Doha, Qatar: Qatar Islamic Bank (QIB) has been recognized as the “Digital Bank of the Year” in Qatar by The Asset Triple A, organized by The Asset Magazine, a leading financial publication in the Asia-Pacific region. The Bank was also recognized for the outstanding mobile banking experience it offers to its customers, receiving the “Best Mobile Banking Application” award.

The awards are testament to QIB’s digital transformation strategy and the constant development of its product suite, introducing innovative financial solutions to fulfill the ever-changing needs of its customers in Qatar and beyond. QIB aspires to be at the forefront of the digital banking sector, transforming the Bank’s personal and corporate banking products, ultimately redefining the banking experience.

QIB started significant investments in technology as early as 2014. Those investments developed into a bank-wide digital transformation program with the primary objective of improving the customer experience, modernizing the bank’s offerings, and contributing positively to the bank’s results.

As a result, the Bank was successful in improving the customers’ banking experience with the introduction of end-to-end digital solutions that allowed both retail and corporate customers to bank with QIB 24/7, from anywhere in the world and through the channel of their choice. Having simplified, instant, and easy to understand digital processes was central to increasing the use of QIB’s digital channels for all its customers.

QIB’s investment in digital transformation has helped the bank to serve better its existing customers and acquire new ones, while allowing them to fulfil most of their banking needs, including opening an account, getting personal finance, or requesting and getting a credit card in only five minutes by using QIB’s mobile App. Earlier this year, QIB has announced the launch of the Online Corporate Account Opening service on the Bank’s website, which simplifies and speeds up the opening of a new account/relationship for companies and SMEs. At the same time, 99% of all local and international transfers of individual and corporate customers as well as 100% of local payments are performed through digital channels.

Mr. Dinos Constantinides, QIB’s Chief Strategy & Digital Officer said: “We are pleased to be recognized for the progress of our Bank’s digital transformation. We have worked hard over the past few years to digitize, simplify, and personalize the banking experience for our existing and prospective customers, and will continue this path going forward. Our digital transformation is ongoing to further improve our customers’ experience and contribute positively to the Bank’s profitability and efficiency.”

Mr. Dinos added: “These recognitions are a testament to the strength of our diverse team and our ability to deliver innovative financial solutions to our customers. We’re genuinely proud to be recognized by the prestigious The Asset Magazine and represent Qatar in the international banking arena.”

Last year, QIB was the first bank in Qatar to introduce an artificial intelligence (AI) based conversational Chabot (called “Zaki”) to serve customers through the Bank’s website as well as Visa Direct: a digital payments platform enabling real time international fund transfers on the Visa network. It was also the first bank to introduce Video Banking, enabling video calling capability and screen co-browsing for customers and bank representatives. It has also introduced Apple Pay enabling cashless and easy payments with the use of iPhones and Apple watches as well as integrated The Group’s new trading and brokerage services on the QIB Mobile App providing the ability to its customers to trade on the Qatar Stock Exchange.

The Asset Triple A Digital Awards recognize financial institutions and technology firms that have excelled in innovating and developing a unique digital experience for customers across the Asia-Pacific and Middle East regions. The Asset Triple A Awards has been built upon a stringent methodology, combined with the rigorous approach to the selection of the winners of the covet-ed Triple A Awards. The awards are adjudicated by The Asset’s board of editors who collectively have several decades’ worth of experience evaluating industry awards in the Asia-Pacific and the Middle East.

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