BANKING.UPDATE MAY 2018
> How is this relevant to the Qatari market? Qatar has the highest internet penetration in the world and more and more people expect to take care of their banking needs via digital channels without visiting a branch.
> How is this relevant to the Qatari market?
SG Introduces Biometric Technology to Enable Online Account Opening Societe Generale teams up with regulatory bodies and a technology provider to offer opening an account purely through its mobile app, without the need to visit a branch or even mail any paperwork. https://www.societegenerale.com/en/digital-andinnovation/innovative-services/face-online-bankingbiometrics
UCB Launches Mobile Payments Campaign Most of Bangladesh's population is referred to as 'unbanked' and people rely largely on cash. However, almost everyone has a mobile phone. This fact was the starting point of a new campaign for the United Commercial Bank promoting mobile payments. https://brandinginasia.com/mobile-paymentbangladesh/
Although Qatar is a different market, it shares a similarity in terms of having a large population of blue-collar workers who are not accustomed to banking but have mobile phones to be able to connect with home.
> How is this relevant to the Qatari market? Qatar's population is mostly young with its median age being 33 years; however, there's a similar false perception that the population is cautious and isn't ready for innovative solutions yet.
Fintech Isn't Just for Youngsters Although young generations are the early adopters of technology, the perception that older consumers would rely purely on human contact instead of technology is wrong. A global research exercise by EY shows that one third of consumers aged 45-54 use fintech services; within the segment of 55-64, the number is 22%. https://www.raconteur.net/finance/fintechs-missingignoring-older-generations
> How is this relevant to the Qatari market?
Wells Fargo Claims It's Re-Established in 2018 Following a string of scandals involving the opening of accounts without customers' knowledge, Wells Fargo now seeks to regain the trust of its customers through the new 'Re-Established' campaign, featuring spots and a dedicated microsite introducing different measures as well as innovations. https://welcome.wf.com/renew/
While there are no similar banking crises in Qatar, it's important to keep customers in the know. The microsite of Wells Fargo is a good example of how to synthetise important information.
> How is this relevant to the Qatari market?
BMO Harris Kicks Off 2018 Innovation Program The bank partners with the 1871 initiative supporting startups in Chicago and Wisconsin; the Innovation Program enables local fintech start-ups to receive mentoring from the BMO Harris team as well as access to funding, space, and resources. Further, it includes a competition with participating companies being able to win up to $25,000. https://1871.com/bmo-harris-1871-innovation-program2018/
There's been a real push towards supporting the local start-up scene with incubators and similar programmes emerging. Banks may play a major role in this respect, especially when it comes to financial services.
> How is this relevant to the Qatari market? Qatar boasts a very diverse and the most digitally connected population in the world, which makes it receptive to expanding innovators like Revolut. Local banks need to embrace innovations and disrupt themselves in order to stay competitive.
Revolut Raises $250m for International Expansion With the raise, the finance unicorn launched in 2015 has increased its valuation four-fold to $1.7bn. Doing 'everything completely opposite' to traditional banks, Revolut claims to offer 'a banking alternative' designed for the global lifestyle, powered by technology. The company plans to increase its workforce to 800 and expand to the US, Canada, Singapore, Hong Kong, and Australia. https://www.finextra.com/newsarticle/32018/revolut-toexpand-internationally-on-250-million-fund-raise
FOLLOW SIXTY DEGREES
Banking.Update features news curated and commented on by Sixty Degrees. While our effort is to make sure the information provided reflects all relevant facts, Sixty Degrees makes no representations or warranties of any kind, expressed or implied, regarding the completeness & accuracy of information provided.