Qatar banking sector shifts towards digital technology: OBG:
Qatar’s banking sector is undergoing broader changes, including a shift towards digital banking, which will likely see a reduction in branches and physical presence in the coming years, a new report has shown.
This will impact all aspects of the industry, from retail and private banking, to investment and international banking, Oxford Business Group (OBG) said quoting Dr R Seetharaman, Doha Bank CEO, and added it could prompt further consolidation in the sector.
“Consolidation is a game-changer in the market,” Seetharaman told OBG. “Globalisation and new cost structures, as well as digitalisation and consumerism, are pushing banks to redefine the business model in order to address pressures and sustain growth.”
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