Over 90% of QNB’s customer interface already digitized: Group CEO

Over 90% of QNB’s customer interface has already been digitized, helping Qatar’s leading bank “achieve the highest levels of satisfaction and security”, said QNB Group CEO Abdulla Mubarak al-Khalifa.
Yesterday, in his keynote speech at the Euromoney Qatar conference, al-Khalifa said that as part of its group-wide strategy, QNB defines innovation as a strategic catalyst to identify new sources of revenue and create opportunities for cost reduction.
“We believe that innovation requires us to be more creative and flexible to respond to the complexities of the new normal. We strive to use and benefit from the latest technologies to provide digital banking services with a human touch. From this point view, we see ourselves as pioneers of digital transformation.
He noted that the Covid-19 pandemic has caused significant challenges around the world.
The unprecedented monetary and financial support measures taken by central banks and governments have helped support the global economy and allowed it to weather the storm and recover.
He said the State of Qatar has also taken many measures to protect its economy and society to reduce the impact of this global shock. As a result, the impact of the pandemic has been limited.
“Thanks to the effective management and support provided by the State Government of Qatar and the Qatar Central Bank, our banking sector enjoys flexibility and quality, with high levels of capital, liquidity, assets and profitability,” he said.
Accordingly, he noted that Qatar’s economic performance is solid and its future prospects are stable. The Qatar National Vision 2030, backed by a massive program of infrastructure development and capital expenditure, aims to transform the country into a knowledge-based economy.
“The State of Qatar is actively working to enhance the contribution of the private sector and is doing its utmost to ensure the successful hosting of the 2022 FIFA World Cup.”
Qatar has one of the largest natural gas reserves in the world and is the main exporter of liquefied natural gas. Qatar has decided to increase its production by 64% by 2027 thanks to the expansion of the North Field. This will ensure the continuity of achieving growth in the country in the medium to long term.
Al-Khalifa noted, “QNB Group has also been able to weather the challenges of the pandemic, as we continue to adhere to our goal of promoting prosperity and sustainable growth for our shareholders and communities.
“Thanks to these efforts, we achieved a strong financial performance in 2021 and remain Qatar’s largest financial institution and a leading bank and brand in the region.”
In Qatar, QNB offers a full range of comprehensive banking services that focus on sectors such as utilities, transport and logistics, in addition to projects related to the hosting of the World Cup and the expansion of the North Field.
“We also want to play a major role in supporting the organization of the World Cup. Our goal is to facilitate all services related to payments and transactions to provide a smooth experience during the tournament. Our strategic partnership with FIFA is an opportunity to promote the QNB name. I believe this will help us to strengthen our brand, our image and our reputation around the world.
“All these achievements confirm the success of the State of Qatar, the banking industry and QNB Group in overcoming the impact of the pandemic.”
However, al-Khalifa said, “We recognize that the pandemic has changed our way of life both professionally and personally. We know that the world has become more unstable and uncertain. Our operating environment has also become more complex and the number of factors to consider when making decisions has increased significantly.
“The pandemic has brought about structural, technological and cultural changes in the economic and social landscape. We are now facing a new normal that challenges all the ways of working, communicating and thinking that we have been used to.
“Customers are moving from physical interaction channels to remote channels, and this digital transformation is affecting the banking industry. Additionally, the focus on sustainability, ESG and climate change is expected to impact the portfolios, balance sheets and operations of banking institutions.
Al-Khalifa said, “As part of Qatar’s National Vision 2030, innovation plays an important role in transforming the economy. Since the pandemic, innovation and digital transformation have remained a key priority, helping to improve productivity, profitability, customer centricity and ultimately increase profitability.