Doha Bank, one of the largest commercial banks in Qatar, has been recognized as the ‘Best Digital Bank’ by World Economic Magazine, for its e-banking solutions and services.
Following Doha Bank’s digital strategy aimed towards providing better e-banking solutions and services to customers, the bank has been consistently working to improve its mobile banking application.
The mobile banking application of Doha Bank has been recently upgraded to position its digital channel as the most preferred touchpoint for retail banking customers. It is designed to meet all financial needs of different customer sections.
Dr. R Seetharaman, the CEO of Doha Bank, stated that the future of banking will be mobile and digital-only. The key success factors of digital banks include differentiated value proposition, early revenue recognition, quick scalability, and cost-efficiency.
The financial institutions are exploring new technologies and investing in digital service delivery channels, adding that COVID-19 has acted as a catalyst in accelerating digitization, which is the need of the hour.
“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. 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 Dr. Seetharaman, digital has been the main transaction processing channel for Doha Bank customers. In July, 88 percent 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 has 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 make person-2-person money transactions.