Doha, Qatar: Qatar’s banking sector is undergoing a significant transformation with the adoption of data analytics and cloud computing which aligns with Qatar’s National Vision 2030, marking a shift towards a data-driven and cloud-enabled future.
The latest edition of ‘Qatar Banking Perspectives’ report by KPMG has stated that data analytics and cloud computing have become essential pillars of Qatar’s banking sector, revolutionising traditional banking practices, and ushering in a new era of innovation and customer-centricity. By harnessing the power of data analytics, banks are making more informed decisions, enhancing customer experiences, and optimising their operations.
Cloud computing provides the agility, scalability, and cost efficiency necessary for banks to stay competitive in a rapidly evolving digital landscape.
It further said, “As Qatar’s banking sector continues to embrace these transformative technologies, we can expect further advancements and a continued shift towards a data-driven and cloud-enabled future, in line with the country’s National Vision 2030.” Digital Transformation is no more only a trending topic, but a necessity for institutions to catch up with the requirements of the regulatory authority, to identify potential risks and mitigate risks, to empower customers and provide with personalized products and services, to optimize the efficiency in internal operations, and to compete in the hyper-competitive market, the report added.
Cloud computing is a key enabler in driving technology adoption. With two major hyperscalers coming to Qatar is a definite indicator of cloud adoption gaining momentum. Qatar’s banking sector is rapidly adopting cloud computing to enhance agility, scalability, and cost efficiency. With cloud computing, banks can experiment with new technologies, launch innovative services, and quickly respond to market dynamics.
The cloud’s flexibility enables faster time-to-market for new products and services, giving banks a competitive edge in the digital era. Multi-Cloud is also gaining momentum in Qatar. It allows banks to leverage cloud optimally and allow for healthy market competition.
Financial institutions in Qatar are leveraging data analytics to extract meaningful insights from vast volumes of customer information, transactional data, and market trends. This allows them to make more informed decisions and develop personalised products and services.
By employing advanced analytics techniques like artificial intelligence and machine learning, banks in Qatar can identify potential risks, fraud patterns, and customer preferences. This empowers them to proactively mitigate risks, prevent fraudulent activities, and deliver tailored solutions to their customers.
Data analytics also enables Qatari banks to optimise their operational efficiency by analysing internal processes.
The integration of data analytics in Qatar’s banking sector has revolutionised customer experience. The country’s banks are now able to gain a 360-degree view of their customers, enabling them to deliver personalised and proactive services.
This level of personalization not only improves customer satisfaction but also helps banks deepen customer relationships and increase customer loyalty, the report said.
Real-time analytics enables banks to anticipate customer needs and respond promptly. For example, if a customer experiences a suspicious transaction, data analytics can detect it immediately and trigger automated alerts, enhancing security and fraud prevention.
