AI and digital transformation to shape the future of Qatar’s banking sector

KPMG in Qatar proudly presents its highly anticipated ‘Qatar Banking Perspectives Report – 2023’. This seminal report illuminates the dynamic landscape of Qatar’s banking sector, spotlighting emergent trends that redefine the industry.

This yearly issue is meticulously curated to empower decision-makers in assessing prevailing trends and analyzing factors that will shape the future of Qatar’s banking industry. The past year witnessed unprecedented transformation in the sector, marked by the introduction of regulatory enablers designed to usher in new digital fintech players while supporting traditional incumbents in their digitization.

Despite challenges such as surging interest rates, margin pressures, geopolitical uncertainties, and a complex credit environment, Qatar’s banks have showcased remarkable agility. Steered by effective cost management, embracing digital transformation, and an unwavering risk-centric approach, banks have not just endured but thrived, preserving robust profitability levels.

The 2023 report delves into pivotal themes shaping Qatar’s banking sector and rippling effects across the region. Our domain experts unravel profound insights on diverse topics, encompassing data analytics and cloud technology, fraud, evolving regulatory terrains, sustainable finance, implications of the global minimum tax, Anti-Money Laundering (AML) strategies, M&A dynamics, and the reverberations of Basel 3 reforms.

“We trust that this report will not only provide you with valuable insights but also inspire strategic initiatives as we navigate the evolving banking landscape in 2024 and beyond,” commented Omar Mahmoud – Partner, Head of Financial Services, KPMG in Qatar.