities but it not so popular. On the Other Hand Private bank such as Brac Bank offer Credit Card such as 1. Platinam card 2. Universal Card 3. Schedule of charge 4. Payment of Credit Card Bill Debit Card: Visa / Master CardPrepaid Card: 1. Hajj Card 2. Travel Card 3. Schedule of Charge Dutch Bangla Bank also offer different types of Debit, Credit, Prepaid Card and different types of offer & discounts. On the above comparison we see that public bank work with grass root level and more concentrate Last of all previous time Public commercial banks have fewer facilities than private commercial banks but now a day they try to increase their product and service. Private Banks gives a lot of services to their clients. For existence of the market private banks are increasing their products and services.Islamic Banking: Th e key difference is that Islamic Banking is based on Shariah foundation. Thus, all dealing, transaction, business approach, product feature, investment focus, responsibility are derived from the Shariah law, which lead to the significant difference in many part of the operations with as of the traditional. The foundation of Islamic bank is based on the Islamic faith and must stay within the limits of Islamic Law or the Shariah in all of its actions and deeds. Here, we take two banks for the comparison between Islamic Bank & Traditional bank: * Social Islamic Bank Limited (SIBL) * Shahjalal Islami Bank (SJIBL)Amongst the governing principles of an Islamic bank are: * The absence of interest-based (riba) transactions; * The avoidance of economic activities involving oppression (zulm) * The avoidance of economic activities involving speculation (gharar); * The introduction of an Islamic tax, zakat; * The discouragement of the production of goods and services which contradict the Is lamic value (haram) Traditional Banking: On the other hand, traditional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one hand, and between the borrowers and the bank on the other.Interest is considered to be the price of credit, reflecting the opportunity cost of money. Among of many traditional banks we take two, those are: * National bank. * Brac Bank Comparison Between Islamic Banking And Traditional Banking: 1. Functions And Operating Modes: The functions and operating modes of SJIBL & SIBL banks are based on the principles of Islamic  Shariah. On the other hand BRAC Bank & National Bank are based on man maid principles 2. Interest Rate: SJIBL & SIBL do not used to fixed up the interest rate for their offering asset & liability products as like as traditional banks deal with. t promotes risk sharing between provider of capital (investor) and the user of funds (entrepreneur). Besides, The investor is ass ured of a predetermined rate of interest. They have fixed rate of interest. Example: In BRAC bank, they have â€Å"Prapti Current account† & their interest rate is given below: Amount of Balance| Specific Interest Rate| 0 – Below 5,000| 0%| 5,000 – Below 100,000| 1%| 100,000 – Below 250,000| 2%| 250,000 – Below 500,000| 3%| 500,000 & Above| 4%| | 3. Profit Maximization: Both of them SJIBL & SIBL aims at maximizing profit but subject to  Shariah  restrictions.Besides they just shares profit & loss both. Example: They offer Al Wadiah Current Deposit Accounts. Where have No profit on Al Wadiah Current Deposit Account balances. Al-Wadiah current deposit account holder have no risk. In contrast, National bank ltd. & BRAC Bank has the aim of maximizing profit without any restriction. In contrast, SIBL & SJIBL share their profit & loss with their clients that indicates they don’t fixed up interest rate as aforementio ned in traditional banking system. 4. Provided Loan Modes: Islamic law considers a loan to be given or taken, free of charge, to meet any contingency.So, The SJIBL & SIBL have no provision to charge any extra money from the defaulters. Only small amount of compensation and these proceeds is given to charity. Rebates are given for early settlement at the Bank's discretion. Example: Al Wadiah Current Deposit Accounts Payment on Accounts demand Funds in the Al Wadiah Current Deposit shall be payable on demand and the Bank guarantees repayment of such funds in full, less the Bank charges Besides. Lending money and getting it back with compounding interest is the fundamental function for both of them.They can charge additional money (penalty and compounded interest) in case of defaulters. 5. Since SJIBL ;amp; SIBL shares profit and loss, they pay greater attention to developing project appraisal and evaluations. Example: Al Wadiah Current Deposit Accounts. No profit on Al Wadiah Curr ent Deposit Account balances shall be allowed and the Bank at its own discretion uses the funds of Al-Wadiah current deposit accounts without any risk to the account holder. 