The void that Microsoft could have filled was soon captured by the Android operating system. Bill Gates termed it as his “greatest mistake ever” which cost Microsoft $ billion. So, by focusing on the five key battles – customer loyalty, value, efficiency, resilience and talent – the banking industry can transform itself for the future and avoid the fate of Kodak. 3-The Role of Enabling Stakeholders We have seen the importance of customers, technology and data for the future of banking. But it is important to recognize that this is not a journey that banks can take alone. Rather, they need the support of key stakeholders; otherwise they will only succeed in making minor, superficial changes rather than achieving a genuine transformation. The role of two key stakeholders is worth highlighting; educational institutions and regulators. i. Educational Institutions  Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  - 15 -  Let us consider first the critical role of educational institutions. They need to ensure that they are preparing graduates for future jobs in the banking industry, jobs that not only require traditional studies of finance, economics and business, but also encompass new skills around financial and technological innovation. It is increasingly evident that jobs in the future will be fundamentally different from jobs today.
Friedman (1957) as well as Modigliani and Brumberg (1954)). In other words, their consumption level would remain more or less steady throughout. In reality, income at certain stages of life does not suffice to cover this hypothetical consumption level. This is true mostly in younger years and in old age. Taking out a loan enables a household to overcome financial bottlenecks in certain phases of life and to make use of their income at a time when they derive the greatest benefit from it. Page 4/16  diversification of investment risk. For society as a whole, it means that accrued savings are made widely available and thus put to better use. Let me give you an example. An entrepreneur is faced with the question of what use to make of his assets. There is no major purchase to be made at the moment. Neither is there a profitable project at his own company in the pipeline. Do you remember our university graduate with her brilliant idea for a product? The entrepreneur could lend her some of his assets against interest and so generate a return. 7 By extending a loan to the young graduate, he is also diversifying his investments. As the proverb has it, he is not putting all his eggs in one basket. Overall, we can conclude that an effective credit system represents an essential basis for a thriving economy. It allows borrowers to put their income to the best-possible use over time.