QNB, the largest financial institution in the Middle East and Africa region, will undertake a solution-led wholesale banking approach rather than pursuing a product-push way.
"We will develop a solution-led wholesale banking approach, aiming to place a greater focus on offering client-centric solutions, rather than taking a product-push approach," QNB said in its 2021 annual report.
This would be supported by a range of enhanced products, upgraded data infrastructure, analytical tools and training, the report added.
By capitalising on development in areas such as open banking, robotics process automation (RPA), big data and analytics, artificial intelligence (AI) and digitisation and automation, the bank's strategy would benefit it and all the stakeholders.
"By embedding analytics into the fabric of our global transactional banking business, we will ensure that we deliver a seamless transaction banking proposition across our entire global footprint," it said, adding the move would be supported by an investment in digital channels and processing capabilities.
In parallel, the lender would offer advanced solutions and analytics beyond traditional banking products with the help of strategic partnerships.
Highlighting that its ability to drive growth in the new normal is underpinned by the continuing efforts to effectively future-proof its business; QNB said "changes in the regulatory landscape, customer behaviours and the entry of new competitors such as Fintech, BigTech and non-bank players are increasingly challenging the ways of operating in the banking sector."
"We are constantly pushing ourselves to use innovation to find new revenue opportunities, protect our existing businesses, create cost-saving opportunities and adjust our operating models, thus mitigating the effects of technological disruption and financial disintermediation," it said.
With this in mind, the bank has positioned innovation as a "critical strategic" enabler to support its long-term strategy.
"We have identified emerging, long-term trends that we see as opportunities to build into our business model to continue our growth journey. As part of this approach, we use data, advanced analytics, digital technologies, automation and new delivery platforms to strengthen the bank and generate more opportunities," it said.
Its group-wide innovation centre, QNBeyond, has created momentum across the organisation, promoting innovation and best-practice through a series of successful employee boot camps.
QNB said it continues to work closely with the Qatar Fintech Hub to evaluate new Fintech solutions in the investments, crowdfunding and payments space that best fit the local market.
Stressing that it has begun to reap the benefits of the harmonisation of innovation governance of the previous years; it said the collective approach to innovation help foster collaboration, embed best-practice and provide additional revenue opportunities and efficiencies at scale across the network.
"As such, we are constantly evaluating new ideas across our network to identify potential synergies for innovation and new initiatives within relevant markets," it said.