Commercial bank making good progress on long-term strategy: CEO

Dignitaries cutting a cake on the occasion.

Doha: Commercial Bank, which adds to its recent accolades by being ranked by Euromoney as a leader in Qatar in digital solutions, corporate banking and corporate social responsibility, is progressing well in its long-term strategy, has an official said yesterday.

Talk to The peninsula On the sidelines of the bank’s launch of its second Premium lounge at the Place Vendome shopping mall, Commercial Banking Group CEO Joseph Abraham said the commercial bank will continue to enhance digital innovation and expand its various trade flows as part of its post-World Cup strategy and expansion plans.

“For next year, we’re fundamentally very clear with our strategy that we’ve already laid out. And it’s about fulfilling that strategy where we’re making good progress. And that’s to further improve digital innovation, more expansion in our various lines of business, and we continue to manage ourselves effectively and with proper risk management,” said Abraham.

It should be noted that Commercial Bank had previously announced its long-term strategy with some of its objectives defined: further improvement in future business performance, including digital leadership through investments in end-to-end process automation, artificial intelligence and robotics; reshape the branch network in alignment with a changing customer footprint; and the development of new products in Wealth Management, Transaction Banking and Cash Management.

Abraham said: “We are completely digital. We can do almost any transaction you do in a bank, you can do it digitally or self-service. You can even deposit a check digitally and send money anywhere in the world instantly online, so we’re way ahead. In fact, we won the Euromoney award for being the market leader in Qatar in digital solutions. »

When asked if a full-fledged digital bank was on the horizon, he said: “A lot of places have done it. And it will also depend on the approval of the Central Bank. But for us, at the end of the day, if you can provide a full digital experience for customers, the need to move to an all-digital environment is different. You still need to cater to the different segments. The younger segments are very digitally oriented, and we give them that digital experience. I think that will suffice. It doesn’t have to be an all-digital bank to deliver a digital experience.

“At the end of the day, we have to remember that bank customers want safety and security. And if the banks have the capital and the system, the operational risk processes that are all very strong, and central bank governance that ensures the safety and security of the customer’s money, that’s the fundamental. As long as the banks provide that, the more you add an all-digital orientation and digital services, then I think they will respond to a happy fusion to meet all needs,” Abraham added.

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