Monday, 28 November 2022

Commercial Bank leverages multiple channels to provide robust cash management solutions

5 min read

By The Asian Banker

  • Accelerating remote channel capabilities at the heart of its COVID-19 response
  • One of the first banks to launch an automated bulk credit and reconciliation solution in Qatar
  • Entered the crisis from a position of digital strength

Singapore, 30 November 2021 – Commercial Bank was recognised as Best Cash Management and Transaction Bank in Qatar at The Asian Banker MEA Transaction Finance and Risk Management Awards 2021.

 

Commercial Bank and Qatar National Bank (QNB) were the finalists for Best Cash Management and Transaction Bank in Qatar. Commercial Bank emerged top for its multiple digital channel touchpoints and customised cash management solution capabilities.

Channel Capabilities and Business Strategy: Remote channel capabilities at the heart of COVID-19 response

Commercial Bank transaction banking solutions enabled customers to manage their payments, collections and liquidity management needs remotely with enhanced management information system (MIS) capability. The bank took multiple steps to manage the business transactions during the COVID-19 pandemic. It has introduced H2H, point of sale (POS), payment gateway and CBPay for merchant customers, as well as APIs, remote cheque deposit (RCD), corporate/mobile internet banking with 360-degree account viewing and corporate card solutions to ensure that customer transactions can be managed remotely with faster turnaround time.

The bank achieves an optimum business performance for its transaction banking business using remote channel capabilities and digital adoption. The bank increased its market share of deposits to 19% in 2020 from 17% in 2019. The transaction banking revenue and profits increased by 3% and 5% respectively.

QNB provided solutions to help customers manage their day-to-day administration of cash inflows and outflows by connecting corporate enterprise resource planning (ERP) systems. The bank’s electronic cheque clearing, cardless deposits, corporate SWIFT connectivity, trade and cash management portal were enhanced to manage the customers’ transactional needs.

Tech and Innovation: Launch an automated bulk credit and reconciliation solution

Commercial Bank rolled out a bulk credit and reconciliation solution for one of the largest utility service providers with more than 500 corporate customers. The bank developed an in-house invoice reconciliation solution for the customer with API connectivity that updates the customer’s ERP for auto reconciliation of transactions. The bank leveraged multiple digital channels such as RCD, cash collections, e-wallet and payments gateway to provide cash collection solutions to the biggest telecom provider in Qatar.

QNB in collaboration with QPost launched a digital trade mandate to enable customers to send and receive their trade documentation without the need to visit a branch. Corporates across fast moving consumer goods (FMCG) and pharmaceutical sectors were onboarded on its trade portal to complete their local and international trade transactions.

Digital Strategy: Entered the crisis from a position of digital strength

Commercial Bank’s solutions carried the momentum from pre-pandemic times and hastened the digital adoption during the pandemic. The bank saw higher utilisation of its channels, with more than 90% of vendor payments and over 99% of payroll were managed online. The bank’s more than 25 corporates move to H2H channels and it recorded higher adoption of payment gateway. RCD clocked 45,000 cheques which were scanned on a monthly basis from over 150+ customers.

QNB accelerated the pace of customer onboarding through electronic channels. The bank’s trade finance portal saw an increase in usage by 221% in 2020, leading to the generation of new businesses across its international network.

About Transaction Finance Awards

The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in the Asia Pacific. Recipients of the awards are honoured in a gala event to recognise their efforts in bringing superior products and services to customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit https://www.asianbankerawards.com/transactionawards/index.php

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.

For more information, please contact:

Sue Kim

The Asian Banker

Tel: +971 55 8587 992

 



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