Commercial Bank to roll out new digital features

Banking sector in the country will see more technology growth soon, with Commercial Bank, all set to roll out new digital features soon. The Bank yesterday opened its latest state-of-the-art branch at Mall of Qatar, providing full-fledged personal banking and ATM services.
The bank has started a testing blockchain technology that will facilitate secure online transactions, becoming the first bank to do so in the country.
“We have just started blockchain, a cutting-edge technology that will be used for remittances. We are the first bank in Qatar to actually pilot this approach,” Joseph Abraham, CEO of Commerical Bank told The Peninsula.
A blockchain is a decentralised and distributed digital ledger that records transactions across many computers in such a way that the registered transactions cannot be altered retroactively. This allows the participants to verify and audit transactions in an inexpensive manner.
“We need to get approval to have the system in full pace, however, this will be the foundation for further technology growth in the sector. We also will be introducing contactless cards, mobile wallets with full range of customer offerings which will help provide convenience to the customers over the next 6 months,” he added.
With growing threat to the cyber security, the bank is continuously monitoring and on alert. “We have very good emphasis on cyber security, as our key pillar is compliance and good governance. We have team that monitors the system as there are always penetration efforts.”
Meanwhile, the bank is training youth to help introduce many of the latest technology to its customers. “We have significant investment in training and development for the youth who are offered roles right within the bank. Once they join they are given training and development. We have young students who are good with computer and technology an as we move towards a digital world, we give them some assignments to help our customers migrate to our mobile applications,” he added.
The banks customer base is growing with the whole-sale banking side recording 7 percent growth in the first quarter this year, according to the bank officials.
Meanwhile, the Commercial Bank officials formally inaugurated the new branch during a public launch ceremony attended by the Bank’s Chairman Sheikh Abdullah bin Ali bin Jabor Al Thani; Vice-Chairman Hussain Ibrahim Al Fardan; Managing Director, Omar Hussain Al Fardan; CEO Joseph Abraham; Senior Bank Management, and a number of dignitaries and VIPs.