This needs to be achieved while developing the financial infrastructure, in addition, to allowing for the entry of new players into the system. v.  The emergence of international players that possess the competitive advantage of being more technologically advanced with greater capability and capacity to offer more innovative products and services through new delivery channels will further intensify the competitive environment. Despite its challenges, the changing economic and financial landscape also offers many opportunities; i. New growth areas present new opportunities and financial institutions need to take advantage not only of the potential return but also the options for further diversifying the sources of income. ii. Alternative sources of financing from the capital market, development financial institutions, as well as from non-bank sources such as venture capital funds, have increased significantly in recent years. Financial institutions need to develop new products and services that reinforce these developments and meet the new requirements of corporate consumers. This includes providing world-class financial advisory services and wealth management services. iii. The emergence of new delivery channels such as the Internet and mobile phones have significantly altered the traditional banking-customer relationship. Business can be conducted seamlessly across borders. Technological developments have also transformed the payment systems industry, with the introduction of new payment instruments and entry of non-banks into payment services, facilitating the migration to e-payments. Market leaders can capitalise on these developments in providing products and services to customers and businesses. The changing economic and financial landscape also brings about many opportunities for trade and investment.

Fostering a customer-centric culture encompasses fair and equitable dealings with customers to engender greater trust and loyalty among customers and serving customers in good faith by extending products and services that are appropriate to their financial requirements and circumstances. Greater innovation must therefore be complemented by higher levels of service quality. Greater attention on excellence in customer service requires continuous investment in staff development, which will be a vital part of the process. Harnessing the technology to deliver distinctive customer experience that combines the right mix of convenience and value is also an essential part of the process. In addition,  BIS Review 55/2006  5  adequate emphasis and resources need to be accorded to protecting customers' privacy and safeguarding their interests. In order to make a quantum leap forward, it is vital to continuously invest in human intellectual capital so as to create a pool of talent, skill and expertise that will drive the performance of the financial system. Skilled individuals are needed to be able to deliver high value-added products and services, adopt advanced business practices and have the necessary competence to build confidence in the financial market and trust of the consumer. Initiatives have been taken for putting in place specialised training organisations as part of the infrastructure for the development of highly skilled workforce for the financial sector.