Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial Bank in Qatar, was distinguished as a ‘Banking Innovator’ at this year's Indian Innovator Awards, Entrepreneur of the Year. The Award function was held at Westin Dubai, on December 09, 2014. Leading Entrepreneurs and Bankers from GCC participated in this event.
Speaking at the event Dr. Seetharaman gave insight on Global and regional economy. He said, “The US economy continues to recover and the dollar index has all reached all time highs recently which acknowledge the same. Japan and Eurozone struggle to recover. The slowdown in Chinese economy has also created concerns in financial markets. The GCC capital markets had fallen recently on account of fall in oil price after no action in the OPEC meeting. The Indian economy is reflecting confidence under the new government and the inflation pressures are easing.”
Dr. Seetharaman gave insight on business and technology trends in the Banking industry. He said “The costs of regulation and competitive pressures will lead to industry consolidation. Technology has transformed the way we bank and is one of the main drivers behind the accelerating pace of innovation in this sector. Online banking, mobile banking, chip and pin have now become part of our way of life for everyday banking. New non competitors have emerged in the financial services industry. Some of them include Walmart, Deutsche Postbank AG, La Banque Postale and Virgin Money. Online banking, payments, personal and business financial planning and credit are just a few of the areas targeted by such firms.”
Dr. Seetharaman gave his outlook on GCC Banking Sector. He said “Banks in the UAE have been prime beneficiaries of a revival in which the economy grew by more than 4 per cent last year as interest rates reached new lows and credit growth rebounded. In Saudi Arabia, private sector lending had grown by more than 11 per cent till Sept 2014. Public Sector lending had gone up by close to nine per cent till September 2014. In September 2014, Saudi Arabia's Bank watchdog introduced new regulations that cap retail lending and curb the fees that lenders can charge. In Oman, Lending grown is close to nine per cent till September 2014. Banks are trying to offset lower margins through additional fee generation. Banks lending to the private sector grew close to four per cent YTD till September 2014. In Qatar lending growth is more than ten per cent till Sept 2014.The Retail, Contracting and services sector are the key sectors which contribute to growth in 2014.”
Dr. Seetharaman highlighted the impact of digital banking. He said, “Digital Banking will be new channel to improve revenue growth and cross sell. The financial institutions will aim to improve customer experiences through innovative offerings in digital banking. Banks must connect with their customers every day. To be successful in the market, banks must engage every day, and to do this they must also promote and sell non-financial services. The bank can invites customers through social media channels and make customers emotionally involved. Social network enables Bank to be in close touch base with customers. Local GCC banks appear well positioned to build on a solid online banking trend. The digital banking has revolutionised Bank customer relationships.”
Dr. Seetharaman gave insight on Cyber security and related risk management. He said “Technology has increased many of the traditional Information security risks associated with banking activities. With the significant change on how Bank’s do business these days the rules have changed and the information security risks are greater than ever. The risks have further compounded today due to Privacy concerns, Vulnerabilities, Cyber terrorism, Insider Sabotage, Mobile Computing, Wireless Access and Spyware. Regulations are undergoing change to support managing Information Security Risk for financial institutions. Many Banks have established information security function, as part of its key functions and formed Information Security Councils, supported by the Bank’s executives. Bank’s introduce new Policies and Standards that addresses the dynamic nature of Information Security.”
About Doha Bank
Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.
As one of Qatar's leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Doha Bank provides individuals and commercial, corporate and institutional clients across Qatar and even internationally, new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through an extensive network, and multiple access channels.
The Dubai branch of Doha Bank was opened in 2008.
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