Doha Bank has been recognised as ‘Best Digital Bank’ by World Economic Magazine recently.
Doha Bank CEO Dr R Seetharaman said the future of banking “will be mobile and digital-only.”
“Mobile banking and digital banking will be felt in the Internet of Things, blockchain and open banking. Digital banks’ key success factors include differentiated value proposition, early revenue recognition, quick scalability, and cost-efficiency,” he said.
Seetharaman said financial institutions are exploring new technologies and investing in digital service delivery channels, adding that Covid-19 “has acted as a catalyst” in accelerating digitisation, “which is need of the hour.”
Keeping in line with the bank’s digital strategy aimed towards providing better e-banking solutions and services to customers, Seetharaman said Doha Bank has been consistently working to improve its mobile banking application.
Doha Bank’s mobile banking application has been recently upgraded to position the channel as the most preferred digital touchpoint for retail banking customers. It is designed to meet all financial needs of different customers segments, he said.
“Retail customers can now easily do their e-KYC from the convenience of their mobile without visiting the branches. By targeting simplicity, user-friendly design, and convenience, the bank has achieved this target and today Doha Bank’s Mobile Banking application is the first preferred channel for customers,” Seetharaman said.
He said, “Doha Bank has been instantly responsive from the outset of the coronavirus outbreak and took proactive measures in keeping customers safe while maintaining customer service levels.
“This has created an opportunity for the bank to speed up initiatives pertaining to the digital transformation journey, such as encouraging customers to use alternative channels as opposed to physical visits to branches.”
According to Seetharaman, digital has been the main transaction processing channel for Doha Bank customers.
“In July 2021, 88% of all comparable financial transactions are performed through Doha Bank’s digital and self-service channels and in line with the bank’s digital strategy aimed towards providing better e-banking solutions. Doha Bank will continue investing in digital and adding new services for individuals and corporate customers.
“Doha Bank has also launched its digital wallet ‘Doha Pay’ to provide retail banking customers with a convenient payment option. Easy Pay users can make QR code payments at selected merchants and send person-2-person money transfers,” Seetharaman said.