A COMPREHENSIVE REVIEW OF ETHICAL PRACTICES IN BANKING AND FINANCE

Authors

  • Ejuma Martha Adaga Independent Researcher, Illiniois, USA
  • Zainab Efe Egieya Stanbic IBTC Insurance Limited, Nigeria
  • Sarah Kuzankah Ewuga Independent Researcher, Abuja, Nigeria
  • Adekunle Abiola Abdul Independent Researcher, Maryland, USA
  • Temitayo Oluwaseun Abrahams Independent Researcher, Adelaide, Australia

DOI:

https://doi.org/10.51594/farj.v6i1.705

Abstract

 

This paper presents a thorough examination of ethical practices within the dynamic landscape of banking and finance. As the financial industry plays a pivotal role in global economic systems, the need for stringent ethical standards becomes increasingly apparent. This comprehensive review encompasses various dimensions of ethical considerations, ranging from corporate governance and risk management to customer relations and social responsibility. The banking and finance industry occupies a vital role in society, wielding immense power over financial stability, development, and individual well-being. However, its ethical practices have consistently faced scrutiny and criticism. This review aims to provide a comprehensive understanding of the current landscape of ethical practices in banking and finance, analyzing both shortcomings and advancements. The study delves into the historical evolution of ethical norms in banking and finance, tracing the development of codes of conduct and regulatory frameworks that shape the industry's ethical landscape. It analyzes the impact of technological advancements on ethical considerations, exploring the challenges and opportunities presented by digitalization, fintech, and blockchain technologies. Furthermore, the review evaluates the role of leadership and organizational culture in fostering ethical behavior within financial institutions. It examines case studies of ethical lapses and their repercussions, shedding light on the importance of accountability and transparency in maintaining public trust. The paper also discusses the ethical implications of financial decision-making, considering issues such as fair lending practices, responsible investing, and the ethical dimensions of risk assessment. It scrutinizes the role of financial education in promoting ethical awareness among stakeholders and addresses the ethical considerations associated with emerging financial products and services. This comprehensive review synthesizes key insights into the ethical practices within banking and finance, offering a holistic perspective on the challenges and opportunities faced by the industry. By understanding and addressing ethical concerns, financial institutions can contribute to the development of a sustainable and responsible financial ecosystem that benefits both the industry and society at large.

Keywords:  Ethical, Banking, Cybersecurity, Big Data, Banking Regulation.

Published

2024-01-10

Issue

Section

Articles