It is important and vital to spread and increase awareness of the nature of the role played by banks, because of its direct and strong impacts on the lives of citizens and on the process of seeking to achieve profits through production operations based on services provided by the bank.
This leads us to the theory that every citizen or a private or public institution must have an account in a bank, and every account holder must be informed and aware of all matters that may affect the scope of his/her dealings and his/her account, whether positively or negatively, and not to neglect any regulations or paragraphs in concluded contracts. Hence, we do not deny that there are many who do not want to open accounts or even deal permanently with the banking sector for reasons, including, for example, the unwillingness to deal out of fear of increasing obligations and expanding the doors of expenditures through the services to be provided by banks.
Therefore, it is necessary to create trust with the public, and the basis for the required trust comes directly from the main legislator for banks, which is the “Bank of Banks” the central bank. The public has a large percentage about the role and nature of the work of the central bank. The most important goals are:
- Raising the awareness of all members of society about banking services and familiarizing them with the principles and sound standards for interaction and the benefit from those services.
- Updating the information on the services provided by the bank, so that it is clear and easy to understand and capable of being accessed without trouble. This is carried out by providing sufficient guidance means inside the bank’s departments and branches as well as on the bank’s official website.
- Building channels of communication with all local press and media and enhancing its role as a strategic partner by providing these media with the necessary information about the banking sector and its related developments and changes and by supporting the banking culture for a wide range of journalists and media professionals.
- Building a generation of young people who are aware of the banking culture.
Media and Banking Culture Center
One of the duties of the CBY is to enhance the level of awareness and financial culture among citizens about financial services by educating them about banking and financial policies, laws and concepts, as well as by introducing them to banking services and providing them with advice in terms of differentiating between the offered options. Awareness and education campaigns aim to enhance the capabilities of citizens in dealing with banking services and ways to benefit from them. It also aims to facilitate the processes of opening an account and obtaining credit, especially for the poor classes, to improve their living conditions. Special awareness is also given for children and school students, accompanied by some educational means related to financial and banking issues through the launch of the 'Bank Week for Children & Youth' to enhance their capabilities so that they eventually become able to deal with financial institutions in the future.
An Overview of the Relationship Between Citizens & Banks
The most important feature of the basic banking business is the preservation of funds from any potential risks, and since the stagnant preservation process will lead to a decrease and drop in the value of the saved and unused funds, the idea of using them and depositing them in savings and investment products that bring them profit and preserve the basic capital emerged. At the same time, this also contributes to the provision of funding sources for the implementation of projects, whether for companies or individuals, as project financing is considered the biggest obstacle in any society and any economic entity. Thus, we see that the banking sector, with all its services, is a fluid movement between the source of funds with the idea of preserving and maximizing it and between transferring them as other sources of funding for ideas and other projects that produce money to be saved and reinvested again. Therefore, once any financing for any successful project is done, the profits of this project will be used again as a source of funding for other projects.
This leads us to the theory that every citizen or institution, private or public must have an account in a bank, so that this bank is the bank that has been chosen from among the list of other banks, all on the basis of careful and practical studies that compare it with other banks. Also, each account holder must be informed and aware of all matters that may affect the scope of his dealings and his account, whether positively or negatively, and not to neglect any regulations or clauses in concluded contracts. And we do not deny that there are many who do not wish to open accounts or even deal permanently with the banking sector. The reasons vary for certain beliefs or ideas, such as the rejection of the financial liquidity policy and the reliance on moving funds by purchase and in-kind ownership, or the unwillingness to deal out of fear of increasing obligations and expanding the doors of expenditures through services provided by banks in an attractive manner.