In today's technologically driven world, the banking sector in Qatar has introduced new and innovative solutions to cater to increasingly digital-savvy customers. Among the key players in this evolving landscape, Commercial Bank (CBQ) has emerged as a frontrunner in revolutionizing banking services through its focus on digital banking.
By leveraging innovative technologies and offering a plethora of digital services, the bank provides an enhanced customer experience that ensures security and convenience.
In this article, the ILoveQatar.net (ILQ) team provides you with an insight into the recent digital trends and some of the groundbreaking innovations Commercial Bank has adopted in the recent past.
Commercial Bank has harnessed the power of Artificial Intelligence (AI) to enhance the customer experience. Customers can receive instant support through chatbots and virtual assistants and access personalized banking advice round-the-clock. AI-driven tools also provide real-time notifications, tailored recommendations, and predictive analytics to help customers manage their finances more effectively.
In their effort to transform the banking sector, Open Banking builds a bridge between third-party developers and customers' data by using Application Programming Interfaces (API). By giving companies access to customer account information (with the customer's consent), Open Banking enables them to gather valuable insights and provide personalized services. For established companies, Open Banking offers a new level of customer monitoring. As a result, customer trust and satisfaction are enhanced, leading to improved retention rates.
One of the ways Commercial Bank has incorporated immersive technology is through virtual reality (VR) and augmented reality (AR) applications. These technologies have created immersive experiences for customers, allowing them to explore different banking products and services in a virtual environment. Banks can also leverage these tools to identify customer needs, create solutions and predict their future demands.
Blockchain, in simple terms, is a decentralized and distributed ledger that records transactions across multiple computers. It offers transparency and security, making it an ideal solution for financial institutions like Commercial Bank. By utilizing blockchain, the bank can facilitate real-time transfers at reduced settlement time and eliminate the need for intermediaries. For customers, this means quicker transactions and enhanced security.
At the beginning of 2023, Commercial Bank announced the launch of an innovative payment system through which customers can seamlessly transfer money between bank accounts instantly with just a UPI ID. This first-of-its-kind service is available for customers 24/7 and enables transactions to be initiated and completed within 60 seconds. UPI-ID for the beneficiary can be easily created by visiting the respective Indian bank digital platforms and following the required steps.
As part of their effort to increase the acceptance of card-based transactions in a cash-dominant business, Commercial Bank created a solution that enabled merchants to accept payment through an Android phone using NFC technology.
CB Virtual POS is used by merchants as a payment-accepting solution that transforms an Android phone into a POS machine. To enable payments, the customer has to tap his debit/credit card, digital wallet, or phone on the VPOS.
CB Safe ID is a security feature offered by Commercial Bank to protect customers' financial information. It includes robust authentication, two-factor authentication, encryption, and real-time fraud monitoring.
Customers are able to identify legitimate calls as the bank agent notifies the customers before a call is made, and a unique ID is shared on the customer's mobile banking app screen. To confirm authenticity and validation, the agent uses the CBSafe ID number generated on the screen.
Self-Service Card Printing Machine offers convenience and efficiency in obtaining a new bank card. This innovative technology allows customers to create personalized cards independently without needing to visit a bank branch or wait for their cards to be delivered. These printing machines are available across various locations in Qatar, and the entire printing process takes only up to 2 minutes!
The CB Video Relationship Manager is an innovative tool that has revolutionized the way customers interact with their bank. The CB Video Relationship Manager allows customers to connect with their relationship manager through a video call, eliminating the need for physical visits to the bank. It enables them to have a face-to-face conversation with their relationship manager from the comfort of their own homes or offices.
Commercial Bank has been recognized as the "Most Innovative Bank" for 2023 by World Finance Magazine. This award acknowledges the bank's exceptional contribution to the Middle East banking landscape. A testament to this is the recognition they received as the "Best Digital Bank" in Qatar for the year 2021 by Asianmoney Magazine and the "Best Bank" award in Qatar from both Euromoney and Global Finance.
The CEO of Commercial Bank, Joseph Abraham, expressed their commitment to providing innovative and customer-centric solutions using the latest technology. The bank remains dedicated to delivering its customers the latest technologies and a seamless banking experience.
The future of digital banking with Commercial Bank looks incredibly promising. With its commitment to innovation, convenience, security, and personalization, digital banking is set to revolutionize how we manage our finances. Commercial Bank aims to remain at the forefront of the digital banking revolution as technology advances, providing its customers with a seamless, secure and personalized banking experience.
Cover image credit: Commercial Bank
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