Models of Social Responsibility under the Impact of the Global Financial Crisis. Case Study: the Romanian Banking System

The Romanian banking system has begun development on modern bases only after 1990, with the passing from the monobank system to the two-tier system. Other important steps in modernizing the banking system were: privatization of large state banks and the European Union accession. These mutations have also marked the application of the concept of social responsibility in the Romanian banking system that is still in the early stages of development. The dominant presence of foreign banking capital and the European Union accession had a positive impact in the social responsibility area. Some banks in Romania have adopted the practice of non-financial reporting according to international standards in the field. The negative consequences of the global financial crisis determined banks to step up efforts to adopt new business models based on responsible practices and responsible financing. A post-crisis direction of action for improving the relationship between banks and customers and avoid possible problems in the payment of loans was the intensification of implementation by banks of financial education programs. However there are still a number of actions to be undertaken to strengthen the concept of social responsibility in the Romanian banking system.