INDUSTRY WATCH
“GOING DIGITAL IS
MUCH MORE THAN A
MARKETING STRATEGY
- IT’S A FUNDAMENTAL
CHANGE IN HOW
BANKS LEARN ABOUT,
INTERACT WITH AND
SATISFY CONSUMERS.”
What do you think about this
school of thought?
Maybe few years ago this perception
might have held true in some quarters,
but in today’s digital era – IT is definitely
on the management agenda.
At QIB, we have a very supportive
management who do not see IT as
just another support unit but as a
“value enabler”. We are lucky to have
IT savvy executives who are well
aware that Business and IT alignment
is imperative for the Bank’s success
story. If you look at the technology
investments which QIB has made
in the recent past, it’s obvious that
IT is not only heard but also given
due relevance in top level executive
management agenda.
Due to the current economic
scenario, there is always
pressure of “doing more with
less.” How much do you agree
with this statement and how
have you addressed this?
At the backdrop of the global economic
scenario and persistent challenges,
it’s very true that cost reduction and
optimisation is always at the back of
our minds whenever we embark on
technology spending initiatives.
Having said that, at QIB we look
for necessary reduction by not
compromising on the quality but rather
than laying emphasis on introducing
process efficiencies and automating
business processes. Innovation is the
key to ensure we continue delivering
the best in class services to our
customers with minimal impact on our
bottom line revenue.
How have recent projects
helped QIB distinguish itself
from regional competitors in
the banking & finance industry?
The positive on-time project deliverables
has enhanced our customer experience,
improved time to market innovative
products and has imbibed efficiencies in
our existing infrastructure environment.
All these technology initiatives and
investments have ensured we maintain
our position as one of the top five
Islamic Banks in the world.
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INTELLIGENTCIO
The replacement of legacy systems will
allow us to better serve our customers
and enhance our strategic vision in
terms of offering comprehensive banking
services. These services, coupled with
our continuous investment in alternative
channels, will help us provide a seamless
banking experience and offer premium
services to our customers. With continued
technology focus investments, we intend
to set new benchmarks in Islamic Banking
with unmatched customer experience
and operational excellence and be
the leading Islamic Bank inspired by
Innovation and Technology.
The rapid technology embracing strides
which QIB has achieved in the recent past
are a reflection of competent in-house
technology capabilities, management
direction and farsightedness – an essential
factor that will help reinforce our strategic
and competitive position in the future.
What’s your take on the “Digital
Imperative” and your advice to
budding CIOs in the banking
and financial services sector?
Customers have taken to digital technology
like a duck to water. And now they expect
banks to become digital enterprises, using
digital technology to make it faster and
easier to do business with the bank. Studies
show that the gap between customers
and financial services players is rapidly
widening, leaving massive opportunities
for new, non-bank competitors to totally
disrupt the industry. As banks face a toxic
mix of shrinking or stagnant IT budget, a
rapidly changing technology environment,
and a multitude of business demands, it is
imperative to innovate and digitise to stay
ahead of the curve.
Going digital is much more than a marketing
strategy - it’s a fundamental change in how
banks learn about, interact with and satisfy
consumers. Successful digital transformation
begins with an understanding of digital
consumer behavior, preferences and choices.
It then leads to major consumer-centric
changes within the organization that address
these needs. My advice is that all these are
leading to an interesting shift in the banking
and financial technology services space and
we need to continuously innovate and adapt
to the changing technology trends to stay in
business.
www.intelligentcio.com