According to the Accenture study, 48% of customers said they wanted relevant advice and product information from their banks as they go about their daily lives. They also want banks to play a supporting role in the purchasing process for products such as a house or new car, and even related services such as insurance. Banks need to focus on providing long-term value for customers, rather than viewing them as a short-term opportunity for sales. We have already seen the harmful impact of this ‘short-term’ outlook that led to the subprime-mortgage crisis, as banks sold mortgages to customers who couldn’t afford them. Banks’ profits surged in the short term, but everyone suffered in the end; not only customers and the broader economy but also the banks. Banks therefore need to revisit their value propositions towards their customers in order to ensure that they are truly providing the products and services their customers need while keeping the interest of their customers and the society in Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  - 11 -  mind. It will be helpful for the industry to reflect upon its ultimate objectives – to ensure inclusive prosperity and put the welfare of society on a sustainable footing. iii. Battle for Efficiency To win over customers and provide value, banks must operate in an efficient and intelligent manner, with their limited resources optimally deployed. The battle for efficiency is the third of the battles that banks need to win.
By winning the battles for customer loyalty, value, efficiency, resilience and talent, banks can remain the dominant players in this space. The bank of the future will be completely unrecognizable from that of today. It will be closer to its customers, digitally enabled, and ahead of the curve when it comes to anticipating customer needs. It will be more efficient, more resilient and better able to address the economic and social challenges of the future. In the end, only collectively, we as the key stakeholders in this industry can take the difficult yet necessary steps required to shape the future of the banking industry. As Einstein said: “A new type of thinking is essential if mankind is to survive and move toward greater levels.”  Thank you.