6. Projects Development: The SJIBL ;amp; SIBL gives greater emphasis on the viability of the projects.In the comparison of BRAC bank ;amp; NBL banks’ income from the advances is fixed, it gives little importance to developing expertise in project appraisal and evaluations. 7. Deposits Accounts: Most importantly SJIBL ;amp; SIBL can only guarantee deposits for deposit account, which is based on the principle of  al-wadiah, thus the depositors are guaranteed repayment of their funds, however if the account is based on the mudarabah concept, client have to share in a loss position. * Al Wadiah Current Deposit Accounts * Mudaraba Savings Deposit Accounts Mudaraba Term Deposit Accounts * Mudaraba Short Notice Deposit Accounts In contrast, BRAC Bank have these types of deposits * Probashi Current Account * Pr obashi Savings Account * Probashi Fixed Deposit * Probashi DPS * Probashi Abiram In these accounts client don’t have to share in a loss position. 8. Zakat collection: In the modern Islamic banking system, it has become one of the service-oriented functions of the SJIBL ;amp; SIBL to be a Zakat Collection Centre and they also pay out their Zakat. They does not deal with  Ã¢â‚¬Å"Zakat,† as Islamic bank usually does. 9.Islamic Mode of Investment: Participation in partnership business is the fundamental function for both of them. * Participation Of partnership business Example: SIBL provide â€Å"Musharaka† service. It means means partnership business. Every partner has to provide more or less equity funds in this partnership business. Both the Bank and the investment client reserve the right to share in the management of the business. But the Bank may opt to permit the investment client to operate the whole business. In practice, the investment client normally con ducts the business.The profit is divided between the bank and the investment client at a predetermined ratio. Loss, if any, is to be borne by the bank and the investment client according to capital ratio. * The status of SJIBL ;amp; SIBL in relation to its clients is that of partners, investors and trader, buyer and seller. Example: Bai-Muazzal. Bai-Muajjal is a contract between Buyer and Seller under which the seller sells certain specific goods ( permissible under Shariah and Law of the country ), to the Buyer at an agreed fixed price payable at a certain fixed future date in lump sum or within a fixed period by fixed installments.The seller may also sell the goods purchased by him as per order and specification of the Buyer. In Bank's perspective, Bai-Muajjal is treated as a contract between the Bank and the Client under which the bank sells to the Client certain specified goods, purchased as per order and specification of the Client at an agreed price payable within a fixed futu re date in lump sum or by fixed installments. | IN contrast, BRAC bank has * Probashi Wage Earnes bond * US $ premium & Investment Bond Probashi Biniyog Probashi Wage Earners' Bond| | Probashi Wage Earner Development Bond (WEDB) is a product designed by Bangladesh Central bank for Bangladeshi national living abroad. The objective of this product is to encourage the NRBs to invest their hard earned money to purchase WEDB on which the government guarantees a fixed interest rate. | | US Dollar Premium ;amp; Investment Bond| | US Dollar Premium Bond is a product designed by Bangladesh Central bank for Bangladeshi national living abroad.The objective of this product is to encourage the NRBs to invest their hard earned money to purchase WEDB on which the government guarantees a fixed interest rate. | Probashi Biniyog| | BRAC Bank Limited offers ‘Probashi Biniyog' a product that exclusively provides Non-Resident Bangladeshis (NRBs) the opportunity to invest in the Bangladeshi Cap ital Market through a Beneficiary Owner's (BO) account which will be funded by a Non Resident Investor's Taka Account (NITA). Both BO account and NITA will be held with BRAC Bank Limited. | 9. Conclusions:In the conclusion we have differentiated different types of products of private and public banks, Islamic and traditional bank and local and multinational bank in Bangladesh. Basically we try representing a clear picture among two banks products base on their deposit products, loan products, ATM, cards, Interest rate , branch , SME product , rural ;amp; agriculture products. To compare their products we have used company website, visited the banks and talked with the employees of the banks. That has enriched the differentiation among different banks. 10. Reference

Mbti Analysis

