Fintech as well as new technologies such as blockchain could “revolutionise” Qatar’s banking industry, a Commercial Bank official said in a panel discussion at Euromoney Qatar Conference 2018.
Dr Leonie Lethbridge, EGM, chief operating officer at Commercial Bank, talked about how new technology can be applied by banks in Qatar during the conference, which concluded Monday.
Lethbridge discussed how banks can use new technologies to improve customer experience. She also spoke about how banks can apply technologies from the fintech sector, such as blockchain, to add value to customers.
“There is an opportunity for banks in Qatar and around the world to use technology to provide great products and services that will help us to build even better relationships with customers by improving their experience of banking with us. It has the potential to truly revolutionise the sector.
“This evolution in technology, which today we call fintech, will become more important in the way we are doing banking now. Technologies like blockchain could hold enormous promise, and at Commercial Bank, we are actively developing our approach in how to use new technologies like this,” Lethbridge said.
“However, it is very important that banks understand how it can be used to create value. What should drive adoption as this is value created through offering new products and services, by improved efficiency, and through even better client experience, not the technology itself,” she continued.
Commercial Bank’s innovative application of new technologies is part of its work to support the realisation of the goals of the economic pillar of the Qatar National Vision 2030, specifically the development of a diversified and sustainable economy.
Lethbridge followed Commercial Bank Group CEO Joseph Abraham, who gave a keynote interview at the conference on Sunday. During his interview, he talked about Qatar’s economic prospects in 2019 and international investor confidence in Qatar as well as Commercial Bank. They both spoke at the conference in Commercial Bank’s capacity as Lead Sponsor.
The Euromoney Conference is a major industry event in Qatar, bringing together leaders from around the world to discuss pressing global financial issues, especially relating to the Qatar and its economy. The focus of this year’s conference is Qatar’s post-blockade strategy and its development as a sustainable economy.