“Banks Should be Disruptors, Not Incremental Innovators”

Banks in Qatar have recognized the role played by digital transformation in driving growth and efficiency. Banks are reassessing their business models to ensure that they are profitable and remain sustainable in the future. Change in economics, policies and regulations, coupled with the disruption and innovation triggered by technology, compel banks and financial institutions to work on their strategies and push the boundaries when it comes to technology.

The 7th Edition of New Age Banking Summit, Qatar brought together top thought leaders and industry experts who shared the best and next practices that make use of latest technologies, case studies and strategies, thus providing the opportunity to discuss and deliberate on the solutions and opportunities that exist in this new and cognitive age of banking. It was attended by over 170 banking professionals & Fintech leaders.

The speaker lineup consisted of C-Suite leaders from leading banks of Qatar such as Doha Bank, Qatar Islamic Bank, Standard Chartered, HSBC and many more who shared critical insights for the region’s banking sector.

Defining the roles of banks in ensuring better banking for the future, Hani Khalil, Head of E-Channels, Qatar National Bank said “Banks should be disruptors not incremental innovators in existing products and services”. “They need to re-evaluate banking models in order to create new value to customers” he continued.

Rauf Mammadov, Advisor to CEO, Qatar Development Bank, while speaking about how FinTech is fundamentally changing the way financial services firms operate said, “As a young and novel sector, FinTech is demonstrating early signs of its economic contribution, however the overall impact will be further determined as the sector matures over the next few years. FinTech has also become an indication of the innovation status of the hubs that have embraced this sector and as a result is serving as an anchor for innovation.”

The summit provided key insights on some of the most critical and challenging topics for the region’s banking industry such as Advanced Analytics, AI, mobile app security and more.

Co-located with the summit, the New Age Banking Awards recognized and celebrated outstanding achievements amongst the banking fraternity. Winners included Qatar National Bank - Best Bank & Best Bank in Sustainability; Qatar Islamic Bank - Excellence in Mobile Banking & Best Islamic Bank; Dr. R. Seetharaman - New Age Banker of the Year; Ahli Bank - Best Bank in Asset Quality; Al Khaliji Commercial Bank - Best Bank in Productivity; The Commercial Bank of Qatar - Fastest Growing Bank, GBM - Excellence in System Integration Award; VeriPark- Excellence in Customer Experience Solutions; - SAS Excellence in Banking Analytics and OneSpan - Excellence in Digital Transformation;.

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This release was published on openPR.