Doha Bank's strategic transformation and digital innovation

Doha Bank, under the leadership of group CEO Sheikh Abdulrahman bin Fahad bin Faisal bin Thani al-Thani, who was appointed in October 2023, is executing a strategic transformation centred on enhancing customer experience, operational efficiency, and integrating ESG principles. This strategic shift has contributed to the bank's reported net profit of QAR 432 million (about $118.5 million) in the first half of 2024, marking a 10.3% increase from the previous year. The bank’s strategy involves a comprehensive transformation plan across 10 key operational areas, aiming for long-term growth and sustainability.

Strategic transformation and ESG integration

Doha Bank has partnered with the Gulf Organisation for Research and Development (GORD) to enhance its sustainability practices, aligning with Qatar’s National Vision 2030 and the Qatar Central Bank's requirements. This collaboration is focused on integrating sustainability principles into the bank’s operations and establishing a framework that covers sustainable financing and ethical business practices.

Doha Bank’s introduction of a sustainable finance framework is part of this strategic alignment. The framework is designed to facilitate investments in projects that contribute to environmental sustainability and offer social benefits. By integrating responsible business practices into its lending and investment activities, the bank aims to drive positive change in the region's financial sector. While the specifics of this framework and its impact are still evolving, it signals a commitment to fostering sustainable economic growth in line with global standards.

Digital transformation and customer experience

The bank's digital transformation journey includes launching a new retail mobile banking app and a corporate mobile banking app. Achieving a full migration of the retail user base to the new mobile app showcases their commitment to providing an enhanced digital banking experience. As part of its broader digital strategy, the bank is developing an integrated platform that seeks to offer a wide range of banking services, including retail, corporate, and wealth management.

The bank’s exploration of artificial intelligence (AI) and advanced analytics aims to further improve customer interactions and streamline internal processes. This includes leveraging AI to analyse customer data, offering personalised services, and enhancing operational efficiency. While the specifics of the AI-driven initiatives have not been fully disclosed, these efforts are indicative of the bank’s push toward digital innovation.

Retail banking strategy

Doha Bank’s retail banking strategy focuses on providing innovative products that meet customer needs. One such product is the Al Dana Savings Account, which offers various incentives, including prize draws, aiming to reward customer loyalty. The bank also offers a co-branded credit card with Qatar Airways, providing customers with loyalty benefits in partnership with the airline.

These products are part of a broader strategy to diversify the bank's offerings and strengthen customer engagement. Retail banking contributes significantly to the bank's revenue, and the bank is also expanding its wealth management and private banking services to provide more tailored solutions. The impact of these offerings on market share and customer acquisition remains a focus area for the bank's growth.

Regional strategy and capital markets

Doha Bank’s regional strategy includes expanding its presence in international markets such as India, Dubai, and Kuwait. The bank aims to support the development of Qatar’s financial capital market by introducing structured products and investment solutions that align with global sustainability standards. This regional expansion is expected to diversify revenue streams and enhance the bank's contribution to the regional financial sector.

The bank’s engagement with international markets also aims to tap into the growing demand for sustainable finance products. By developing a suite of structured products and expanding assets under management, Doha Bank seeks to play a more prominent role in the regional capital markets.

Digital asset and crypto framework

In alignment with Qatar Central Bank’s new regulations, Doha Bank is exploring opportunities in the digital asset. They are working on developing a framework for engaging with digital assets while ensuring compliance with regulatory standards. This initiative aims to provide customers with secure and compliant access to the emerging digital asset market, reflecting the bank's willingness to innovate in response to evolving financial trends.

Financial performance and future outlook

The bank's financial performance in the first half of 2024 reflects the early results of its strategic transformation. With a reported net profit of QAR 432 million ($118.3 million) and total assets reaching QAR 105.9 billion ($29.01 billion), Doha Bank has shown resilience and growth potential. This performance, alongside initiatives such as digital platform launches and a focus on governance standards, positions the bank for continued progress.

Driving measurable transformation

Doha Bank's transformation under new leadership marks a significant step towards enhancing digital banking services, incorporating sustainable practices, and expanding in regional markets. The positive financial growth and strategic initiatives indicate a forward-looking approach, yet the full impact will depend on the bank’s ability to quantify performance and demonstrate measurable outcomes.

Collaboration key to sustainable finance

Doha Bank recognises the importance of engaging stakeholders, partners, and customers to join them in their journey towards a more sustainable and innovative financial future. By fostering collaboration, the bank aims to drive sustainable growth, enhance digital banking experiences, and promote ESG integration in the financial sector.