Technology Transformation is the Key Source for Global Sustainable Development

Dell Technologies Forum

The Dell Technologies Forum was hosted at St. Regis, Doha Qatar on 3rd April 2019. Dr. R. Seetharaman CEO of Doha Bank was the keynote speaker and spoke on transformation Journey. He gave insight on Global scenario. He said “According to IMF Jan 2019, global economic outlook expected at 3.5 percent in 2019 and 3.6 percent in 2020 respectively. Advanced economies grow at 2 percent in 2019 and 1.7 percent in 2020 respectively. Emerging and developing economies expected to grow at 4.5 percent in 2019 and 4.9 percent in 2020 respectively. The oil prices have recovered in 2019 after a steep fall in 2018, the talks on trade between US- China are still underway.”

Dr. R. Seetharaman highlighted on transformational trends in technology. “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 sustainable development goals and economy. He said “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 fintechs. 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.” He also highlighted the challenges faced by fintech sector in the region.

Dr. R. Seetharaman highlighted on Doha Bank Transformation. He said “Business model innovation is the process, as well as the result, a change of business model can be different radically. Even minor changes can be of great benefit to customers and businesses. It is often necessary to generate value from a radical product innovation. Agility, simply we develop rapidly with continuous delivery of useful software. Successful innovation focuses on making customers’ lives easier, better and, ideally, more enjoyable. We are already seeing innovative financial services such as Cloud-native architectures driving innovation in data science, IoT, and other areas which will provide both the threat of us being disrupted and the opportunity for innovation.”