With mobile banking serving as its primary customer interface, Commercial Bank is now offering more than 130 services in the new and revamped mobile banking app with an “impressive” 93% customer satisfaction rate, top executives have said.
Addressing a media roundtable on Thursday, Hussein al-Abdulla, Commercial Bank executive general manager and chief marketing officer and head (Alternative Assets); and Shanawaz Rashid, executive general manager and head (Retail), said Commercial Bank has been at the “forefront of digital transformation” in the financial sector in Qatar, leveraging cutting-edge technology.
“95% of Commercial Bank retail customers are now digitally registered. 86% of our transacting customers are digitally active and 80% of our retail customers are onboarded using digitised approach,” Shanawaz Rashid noted.
He said, “Migration to digital processes has enabled staff to focus on core banking functions. This pivotal measure has resulted in a boost in the overall productivity and contribution to the retail banking sector.
“Our self-service machines have significantly enhanced the overall customer experience. Suite of products sold in branches have expanded to include wealth, insurance and mortgage deals. Multi-product instant onboarding has reduced onboarding time from 50 to 25 minutes,” Rashid said.
Rashid stated, “The digital revolution holds immense potential to propel our banking sector forward, and we are gradually unlocking synergies combining both worlds. Our services are driven by state-of-the-art technology, and through them, we are reshaping our customer’s everyday lives. The bank has focused on digitising our payment solutions to provide even greater value and convenience in our customers’ banking journey.”
Commercial Bank's latest financial innovation is a cashier less payment solution, enabling customers to walk into a store, collect their groceries, and leave without the need to wait in line for payment.
Hussein al-Abdulla remarked: “This level of technology has always been poised to shape the future. We’ve all heard the stories, but today, this is the new reality in Qatar, and we owe it to our advanced payment solutions.
“Our dedication to introducing first-of-its-kind with cutting-edge technologies has underscored the pivotal role our bank plays in the digital revolution. This recognition has earned Commercial Bank numerous awards from prominent financial awarding bodies worldwide.”
Commercial Bank received the ‘Top Innovation in Mobile Banking Award in the World 2023’ from Global Finance, ‘Leader in Qatar in Digital Solutions, Corporate Banking, and Corporate Social Responsibility’ from Euromoney in 2022, ‘Most Innovative Bank Award in the Middle East’ from World Finance in 2023, and many more.
The media roundtable focused on the transformative impact of digital advancements on the banking industry.
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