Doha Bank Q P S C : Covid-19 Acts As a Catalyst for New Digital Business Models

Covid-19 Acts As a Catalyst for New Digital Business Models

Doha Bank hosted a virtual client interaction session on the topic 'Digital Transformation and Changes in Business Models 'on 5th May 2021. The speakers at the event included Mr. Hamad Al Hajri, Co- Founder and CEO of Snoonu, Mr. Ryan Smyth, (E-commerce & Product Manager) Mzad Qatar and SYAANH.COM, Mr. Ahmed Isse, Co- Founder of Dibsy (Pay wise), Mr. Elie Nasr, Co - Founder of FOO. Mr. Shareef El Baba, Deputy Head of Retail Banking, Doha Bank started the seminar by welcoming all the panelists onboard and highlighting the importance of the session topic on adapting to change and revising business models to meet the new expectations for consumers.

Dr. R. Seetharaman, CEO of Doha Bank was the keynote speaker. He gave insight into the global scenario. 'The consequential impact of COVID-19 is wide. We lost many people and the crisis is not over. The global economy is witnessing multiple Covid-19 virus mutants. Global trade was impacted by Covid-19. According to IMF April 2021, Global economy is expected to grow by 6% in 2021. Qatar has come out with support during COVID-19. Qatar plans LNG expansion and will contribute to sustainable growth.'

Dr. R. Seetharaman highlighted on fourth Industrial revolution and emerging digital trends, 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. 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 development.'

Dr. R. Seetharaman gave insight on digital disruptions impacting Banking. 'Financial institutions Worldwide are realizing that they need to focus on a different sort of innovation, better technology, modernize infrastructure and improve customer experience. The banking business models are changing globally from an old traditional branch business to highly advanced automated customer centric experience for performing day to day banking activities. Open Banking and APIs can play an important role in future. Fintech, internet of things, block chain and artificial intelligence are some of the major technological developments, Robotics, enabled by artificial intelligence and machine learning, and is proving to be a game changer that can bring unique operational efficiencies to the financial services industry. Retail can monetize data using big data analytics. Fintech startups are not only spearheading innovation, but are also prompt banks and financial institutions to explore new technologies and invest in digital service delivery channels. Fintech is a key enabler for Banks in digital ecosystem. The Covid -19 has acted as a catalyst for digitization and the new digital business models will emerge from the same.'

Mr. Ryan Smyth, showcased Mzad Qatar & Syaanh e-commerce platforms and the visitor's acceptance of the listed products & services. 'Our platforms have over 1 Million active users monthly, with more than 1.65 Million application downloads. The key to our e-commerce success is to partner and build strong business relationships with Vendors in Qatar, who can help us meet customer demands. Mr. Ryan Smyth also added that Mzad Qatar has partnered with more than 120 vendors to date, which varies between small & medium enterprises as well as large enterprises. Mzad Qatar is growing from strength to strength, thus it allowed us to recently add a fully digital & online Bidding section. Mr. Ryan Smyth highlighted the importance of Doha Bank & Amazon Payments support, which provided Mzad Qatar with the required Online Payment Gateway solution, which helped in collecting payments in an easy and speedy way.

Mr. Hamad Al-Hajri, started thanking Doha Bank for the continuous support provided towards Snoonu Application. Mr. Hamad Al-Hajri, highlighted how Snoonu is currently helping companies with a very strong 24/7 online delivery platform.

Mr. Ahmed Isse showcased their Dibsy Collect digital solutions (Pay by Link, Plugins, Complete APIs, Recurring Payments), Dibsy Disburse (One to one & One to many), and Dibsy Verify (Customer Validation, Transaction Monitoring). Mr. Ahmed Isse ended the session by thanking Doha Bank for its continuous support in providing fintechs with required financial & digital payments solutions.

Mr. Elie Nasr, talked about the digital solutions that are currently offered by FOO to cope and complement the operating businesses in many markets worldwide. Mr. Elie Nasr, also highlighted the seamless checkout experience that users are expecting by providing more focus on the Future of Payments where crypto legalized currencies will definitely come on the way creating a 'Future is Digital' experience.

Mr. Shareef El Baba, Deputy Head of Retail Banking, Doha Bank gave the closing note.