Commercial Bank wins Best Cash Management and Transaction Bank in Qatar Award for delivering comprehensive cash management solutions and unique banking experience

• Commercial Bank's business performance was driven by strategic cash management product offerings
• It reaped significant benefits from digital adoption undertaken before the COVID-19 pandemic
• The bank stood out as a digital pacesetter relative to its peers in Qatar

Commercial Bank's business performance was driven by strategic cash management product offerings

Commercial Bank's transaction business has captured a greater market share of corporate deposits in 2019. Deposits grew from 2% to 17% in 2019. The high returns on low-cost balances with a favourable interest rate environment boosted the interest-related income. The larger part of stability in transactional revenues was achieved through the provision of strategic offerings on cash management products such as pooling with multi-tiered interest on account balances, remote cheque deposit (RCD) solution coupled with a post-dated cheque (PDC) offering, digital channels including corporate internet banking and host-to-host which drove the fee component of the business. Notably, the bank is the first local bank in its home market to offer a corporate mobile solution supporting omni-channel functionalities, bulk transaction transfer approval in one go, utility payments and card settlement. The bank also supports enhanced transparency and finality of payment transactions on both its corporate internet banking (CIB) and mobile channels through the SWIFT global payment initiative (gpi) service, the only bank to offer such service in Qatar.

It reaped significant benefits from digital adoption undertaken before the COVID-19 pandemic

Commercial Bank has realised the advantage of its digital adoption during the COVID-19 pandemic. The bank’s RCD solution was implemented in 2018 coupled with the revamp in its CIB platform. Its focus on the host-to-host implementations alongside enhancements to its cash management platform hastened the digital adoption of the bank’s channels as the majority of its customers have migrated to its digital offerings with ease. The bank aimed to provide faster turnaround time on transactions and reduce costs and inefficiencies arising from excessive branch access. The bank’s aggressive push to migrate customers to digital channels increased digital penetration to more than 50% last year, compared to single digit growth recorded a few years ago.

The bank stood out as a digital pacesetter relative to its peers in Qatar