(MENAFN- The Peninsula)
By Deepak John | The Peninsula
Doha: The COVID-19 pandemic has accelerated the pace of digital adoption in the banking sector. Now more than 66 percent of Doha Bank's payment is happening through digital channels, said an official during a webinar yesterday.
The bank hosted an online event titled 'Payments and Cash Management Innovation' during which experts shed light on how financial system and banking industry is becoming a volatile, dynamic, and competitive environment for all financial institutions in Qatar and globally, which has forced banks and financial institutions to work harder in its innovative solutions to provide and develop products to sustain its competitive advantage in the marketplace.
Dr. R Seetharaman, Chief Executive Officer, Doha Bank said,“We live in changing times and extra ordinary set of transformations are happening in every sphere on political, social, economic, environmental and human development front.”
Speaking about the impact of technology on the banking (financial services) and payment side, he noted that technology is redefining the way customer is behaving and the way we need to customise the solutions, for example open banking on payments, and digital innovation through application programming interfaces (API).“The pace at which digital acceleration is taking place is unbelievable and the role of Fintech in the payment industry has been so prolific and value advantaged in every sphere in terms of human endeavors,” he added.
Doha Bank has launched various products mix including corporate, online banking which is to facilitate corporate banking for all our customers including SMEs, individuals, and corporates and recently we have launched our corporate ATM machines which allows customers for cash withdrawals and corporates for bulk cash withdrawals and deposits.
He said,“The digital tools that are available to redefine the business model has been a great enabler for us to have very successful transformation.”
Speaking on Qatar's governance Dr. R Seetharaman said, Qatar's social, human, environment governance has been prolific, and it has been well managed and we redefined our business model – the banking system and the financial stability has been showcased.“When it comes to overall productivity, we are second to none and we scaled up our LNG consumption and production. In terms of global warming and climate change, the energy security is a major concern for emerging markets as they are focusing on redefining towards natural gas,” he added.
Amjad Zawyani, Country Manager, ProgressSoft Qatar delivered a presentation about 'Tech-Driven Corporate Banking Relationships' highlighting how financial market is changing due to digital transformation.
He said, Qatar is progressing towards becoming a cashless society by 2030 as Qatar boasts 75 percent smartphone penetration and 98 percent mobile penetration rates. Aligning with the government's 2030 National Vision of a cashless society, QCB and commercial banks are on revamping payments to replaced cash with digital means.”
“During our period of 30-year experience being speacilised in real-time payment solutions, we have helped the financial institutions to lead the industry and to deliver the modern and intelligent solutions for customers to improve their lives.
According to McKinsey, digital consumer adoption in Qatar is high among GCC countries and developed economies around the world and it is leading the region in its risk-taking ability to embrace new technology. With their risk-taking appetite, coupled with favourable demographics and consumer inclination towards digital channels, commercial banks, and fintech's are coming up with platforms to digitize payments.
Saman Abudayyeh, Country Manager, Qatar Financial Solutions Division NCR Corporation, gave insights about payment as a service, cash Management and optimization and Clyde Rosanowski, Senior Director, Head of Large & Middle Market, Business Solutions – CEMEA at Visa shed light on 'Digitizing Supplier Payments, and Innovation products'.
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