Euromoney Qatar Conference 2019 drew to a close this week, following two successful days of high-level discussions. As lead sponsor of the annual conference, Commercial Bank hosted for the first time in Qatar, author and futurist Brett King.
The 8th edition of the conference was held under the patronage of HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Qatar’s Prime Minister and Minister of Interior.
During this year’s conference, the main focus was on the future of Qatar, and on how the small but resourceful and capital-rich Qatari economy is transforming its already sizeable role in the global economy to meet the new demands of 21st century business and finance. Panels were attended by financial and business leaders, in addition to industry practitioners, investors and globally influential commentators at the forefront of digital transformation.
Commercial Bank Group CEO Joseph Abraham explored the performance of the banking industry in Qatar in 2019, which according to him was a positive year for the country with strong fiscal and external buffers due to prudent macro economic management by the government and a strong, well regulated and well capitalised banking sector.
Regarding the impact of technology on the future of banks, Abraham views technology as key to the future. He said that banks shouldn’t be complacent and instead embrace technology.
‘There will be winners and losers, and banks that embrace technology will continue to prosper.’
On the second day of the conference, Brett King, hosted by Commercial Bank for the very first time in Qatar, shared with the audience his vision for Banking 4.0, an era he considers as one where either your bank is embedded in your world via tech, or it no longer exists. The bestselling author and award-winning speaker delivered an outstanding session on banking and digitisation.
Amidst high competition in the market and the global digital trend, King sees that banks need to be ‘technology savvy, technology first’ to stay competitive, pointing out that by 2025, anyone will get more advice on your money through smartphone… through technology than you ever get data from humans sitting in a bank office.
Dr Leonie Lethbridge, EGM, Chief Operating Officer at Commercial Bank, discussed the role of banks in the worldwide digital revolution.
‘Delivering leading-edge solutions that meet customers’ needs by using the right technologies is the way to face digital challenges. Commercial Bank is following the right steps towards achieving this goal. We combine insights gained through analysing data on our clients’ needs with great technology, to provide meaningful life solutions for our clients.’
The Euromoney Qatar Conference 2019 provided a coherent and consistent strategic overview of opportunities and challenges in Qatar through presentations, interviews and panel discussions. For more information, visit euromoneyconferences.com.