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Meet said to discuss latest dev regarding new strategy of banks

July 10, 2018

Board chairmen of local banks to meet Oliver Wiman Co

There are indications that a meeting will be held on July 10 (today), between the board chairmen of local banks and Oliver Wiman Company, a consultant in the field of business administration charged with assessing the current strategy of the banks and preparing a new strategy to keep abreast with financial developments locally and globally, Al- Qabas daily reports quoting an official source.

The same source pointed out that the meeting will discuss the latest developments of the company in terms of the new strategy and its adoption. It is especially necessary to change the strategy of banks and adopt others taking into account all developments in banking sector and prospects for the future of banks at all levels. He said the new strategy depends on several axes, most notably to determine the relationship of banks with their customers, legislators and their proposals. It will also help in facing challenges to the decline in banking industry.

Strategy
He added the strategy will include restructuring of banking relationship with different segments of the local community and their relationship with the banks. It will also take into consideration that the pattern of banking sector customers has changed significantly as they have become more sophisticated and use modern digital technology to the highest degree through the promotion of Internet and use of smart phones. He noted the technological progress in banking, particularly the changes made by Block Qin’s technology in the remittance market and the digital banking industry, which is expected to continue the jumps much faster in the future, requires banks to keep up with a new strategy that suits customer requirements.

He reiterated “the move made by the banks toward renewal of the strategy will include finding practical solutions that address all the challenges facing the banking sector with its customers, and identify the best ways to deal with all parties related to banks, or even targeted, thereby contributing to increased banking opportunities”.

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