Identify the 4 letter MBTI preference for each member of your team. Harun INAK: ESFJ Koray OKSAY: ESFJ Deniz KORKMAZ: ENTP Ayd? n BIRIK: ENTP Firdevs TUNC: INFP Our group is an ENFP. 2. What is your team's MBTI profile (#E /#I, #S /#N, #T / #F, # J / #P? What does the MBTI profile tell you about the way your team may work together (strengths and potential challenges)? †¢ Team: ENFP †¢ E = 4 / I = 1 †¢ S = 2 / N = 3 †¢ T = 2 / F =3 †¢ J = 2 / P = 3 Our group is an ENFP. All other types exist in our group. This is the strength for us and we have good communication skills. We are mostly very perceptive about people's thought and motives and strive for â€Å"win-win† situations as motivational, inspirational; bring out the best in others We have some potential challenges in group; we are not good at conflict and critism. We mostly are easily bored with routine, repetitive tasks and don't pay attention to their own needs 3. How will you work together to leverage your strengths and potential challenges? Our biggest strenght is all other types exist in our group; We have two T (thinker) thats mean Deniz and Aydin are comfortable with conflict and tend to point of view then chances. We have two S (sensing) Koray and Harun are patient with routine, tested ideas. 4. What did your team learn from applying and discussing the tool for this week? Our team learned a lot while discussing the tool ,and it contributed a lot to our intercommunication skills within the team. First of all, we had more clear understanding of each others priorities and working character. During the project we will delegate tasks based on the results of our individual characters. Secondly, we understood that we have such a distributed and diverse Psychological Types in our team which gives us a lot of room for development, and accomplishment against various types of problems. Our team is made out of very different types making us capable of approaching at challenges in different aspects. As a result, we learned that our team is evenly distributed and has a very good balance. 5. Based on your analysis, what specific steps will your team take to improve the way you work We definitely need a meeting as it is decided Tuesday in the team charter. At that meeting, that week's assignment and all the deliverables must be determined to overcome possible confusion before due time. Meeting agenda is important to stay focused on the assignment. These 2 step should be followed strictly to prevent possible conflicts.

A Case Study On Banque Accord: A Closer Look

Banque Accord is a subsidiary of financial giant the Auchan Group1. Founded in 1983, Banque Accord was established in two stages: In 1983, with the issuance of â€Å"Accord† retail cards in Auchan’s hypermarkets; and, in 1987, with Auchan’s acquisition of Banque Delort, a subsidiary and affiliate of the banking group known as Credit Commercial de France2. Auchan subsequently called its newly acquired bank as â€Å"Banque Accord 3.  Ã¢â‚¬ The newly acquired bank’s mission was to customize the rules that have proven successful in the area of retail distribution and bring it to the financial services field, by allowing consumers to avail of simple yet innovative discounted products and services. 4 Essentially, Banque Accord operates as a bank aligned with the credit and retail industries in general5. Put simply, Banque Accord brings electronic banking functions to retailers, and payment and financing options like cards and consumer credit, closer to its c onsumers.As a rule, the purchase of financial resources is backed by sound ratings from globally respected institutions like Moodys and Standard & Poor. For the year 2006, Banque Accord received higher ratings compared to the previous year6. Moody’s gave the bank an A2 grade, while S&P gave it an A or â€Å"Stable† rating7. To note, the word â€Å"Accord† suggests being able to agree on â€Å"financial solutions† for the company’s clients8. The dynamism of Banque Accord, which eventually became well-respected in international financial circles, is due to the fact that it is wholly-owned by a bank and a retail group.Since its inception, Banque Accord has noteworthy achievements, four of which are9: (1) consolidating – in the same organization – electronic banking, issuing of retail cards and providing credit to consumers; (2) creating a network of banking instruments in shopping centers; (3) an ever-widening range of goods and products available to clients (such as payment card facilities and services, revolving credit, traditional credit, and the like. 10); and (4) its takeover of Egg France in 2004, permitting direct online access under the monicker Oney.fr/ These factors, combined with the marketing genius of its Chief Executive Officer Damien Guermonprez, Banque Accord has evolved in 2006, into an international presence with operations in nine countries, and a database of 4,800,000 customers11. 