DOHA BANK CEO WON THE “NEW AGE BANKER OF THE YEAR AWARD“

DOHA BANK CEO WON THE “NEW AGE BANKER OF THE YEAR AWARD“

The New Age Banking Summit was held on 18th Sept 2018 at the “Intercontinental Doha – The City “Doha, Qatar. It was well attended by Regulators, Bankers and technocrats who were interested in the technology developments impacting Banking. At the event Doha Bank CEO Dr. R. Seetharaman   won the “New Age Banker of the Year “Award for his outstanding contribution to Digital Banking in Doha Bank. Doha Bank has been at the forefront of developing leading banking solutions for valued customers locally and internationally. The bank has pioneered in Internet Banking, SMS Banking, IT Security, Borderless banking and web based architecture. Doha Bank has taken the responsibility of constantly evolving with changing technologies and introducing state of the art products and services.

The adoption of Emerging Technologies and implementing IT transformation initiatives has also provided Doha Bank a platform in building Digital Eco Systems.

In the C- Suite Panel discussion at the event Dr. R. Seetharaman, stated. “The fourth industrial revolution combines advanced technologies in innovative ways, dramatically reshaping the way people live, work and relate to one another. Various industries are getting redefined, the health sector can be reimagined, the work space is undergoing changes, robotics and artificial intelligence are going to play important roles and the customer will be more empowered in the digital environment. Banks need to manage the change by redefining their business models and to manage various stake holders such as customers, regulator and shareholders. The question which comes up is how to we regulate technology companies. Customers are information centric and not location centric.  To adopt to the digital changes either you need to be quick or dead. Realignment of resources will happen in the light of technology developments. On cryptocurrencies, he stated that currencies are a barometer of economy and should not be tool for speculation. Technology should be an enabler and not a medium for exchange. If Cryptocurrencies are measured and managed within a framework then it is acceptable. Banks will end up as B2B models.”

In the Standalone key note session Dr. R. Seetharaman spoke on “Digital disruptions and changing banking business “. He said “Financial institutions Worldwide are realizing that they need focus on a different sort of innovation, better technology, modernize infrastructure and improve customer experience. The banking business models are changing globally from being old traditional branch business to highly advanced automated customer centric experience for performing day to day banking activities. Fintech, internet of things, block chain and artificial intelligence are some of the major technological developments, Robotics, enabled by artificial intelligence and machine learning, is proving to be a game changer that can bring unique operational efficiencies to the financial services industry. accelerating digital ecosystem development could lead to cashless economies. Fintech sector is one of the most happening sectors across the globe. Fintech would continue to disrupt banks, they have also become technology providers, competing with other fintech firms and sometimes collaborating or acquiring them to roll out shared platforms to enable services. Fintech startups are not only spearheading innovation, but are also prompt banks and financial institutions to explore new technologies and invest in digital service delivery channels. Fintech is a key enabler for Banks in digital ecosystem. Banks and the financial regulators should address the trade-off between convenience and security when it comes to digital banking. From compliance perspective banks and the regulators have to deal with questions arising from digital banking. To protect customers, thwart organised criminals, and ensure financial stability, prudential and conduct regulators, and legislators, need to ensure that regulation is future-proofed for the digital age.  Banks need to redefine their business models to adapt themselves to the digital ecosystem and hence digital governance is the need of the hour. ”