Banque Accord A Bank for Consumers

Essay by iostapchukUniversity, Bachelor'sA+, February 2009

download word file, 28 pages 5.0

1.IntroductionOur world today stands at the point of the greatest burst of invention, discovery, and economic growth ever known. For a long time, it was wrongly assumed that some industries would not be affected by the changes. It now, measuring the impact and the influence of these changes, becomes clear that the assumption was wrong. The fundamental forces and the unprecedented changes are reshaping all industries and leading to a transformation of the world economy.

The beginning of the new millennium has seen enormous changes in many service industries. The financial services industry is among those industries whose landscape was changed forever. Globalization, technology, deregulation and liberalization are only some of the many important aspects currently driving change in the financial services sector. One of the major challenges for many financial institutions is to find a way to ensure the continuation of the dynamism and successful performance of their business.

The ability to keep in step with the rapidly changing environment and take advantage of the opportunities that appear as a result of these changes has proved to be a winning approach for securing the position in the market.

The majority of the financial institutions operating in the banking sector have been responding to the market changes in a similar manner. The model of these institutions is typical in the traditional world of banking. The geographical expansion through mergers and acquisitions has been a very common approach for increasing the share and securing the position in the global market.

Some financial institutions decided to respond to the market changes slightly differently than their competitors. Banque Accord is among those who decided to adopt a different model from others business. Its profile is unique as it is closely related to the traditional world of banking and the world of retailing.