Online transactions increase by more than 90 percent in commercial banking

Venkata Surya Prasad Indraganti, Senior AGA, responsible for banking transactions, wholesale banking, commercial banking

Doha: Commercial Bank’s digital transformation effort has become a huge success. Over 90% of Commercial Bank’s transactions take place online, showing that the bank plays a key role in the government’s vision to become a cashless society. According to a senior Commercial Bank official, more than 95 percent of retail transactions and more than 90 percent of business transactions are done online.

“I can say with pride that approximately 90% of our business and SME (Small and Medium Business) customers carry out their transactions online. For retail customers, over 95% of transactions are done online. This means that over 90 percent of our retail customers don’t come to bank counters, ”said Venkata Surya Prasad Indraganti, Senior AGA, Head of Banking, Wholesale Banking, Commercial Bank. The peninsula.

Commercial banking has seen a sharp increase in the adoption of digital banking solutions in recent years. The switch to digital banking has been further accelerated by the COVID-19 pandemic which has led to the imposition of several social distancing measures for an extended period.

“The adoption of digital banking solution has increased dramatically over the past few years, especially in business banking. Three years ago, the ratio of online transactions to total transactions was around 40-50% for Commercial Bank, ”he explained.

Within the Business Banking Division, the main areas where online transactions take place are trade related issues, remittances, domestic transfers to other banks or customers.

The COVID-19 outbreak has greatly boosted the uptake of e-banking channels. The precautionary measures imposed by the authorities in response to the COVID-19 pandemic have restricted the movement of customers, which has prompted them to use electronic banking channels.

The Bank’s success in digital banking has been recognized by many other agencies. In recognition of its innovative digital services, Commercial Bank was recently awarded the ‘Best Digital Bank’ in Qatar for 2021 by AsiaMoney Magazine for the second year in a row.

Commercial Bank has always worked with its clients and provided them with all kinds of support needed to use digital banking channels.

“We have constantly spoken to our customers, provided them with training and provided them with the convenience of doing so. We have also improved our systems. Today, we also offer our corporate clients a mobile option to conduct their transactions online, for example to get approvals, check balance, generate reports online. All of this has enabled customers to embrace the new online channels, ”he explained.

He believes that the use of digital banking solutions will remain high in the years to come as customers reap the benefits of digital banking.

“We have provided our customers with several options to connect. We believe customers will continue to embrace online channels. We are now seeing a new trend where some customers are asking for a purely digital banking experience, ”he added.

The bank will continue to unveil new digital innovations that improve the experience of its customers, he added. Commercial Bank has launched several digital banking solutions in the past that are safe, secure and reliable; and helped customers transact through digital media, when and where it suits them best.

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