Qatar: Best Digital Bank 2020
Commercial Bank of Qatar
Lenders can approach financial innovation from any angle. Some choose to bolt on products and adapt as they go; others tear up the rulebook and start again.
Commercial Bank of Qatar took the latter option and completely overhauled its retail banking business. The bank remains as steady and solid as ever, but its focus has shifted to speed, security and presenting companies and consumers with a range of attractive financial options.
The eye is first drawn to CBQ’s mobile app, a multi award-winning service that includes a secure biometric log-in. In 2019, users logged into the application 14 million times, a rise of 36% over the previous year. The app is regularly rated top of its class on Android and on Apple’s iOS operating system. For example, customers can use the app to pay school fees and utility bills, and to view credit card debts and pay monthly installments.
CBQ’s digital investments paid off handsomely during the coronavirus pandemic – testimony to the leadership skills of group chief executive Joseph Abraham.
When forex businesses had to close, a customer contacted the bank, worried that he was unable to send critical remittance payments to families in their home countries. This was a serious concern, given the number of workers in Qatar who send money home to their families in south Asia.
CBQ’s experts got to work, and came up with a new contactless digital solution. Within 72 hours, it launched CB Household Worker PayCard. Anyone can apply for one of these cards on the bank’s mobile app, create a PayCard account, then use it to credit the accounts of anyone, be they a member of staff or a household employee.