1 (Dauchy, 2007, p. 2) 2 (Dauchy, 2007, p. 3) 3 (Dauchy, 2007, p. 4) 4 (Dauchy, 2007, p. 4) 5 (Dauchy, 2007, p. 16) 6 (Dauchy, 2007, p. 16) 7 (Dauchy, 2007, p. 16) 8 (Dauchy, 2007, p. 3) 9 (Dauchy, 2007, p. 3) 10 (Dauchy, 2007, p. 3) 11 (Dauchy, 2007, p. 3) Banque Accord: A Case Study 1In Banque Accord’s financial disclosures for 2006, the company reflected a EUR353,167,000 increase in assets in just 12 months12. Banque Accord also reported a net income of EUR34,413,000 in 2005, as compared to EUR24,206,000 in 2 00413. Despite the potential for further international growth, Banque Accord has to contend with possible areas of difficulties, which include14: (a) the use of mobile phones as potential replacement for bank cards in transactions; (b) innovations in consumer credit; and (c) the development of e-business in the retailing industry.Regardless of these trends that Banque Accord has to contend with, the bank continue to be innovative and continues to explore newer concepts to maintain its prestige and originality in the banking and retail industries. 12 (Dauchy, 2007, p. 17) 13 (Dauchy, 2007, p. 17) 14 (Dauchy, 2007, p. 17) 15 (Dauchy, 2007, p. 3) Banque Accord: A Case Study 2 I. The Auchan Group Founded in 1961 by Gerard Mulliez, the Auchan Group started out in the North area of France with one hypermarket, which, simply defined, is a commercial complex which combines a department store with a supermarket16.Currently, in 2006, the Auchan Group runs 360 hypermarkets spread across 11 cou ntries. In France, Auchan operates 654 supermarkets 17. Since the inception of Auchan, the company’s vision has remained the same. That is, to improve the purchasing power of its customers 18. Banque Accord is an Auchan subsidiary which has developed an identity of its own within the Auchan Group. Nevertheless, Banque Accord’s mission is identical to Auchan’s, and in essence, the bank has a dual vision 19:†¢ customer oriented: providing its clients with a means to purchase; and †¢ corporate oriented: assisting Auchan in maximizing turnover and revenue, therefore aiding the Group to reduce costs. Accordingly, Banque Acord’s mission, â€Å"The bank for consumers† is aimed towards Auchan’s clients at the hypermarkets 20. Banque Accord achieves its mission by making available to Auchan’s clients, certain services like discounted financial options and payments which are directly accessible to these clients.Being a part of the Auc han Group is a contributing factor to Banque Accord’s human resources practices: By training a group of responsible professionals who consider their jobs fulfilling, the company is able to achieve growth and guarantee their clients quality service21. II. Banque Accord’s Internal Strengths In studying the case of Banque Accord, one is accosted with the company’s inherent strengths. Whatever weaknesses there might be for the company, these are easily addressed based on the operating standards adopted by the Bank. Nevertheless, inherent strengths of Banque Accord include: A. European Market ShareThe modes of payment offered by Banque Accord is characterized by diverseness, regulatory and technical issues and the intricacy of the value chain of the industry22. Cash payment is predominant in 16 (Dauchy, 2007, p. 4) 17 (Dauchy, 2007, p. 4) 18 (Dauchy, 2007, p. 5) 19 (Dauchy, 2007, p. 5) 20 (Dauchy, 2007, p. 5) 21 (Dauchy, 2007, p. 5) 22 (Dauchy, 2007, p. 6) Banque Acc ord: A Case Study 3 Spain, Italy and Germany23. However, majority of Banque Accord’s clients in Great Britain and France use bank cards24. The bank card is considered a â€Å"pivotal† product for the company that issued it25.The card can be very much compared to a traditional bank’s checking or current account, which is most convenient for customers to use. Retailers or outlets that have tie-ups with bank cards are able to sell â€Å"progressively†, in coordination with various financial services like cross-selling or up-selling26. The European market where Banque Accord mainly operates was reportedly worth EUR930 billion in outstanding credit in 2005 (Source L’observateur Cetelem), and is manifesting fast growths in many countries27. Within Europe, where Banque Accord operates, there are distinct differences between countries.In Great Britain for example, the average outstanding credit per household is double that of France’s28. In simple w ords, buyers in Great Britain have greater use for bank cards than customers in France do. The differences between countries may be attributed to diverse cultural orientations, regulatory requirements and marketing procedures29. Another example is: frequently, young people are refused credit on the grounds that they do not have a stable means of paying it. On the other hand, it is quite common for a consumer to accumulate excessive credit30.A solution to this would be the use of regulatory systems and which monitor and prevent bad debts. B. Positioning and Diverse Services The business of Banque Accord is30: (a) issuing different types of payment cards like for example, retail cards, gift cards and bank cards; (b) proffering consumer credit and other related services; and (c) managing its retail partners electronic processing of monetary transactions. Electronic Banking is a technical service directly