Enhanced Digital Governance will Improve Human Prosperity

New Age Banking Summit

The “13th Edition of New Age Banking Summit Qatar 2020” happened on 12th February 2020 at Dusit Doha Hotel, Doha, Qatar. Dr. R. Seetharaman, CEO of Doha Bank gave the keynote address on “Getting future ready in a Disruptive World”

Dr. R. Seetharaman gave insight on global economies. He said “Global growth is projected to rise to 3.3 percent in 2020. Advanced economies expected to grow by 1.6 percent into 2020. The emerging market and developing economy group, growth is expected to grow by 3.7 percent in 2019, increase to 4.4 percent in 2020. Growth in the Middle East and Central Asia region is expected at 2.8 percent in 2020”

Dr. R. Seetharaman highlighted on emerging trends in technology and how to navigate through digital disruption. “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. The digital disruption will also contribute to changes in the healthcare sector and the work space.”

Dr. R. Seetharaman highlighted on Global Warming and Climate Change. He said “The top four emitters in were China, the US, the European Union and India. Greenhouse gas emissions need to be estimated for major economic sectors in areas of operation to determine the carbon footprint. Based on the carbon footprint in various economic sectors, various initiatives should be proposed to promote green economies, such as lending for green projects, CDM scheme, and paperless banking. While the digital sector obviously has a carbon footprint, when taking into account the efficiency gains and emissions reduction it can enable in other sectors, its overall net impact is positive. Digital solutions with the potential to reduce emissions can be applied in sectors such as agriculture, building, energy, manufacturing, and mobility, in addition to software and apps to capture and quantify efficiency gains.”

Dr. R. Seetharaman gave insight on other sustainable development goals and economy. He said “Correlation is found between social and economic SDGs such as Poverty, hunger, economic growth and infrastructure. Increases access to opportunities to improve economic participation. Connectivity: fixed and/or mobile access to telephony and internet. Make health more accessible and affordable, and enables better equality using technology. Technology from AI to 5G has the power to transform public safety, education, transportation, manufacturing and energy. Enhanced digital governance will improve human prosperity.”

Dr. R. Seetharaman highlighted the initiatives of Doha Bank on digital transformation. He said “In line with its strategy, the Bank continues to deliver Digital Transformation projects to improve customer services and make available self-service anytime/anywhere banking channels. As part of this Digital Transformation, Doha Bank has enhanced its mobile banking channel with new look and feel and also provided multi language support in order to enhance customer experience and services. Doha Bank has revamped its online portal for Retail and corporate customers to provide all customer segments enhanced customer experience and enhanced security. The Bank’s IT and Business partnership is focusing on end to end straight through processing which is going to further enhance the overall customer experience and bring cost efficiency and move toward a Brick to Click Transformation. On the theme of innovation and increased convenience for our customers, Doha Bank has launched new initiatives i.e. Global markets platform, Real time remittance’s for our international partner banks, Local & International funds transfers for retail and corporate customers, Online Loans Portals, e-statements, Doha Sooq, Instant Cards issuance, NRI Accounts opening and WhatsApp /Facebook chat services. Taking into consideration the demands of the business; the growth in local, regional and international competition as well as the request of new clients to consume ‘always-on’ services and to bank ‘on-the-move’, Doha Bank has embarked on an Infrastructure and Secure services transformation by implementing “Always-On Active/Active” software-defined datacenter using emerging technologies and implementing the Security Operations Center.”