Doha Bank named “Most Innovative Retail Bank Middle East 2013”
Doha Bank, the leading private sector commercial bank in Qatar and one of the fastest growing Banks in the GCC region, has been named the Most Innovative Retail Bank in the Middle East for the year 2013. The Bank received the award from Global Banking and Finance Review which provides independent news for the global banking and finance industry.
Doha Bank Group CEO, Dr. R. Seetharaman said: “Doha Bank is honoured to receive this award which elevates the Bank’s position in the region as well as recognizes the Bank’s strategic growth in the GCC. The Bank has focused on building a profitable and sustainable retail banking business, with a strategy that continues to be customer-centric. The approach is designed to offer the most innovative products as well as the highest levels of customer service and convenience.”
Head of Retail Banking at Doha Bank, Mr. Suresh Bajpai adds: “The Retail Banking Department has set in place a strategy for growing market demand by entering new markets. During the past few years the Bank has consistently worked to develop and launch a range of innovative banking solutions including deposit and investment options, high-value retail loans, innovative corporate banking solutions and many technology-based advancements and upgrades to the overall product and service offering which today allow customers to bank more efficiently whilst on the move wherever they are in the world.”
These include gold investments across a variety of products where Doha Bank was a first mover in gold offerings. The Bank also introduced the co-branded Doha Bank Regency Traveller Prepaid Card, available in US Dollars, Euro and Sterling Pound. It added to Qatar’s strongest cards portfolio accepted at Visa, MasterCard, Europay, China Union Pay and Amex terminals via the Bank’s proprietary range which includes the award-winning Dream Loyalty Card, the Doha Bank Lulu shopping credit card, the Green credit card, the Payroll Card, and the dedicated Click internet payment card. This is further supported by innovative schemes such as the Equated Monthly Instalments credit card solution to help customers manage their budgets.
These additions to the portfolio have been supplemented by channel diversification and adding more value to alternative banking solutions covering online, mobile and phone-aided banking solutions. The Bank also significantly enhanced its e-remittance services with the addition of new international banking partners to add core functionality to the region’s most effective broad-based outward remittance services, available online around the clock at highly competitive rates. Another major achievement was the enhancement of dohasooq.com which saw the addition of more merchants to Qatar’s only e-retailing platform that is backed by a leading financial institution.
The Bank has also worked to strengthen its retail assets portfolio and launched successful personal and car loan campaigns which give customers the most competitive rates available in the market and were widely considered among the best retail loan offers in Qatar.
The Bank introduced Al Jana series 5, a class-leading fixed investment product, available in multiple regional and international currencies with up to 5 years terms for higher yields. Similarly the Bank also concluded its most successful year hosting Al Dana draws for customers of the programme, in which nearly 12 million riyals was distributed to lucky draw winners during the year which saw the Bank’s Al Dana customer base grow to the highest in history.
Doha Bank won the award for Most Innovative Bank by focusing on transforming its Retail Banking approach to deliver a unique and differentiated customer experience. The Bank has been working on a new concept to transform its retail network and has developed the new identity for branches to reciprocate their customers’ sense of belonging. Doha Bank’s new branches have been redesigned with a contemporary zoning concept inspired by international standards in planning a retail environment.
Dr. Seetharaman said: “Doha Bank’s strategy of growth and expansion has been underpinned by a clear understanding that the Bank’s network must be holistic and scalable to meet client and customer needs. Full operations in Qatar, Kuwait and the UAE are supported by an international representative network stretching from London and Frankfurt in the West to Singapore and Sydney to the East, so the Bank is able to access all international financial markets for customers.”
Doha Bank is the only Qatar-headquartered bank that has established full licenses in Kuwait, Abu Dhabi and Dubai to serve customers in the region. This clearly indicates the Bank’s focus on the GCC region which will continue to show strong fundamentals across various sectors in the upcoming years.
The Global Banking and Finance Review Awards were created to recognize companies of all sizes within the global financial community. The awards reflect innovation, achievement, strategy and inspirational change.
This is the second successive year in which Doha Bank has won recognition during these awards, having been named “Best Bank in Qatar 2012”.
In 2013, Doha Bank was chosen for regional recognition as the Most Innovative Retail Bank in the Middle East due to its outstanding achievements in many areas. The categories in which Doha Bank scored high points were the development of innovative quality products, the expansion of the Bank’s distribution network in the GCC, and the Bank’s commitment to continually improving product and service quality, along with its unique approach to customer service.
The awards consider both financial performance as well as non-financial performance indicators. The nominees are scrutinized by the Global Banking and Finance Review research team and selected by a team of editors based on their performance in each category.