‘Digital transformation accelerated in banking sector’ – GulfToday

‘Digital transformation accelerated in banking sector’ – GulfToday

The pandemic-induced circumstances have helped accelerate digital transformation in banking sector, paving the way for some other new trends having big impacts, a top bank executive told Emirates News Agency (WAM). “The shift in digital transformation in the banking sector was inevitable and was gradually happening, but with the pandemic this shift was accelerated. The change will help banks cope with the new landscape the pandemic has brought forward and reap future gains and profitability,” Varouj Nerguizian, Group CEO of Bank of Sharjah, said in an exclusive interview. Explaining the related new trends, he said, “One of the biggest shifts has been the ability to work remotely. More and more firms and banks are more flexible when it comes to working from home, which in time can impact overhead costs of the banks. “Another trend has been to focus on cost cutting. Traditional banks are now looking to reduce their branch networks and manpower,” Nerguizian pointed out. Asked about the impact of blockchain and cryptocurrency on the banking sector, he said, “blockchain is a revolutionary technology that is not yet fully understood by the banking industry at large. While its application is easy to grasp in certain areas like KYC