KPMG: Banks in pursuit of purpose-led and customer-centric strategies

KPMG: Banks in pursuit of purpose-led and customer-centric strategies

RIYADH, DUBAI: KPMG announced the launch of its latest Banking perspectives: Saudi Arabia 2022 publication, titled “Purpose-led banking,” emphasizing the evolving landscape in the Kingdom’s financial services sector and with a consolidated analysis of the latest available financial performance of the ten Tadawul-listed banks.

The third edition of this annual flagship publication focuses on the theme of purpose-led banking, encompassing the developing environmental, social and governance (ESG) considerations and customer-centric perspectives that are underpinning boardroom discussions.

The publication covers current themes in the banking industry that the firm’s financial services team has observed segmented into four streams; People-centered banking, Governance and compliance, Transformational technologies, and Enabling excellence – providing perspectives to address current challenges and opportunities.

“Driven in part by the disruptive technologies from outside and within the financial services sector, we see a major sea change to how banks operate in value-based banking. Those more grounded in communities, serving the real economy and leveraging a customer-centric approach are best-positioned to succeed in this changing landscape,” said Ovais Shahab, Head of Financial Services at the firm.

Encourage money-saving habits

One of the primary objectives of the Kingdom’s Financial Sector Development Program (FSDP) is to promote and enable financial planning by driving the expansion of savings