given by Banque Accord to its retailers, which is a source of pride to the bank31. Its electronic banking services is geared towards functioning as a bank –â€Å"receiving† transactions – providing the support in the retailers’ issuance of cards, managing authorization, 23 (Dauchy, 2007, p. 6) 24 (Dauchy, 2007, p. 6) 25 (Dauchy, 2007, p. 6) 27 (Dauchy, 2007, p. 6) 28 (Dauchy, 2007, p. 8) 29 (Dauchy, 2007, p. 8) 3-0 (Dauchy, 2007, p. 8) 31 (Dauchy, 2007, p. 9) Banque Accord: A Case Study 4 2005, to form a division called CardOps33. Being owned by a retailing group, Banque Accord’s aim is ATMS, payment terminals, etc 32. Banque Accord’s electronic banking services were grouped together in proximity to its customers, and minimizing costs of electronic banking.The core business of Banque Accord is the issuing of a range of cards, which have different functions. The bank’s cards may be a type of payment, a retailer’s marketing tool, a â€Å"support† product of the bank that is incorporated in its associate d services34. It is widely said that an Accord card may be likened to a Swiss Knife with flexibility in functions — credit card, payment card and loyalty card 35. Various examples of an Accord card’s use are36: (a) Sample 137: Card Type : Retail Card Function : A payment card issued or released by retailerBanque Accord: Auchan cradholders total 4,000,000 in Europe, and the card is accepted by other retailers (b) Sample 238: Card Type : Loyalty Card Function : Retailer's marketing instrument which could be used to attract and maintain a loyal base of clients Banque Accord: N/A (c) Sample 339: Card Type : Bank Card Function : A traditional card issued by banks, this card may be used overseas Banque Accord: MasterCard Accord and VisaCard Accord (d) Sample 440: Card Type : Gift Card 32 (Dauchy, 2007, p. 9) 33 (Dauchy, 2007, p.9) 34 (Dauchy, 2007, p. 9) 35 (Dauchy, 2007, p. 9) 36 (Dauchy, 2007, p. 10) 37 (Dauchy, 2007, p. 10) 38 (Dauchy, 2007, p. 10) 39 (Dauchy, 2007, p. 10 ) 40 (Dauchy, 2007, p. 10) Banque Accord: A Case Study 5 Function : This type of card may be utilized to personalize service, and enhances customer relationships. Banque Accord: Auchan Gift Card Hence a card is useful to: ? the retailer, because it can be used as a marketing instrument and promotes consumer loyalty; and ? the consumer, because it is convenient means of financing and payment41There is a distinct connection between owning a card, how the type of card benefits the customer and the retailer, and the amount of business the customer does with the retailer42. It is established that a customer who has access to credit through cards increases his or her purchasing power. A client who has no card hardly visits a retailer in a month, owning a loyalty card enables a customer to make three visits. Having a retail card allows the client to make four visits per month to the favorite retailer and having a bank card gives the client the opportunity to make at least five visits to th e retailer 42.Banque Accord boasts of an orientation which is discount-oriented and customer-oriented43. Banque Accord has two selling and pricing concepts44: — annual subscription; and — cash back, which is defined as the money paid to the customer related t his or her card use. For example in France, Banque Accord gives a 40% discount incentive to annual subscribers for a refular Visa Card, and 60% discount on a Visa Premiere Card45. Based on the spending habits of the customers, an annual subscription increases the potential for the cleints' purchasing statistics. Other Financial ProductsApart from cards, Banque Accord also offers its clients other services, lilke46: (1) in-store credit wherein the individual retailers define their own credit policies along with different formulas for achieving revenue; (2) personal loans, which are granted to customers as a come-on, at interest rates based on current market prices; (3) revolving credit, which is built up by a credi t reserve; 41 (Dauchy, 2007, p. 10) 42 (Dauchy, 2007, p. 10) 43 (Dauchy, 2007, p. 10) 44 (Dauchy, 2007, p. 10) 45 (Dauchy, 2007, p. 12) 46 (Dauchy, 2007, p. 10) Banque Accord: A Case Study 6 (4) Auchan savings account;(5) life insurance, which is a tieup with Suravenir and offers life plans at simple and reduced costs; and (6) non-life insurance. As evidenced by the wide range of â€Å"other† services that Banque Accord offers, its value chain is distinguished by a huge number of product alliances47. Thus, Banque Accord has been known for its flexibility. As a result, the bank has largely-increased the potential spending capacity of its client-base. Sometimes, the bank's products are managed by other partners — at times their competitors — depending on which country the operation is in48.

How important is it to develop a Business Continuity Model (BCM) Essay

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