Commercial Bank has embarked on a digital transformation journey in line with its passion to provide the “best client experience, creativity and innovation,” said its chief operating officer, Dr Leonie Lethbridge.
“The future of banking has become increasingly digital.  At Commercial Bank, we have invested heavily in technology. Digital is part of our DNA. We are bringing globally leading solutions to the market,” Lethbridge said in an interview with Gulf Times in Doha. 
Among its huge customer base, Commercial Bank “is experiencing rapid digitisation”, she points out. 
“Digital transactions are rising. Same is the case with the number of active digital users, SME mobile transactions and biometric registrations,” said Lethbridge, who joined Qatar’s premier bank a few months ago.
She emphasised that digital banking has the advantage of speed and convenience, and is consistent with global trends towards a cashless society.
“One can bank at a time or place of one’s convenience and this provides the best experience,” Lethbridge said.  
But, she said, “We are not neglecting our branches. These continue to be an important banking channel for us and our customers. We continue to invest on our branches. This year, we have already opened a new branch at the Mall of Qatar; more are on the horizon.”
Highlighting some of Commercial Bank’s “first-to-market” digital innovations, Lethbridge said these include 60-second online remittance service, regional blockchain technology pilot, remote cheque deposit, contactless debit cards and e-gifts. 
Detailing the ‘60-second online remittance service’, she said it is currently available to India, Sri Lanka and The Philippines.
This facility “literally enables transfer to recipients within 60 seconds. Thousands of Commercial Bank customers can now transfer money to bank accounts in the three countries in real time, with “market leading” exchange rates and a “competitively priced” fee.
“This can be done using Commercial Bank’s simple, secure and convenient mobile and internet banking services,” Lethbridge said.
She said the facility would be rolled out progressively to more countries.
“The three countries that have been chosen initially and the other countries that will be included in the facility in future are all relevant to Qatar,” Lethbridge said.
She said Commercial Bank has already completed the first blockchain pilot in Qatar in association with the regional alliance banks: ABank (Turkey), National Bank of Oman and the United Arab Bank (UAE) in addition to other banks in India and Egypt.
The initial pilot phase used a blockchain network to process international transfers. The cloud-based ledger technology network enhances automation between the banks, with increased transactional security, accuracy and speed. 
The blockchain network also eliminates the need for intermediaries, enabling near to real time bank-to-bank transfers at a low cost. 
Lethbridge said Commercial Bank is looking to obtain the necessary approvals from the Qatar Central Bank (QCB) for blockchain usage. The second phase of the project will also focus on trade finance, and transactions that include legal and trade documents. Trade finance transactions will be paperless on the blockchain network, simplifying the process of exchanging purchase orders and invoices by eliminating lengthy international paper trails and verification through trade intermediaries.
Another “first-to-market” digital innovation from the bank is the “contact-less debit cards”, the first of its kind in Qatar. 
The contactless debit cards on the internationally accepted Visa & MasterCard NFC platform will enable Commercial Bank’s customers to conveniently “tap & go” at NFC-enabled point of sale (POS) terminals. They can also use the card as a normal debit card at any POS terminal. Commercial Bank is also planning to launch in Qatar contactless credit and pay cards.
In another innovation, Commercial Bank will also provide a ‘digital wallet’ solution. This enables highly convenient and secure e-commerce checkout for online shopping. It will also enable the use of mobile phones as a  “tap & go” payment device.
Commercial Bank’s corporate customers have recently benefited from its launch of “remote cheque deposit”, which enables them to send their cheques digitally for clearing from their premises.
“We are looking at extending the facility to our retail customers as well,” Lethbridge said. ‘E-Gifts’ allow the bank clients to instantly send electronic cash gifts with a personal greeting to family and friends, she said.
Lethbridge said, “Innovation has always been at the heart of Commercial Bank. We have introduced the concept of modern banking in Qatar when we began our operations in 1975. Our commitment to innovation has supported our growth throughout our 42 years of existence. And our commitment to innovation continues.”



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