‘Digital innovations will enhance customer value propositions’
24 Oct 2021 – 9:26
Dr. R Seetharaman and other experts during a virtual event.
Doha: Doha Bank hosted a customer event on ‘Digital innovation in financial services’ virtually on October 20. During the event Dr R Seetharaman, CEO Doha Bank, gave the concept note.
He said, “According to IMF Oct 2021, global growth is at 5.9 percent in 2021. Advanced economies are expected to grow by 5.2 percent in 2021. Emerging markets and Developing economies are expected to grow by 6.4 percent in 2021.”
Dr. R. Seetharaman highlighted digital innovations. He said, “3D printing is impacting healthcare. Robots are best partners for humans. Artificial Intelligence will have wide ranging applications. Internet of things (IOT) will connect various gadgets. Major tech players have ventured into voice technology. The digital innovation is to simplify travel and trade and improve customer’s value proposition. Various applications impacting Banking Industry include Mobile Wallet, Open Banking, AIs on Payment and Digital eco system. The year 2020 was an inflection point for individuals, businesses, and economies around the globe. E-commerce, having deep interests on both sides, rose as a natural winner.”
Dr. R Seetharaman gave insight on the digital innovations impacting financial services. He said, “Fintech enables digital transformation in Banks. It has compelled banks to level up their digital transformation and actively seek to implement the latest advancements. Roughly 85 percent of the fintech firms in MENA operate in the payments, transfer, and remittances sectors. Fintech firms in Qatar are focused on improving the customer experience by providing more accessible financial services Mobile banking and digital banking will be felt in Internet of things, block chain and open banking. Digital banks key success factors include differentiated value proposition, early revenue recognition, quick scalability, and cost efficiency.
“Doha Bank has been active member of Qatar FinTech hub (QFTH), a Qatar Development Bank’s Fintech incubator since the beginning. As one of the leading commercial banks in the state of Qatar, we are constantly innovating and seek to partner with and help the FinTech ecosystem grow. It is a key objective for Doha Bank to support the transformation of the financial ecosystem in Qatar to achieve the vision set by the Qatar Central Bank.”
Peter Clark, Chief Operating Officer, Doha Bank, gave the welcome and keynote speech during the event. Gaurang Shah, Senior VP, Product Management, Digital Payments and Labs, Master Card, spoke on digital transformation accelerated by the pandemic and emergence of advance technology and implications.
He gave insight on the prominent market trends shaping payments landscape and the trending technology across industries. He highlighted how to assess and adapt as the landscape shifts.
Shahid Khan, Strategic Leader- Banking & Insurance, ME & Africa, Oracle, spoke on embracing fintech for digital transformation and open banking, the future of banking. He highlighted the acceleration of digital transformation in financial services due to COVID-19 and insights on capex models. He showcased the fintech landscape in the region and the role of Oracle as a Plug and Play Banking. He also gave insight on Open Banking.
Inigo Viti, CTO – Financial Services, IBM, spoke on artificial intelligence empowering banks for individualized customer experience. He gave insight on the drivers of change in post-pandemic era, how to own the customer journey using artificial intelligence and the impact on financial services firms. Basel Haddadin, Regional Sales Manager, Google Cloud, spoke on cloud computing revolutionising banking industry.