Sustainable Development in the Digital Era
Doha Bank received THE BIZZ Award at THE BIZZ EUROPE 2019 event which happened at Amsterdam, Netherland on 13th & 14th May, 2019 where the organization was granted with the GLORY trophy, one of the highest distinction given by WORLDCOB. This award recognizes the career and steady growth of leading companies. “Doha Bank Has Build a reputation as an innovative bank in Qatar and has leveraged on technology to provide better solutions to our customers” said Dr. R. Seetharaman, CEO of Doha Bank on receiving the award. Dr. R. Seetharaman was honored with the “World Leader in Finance Award” at the same function which witnessed active participation from Diplomats from various countries. This award was given for his professional achievements in the finance sector in the region.
Dr. R. Seetharaman, CEO of Doha Bank was also the keynote speaker at the event. He gave insight on Global scenario. He said “According to IMF April 2019, Global growth is now projected at 3.3 percent in 2019. Growth in advanced economies is projected at 1.8 percent in 2019. The emerging market and developing economy group growth is expected to be 4.4 percent in 2019. A further escalation of trade tensions and the associated increases in policy uncertainty could further weaken growth.”
Dr. R. Seetharaman gave insight on sustainable development goals and economy. He said “G20 countries – which account for 85% of global GDP and 80% of CO2 emissions – should adopt a combination of pro-growth and pro-environment policies in developing their overall growth and development strategies. The top four emitters in global green emissions include China, US, European Union and India. Strengthen climate mitigation policies, including carbon pricing, fossil fuel subsidy reform, smart regulations and the use of public procurement to help drive low-carbon innovation. Scale up efforts to mobilise private investment in low-emission and climate resilient infrastructure through further efforts to green the finance system. Sustainable development involves people & supports community building. Climate change enables to develop sense of purpose for the society. Climate change improves connectivity among people/ society. 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. 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. Technology transformation is the key source for sustainable development.”
Dr. R. Seetharaman highlighted on trends in technology. He said” 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.”
Dr. R. Seetharaman gave insight on Fintechs. “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.”