The financial industry in Qatar has seen much fluctuation in recent years, and although modest growth has largely been predicted, standing out, making the right decisions, and growing a financial business has not been easy. In this article, we will look at the current state of the Qatar financial industry, how business process automation (BPA) and customer relationship management (CRM) has been transforming the sector, the ways in which these tools have been growing in usage in Qatar, and what you should be considering before you adopt CRM software and BPA for yourself.
The various parts of Qatar's financial industry have been meeting with modest growth and success over the last few years, with Fitch reporting that real GDP growth for 2024 is estimated to be at 1.1%, a slight decrease on the rate of 1.3% reported in 2023. However, according to Statista, the banking market in Qatar is estimated to grow by 7.14% (2024 – 2028)
The Qatar Financial Centre stat that demand conditions in Qatar's non-energy economy grew in January of 2024, building on 2023's solid growth average.
Qatar was once considered to be one of the poorer Gulf states, but is now one of the richest countries in the region, and although growth is slow, it is steady.
The application of business automation and using CRM software has been considerable, and the results impressive for the finance industry, with Helpshift reporting that automation in the area has allowed for the elimination of errors, improved accuracy and reliability of reporting, and intelligent automation improving cash flow forecasts by 85 – 95%.
Automation is largely being applied to core processes such as:
The technology is also being used in conjunction with Machine Learning (ML) and Artificial Intelligence (AI) to monitor and analysis customer behaviours, spending and investing patterns, and to predict upcoming changes or emerging trends in the industry.
CRM software has also been providing finance businesses with the ability to centralise their data, optimise and manage their interactions with clients and customers, improve monitoring and reporting for risk analysis and behaviour alerting, and provide an in-depth look at individual customer accounts for more granular customer service and responses.
Qatar has been embracing business automation and the use of CRM software across multiple industries, finance included, for its ability to:
The technology is becoming more and more a standard part of business infrastructure, and continues to be adopted across the region as new sales trends develop and are utilised by businesses.
As a financial business, the type of customers you have may vary widely – from dealing with other businesses and their financial needs, to handling individuals and their requirements – and these different types of customer do have distinctly different requirements, and will require very different types of engagement.
Before you start, you should be asking yourself:
When starting to integrate new technology and tools, it is vital that you understand exactly what sort of customers you are working with, who you need to appeal to, and what legal obligations your data must be held accountable to.
The safety and security of your data is paramount, as penalties are often severe for mishandling or inappropriately using financial data – and these penalities are not necessarily limited to financial consequences – so, before you begin to implement any data-based strategies, you must be certain that every stage of the process is compliant, and you are working with tools that are also compliant and understand the level of security required for day-to-day operations.
As a financial organisation, you will most likely be dealing with extremely large datasets – and you need to have the infrastructure in place to enable data to be gathered from all sources, transformed and stored in appropriate locations, and monitored in order to make it usable. Again, this setup needs to be established before you start using automation, in order for it to run smoothly.
Developing and growing your lead organisation strategies will be essential, and using automation and CRM to monitor potential expansion and customer growth will be important to your strategic approach.
Once you start setting up your CRM software, you should be looking at segmenting the entries into types, defining clear tags or markers to sort them, and ensure that your staff have a clear and concise process in place for updating records, inputting further information, and regularly reviewing the content to ensure it is not held for longer than necessary.
There is a lot to do when putting together a strategy for automation and implementing effective CRM – but with the right tools, and support provided by experts – the difference these technologies can make are well worth the investment in time and resources.
By giving yourself a robust and supportive digital infrastructure, you can improve your offerings, streamline your activities, and increase your impact in Qatar and beyond, and making the right choice of software and services is going to play a key role in moving your business to the next level.
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Streamline quote creation – You will have the ability to create multiple quote templates for different clients, to seamlessly create new quotes.
Make pricing easy – Access specification, bundle and volumetric pricing criteria options to drive your quote efficiency
Track all quote activity – Holistically view how many quotes are being created and sent by you and your team members.
Access detailed reports – Sales cycle, top client, item wise, product and profit value reports can all be generated for insights, forecasts and comparisons.
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