NOMAN RASHEED
CHIEF INFORMATION & OPERATIONS OFFICER, NOOR BANK
HOW DO YOU KEEP UP WITH NEW TECHNOLOGY NEWS AND TRENDS?
The pace at which digital disruption is taking place through technology-led innovations, keeping up with so much new knowledge and trends can be overwhelming at times. Therefore, it is extremely important for any company to have a clear definition of strategic objectives. This helps channel all resources in one direction. At Noor Bank, since digital is at the core of our philosophy, we have a clear vision that is supported by a robust framework, to stay ahead of the game.
We conduct workshops on a regular basis with leading global technology advisory service providers on emerging technologies to understand global and regional trends as well as latest innovations. We have also formed alliances with digital and technology authorities at country level through which we partner and establish strategic bonds with global fintech firms.
We actively participate in relevant technology events and heavily subscribe to the idea of consuming research reports and pledged to open-source communities. Lastly, we strive to be at the centre of the customer ecosystem by listening to them and understanding their needs. By mapping their journey, we are able to analyse their behaviours and come up with futuristic but relevant solutions.
WHO HAS BEEN YOUR BIGGEST INFLUENCE, AND HOW HAVE THEY AFFECTED YOU?
I believe to be influenced, one must be a good listener and have the willingness to learn. In my case, I gain inspirations from people around me. At work, my colleagues take me through interesting and challenging situations. These have greatly influenced and sharpened my professional experience as well as approach towards leadership and shaped my perspective towards corporate life.
When I am not at work, my family and friends play a huge role in making me a better person. I learn from them, reflect upon our conversations, observe their responses and reactions to situations and process that information.
NOOR BANK WON THE BEST ISLAMIC BANK FOR TRANSFORMATION & STRATEGY AT GIFA 2019. WHAT HAS BEEN YOUR ROLE IN MAKING THIS POSSIBLE?
The digital disruption led by innovation has changed the way technology is perceived. Today, most business strategies revolve around technology. Digital innovation has become a key success factor of companies’ top line and bottom line. At Noor Bank, technology is the foundation of our business strategy and we are very serious about it. Testament to this is the fact that leveraging technology and analytics is one of our strategic planks.
To become a preferred partner for our customers, we continue to innovate and work smartly and efficiently. Hence, a clear roadmap to transform Noor Bank has been put in place. This plan has various initiatives, including digital solutions for our customers, strengthening our internal processes and having proactive control functions, transforming the organisation’s culture as well as embedding data-driven smart analytics to face off against cyber threats.
AS NEW TECHNOLOGIES EMERGE AND BUSINESSES INCREASINGLY ENTER INTO THE DIGITAL ERA, HOW DO YOU THINK YOUR ROLE HAS CHANGED?
This is an era led by knowledge and innovation. Businesses are constantly evolving their tactics, leveraging the latest innovations and tapping into data while making quick and smart decisions to stay ahead of the game. To meet business expectations, the roles of the technology department have now evolved. CIOs are no longer expected to spend their time and energies on managing core infrastructures of the company. That job can now be easily outsourced to specialists.
Their role is now to drive corporate culture. Tech professionals must educate fellow executives and employees about the importance of adopting new protocols, following trends, and adapting to rapid transformations. CIOs are anticipated to play a lead role in the digital transformation of companies. They are expected to be responsible for helping businesses ideate digital business models and cutting-edge business products. They play a key role in identifying opportunities to simplify operational processes through the use of technology to help build cost efficiencies. In my humble view, if CIOs don’t evolve in their roles, they may become rigid and hinder the transformational journey of the organisation.
WHAT IS THE FUTURE OF BUSINESSES IN TERMS OF THE DIGITAL REVOLUTION?
Innovations of today such as 5G networks, autonomous vehicles, and artificial intelligence-based solutions are going to force us to completely transform our business models. In addition, Generation Z will soon start playing a key role in our economies either as customers, entrepreneurs or employees. This generation is born in the era of technology and innovation, and their expectations and approaches are completely different. To keep up with them and to cater to their needs, corporates will have to gear up and must evolve their business models.
