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CBQ: Spearheading Qatar’s digital banking solutions

IFM_Commercial Bank Of Qatar
Commercial Bank of Qatar is the market leader in bringing cutting-edge technology to its customers

The Commercial Bank of Qatar (CBQ) has recently been named the winner in two categories by International Finance for the year 2024 — ‘Fastest Growing Credit Card Issuer – Qatar’ and ‘Best Card Payment Service POS/ATM – Qatar’.

Established in 1975 as Qatar’s first private bank, CBQ’s commitment to innovation and customer satisfaction radiates brightly. The distinction of being named winners in multiple categories only underscores CBQ’s dedication to providing cutting-edge solutions and unparalleled service in the banking and finance sector.
International Finance recently caught up with Shahnawaz Rashid, Executive General Manager and Head of Retail Banking, and Dr. Sudheer Nair, Assistant General Manager and Head of Cards and Payments at CBQ, who provided insights into the bank’s recent achievements.

What were the key factors that led to the CBQ winning the award for Fastest Growing Credit Card Issuer – Qatar 2024?

Shahnawaz Rashid: CBQ’s success in the Fastest Growing Credit Card Issuer category can be attributed to its pioneering initiatives in the Cards and Payments sector. From spearheading the contactless payment revolution to introducing innovative digital wallets like CB Pay, instant discounts like CB Fawri, the first cashier-less checkout in the country, and forging strategic partnerships for seamless payment experiences during major events like the FIFA World Cup, Commercial Bank of Qatar has consistently led the industry through innovation and customer-centric solutions.

What factors do you attribute to the significant growth in your credit card issuance in Qatar in 2024?

Shahnawaz Rashid: The economy is experiencing growth, leading to increased consumer spending, and prompting financial institutions to issue more credit cards to meet the demand. With the rise in disposable income among Qatar’s population, people are more inclined to use credit cards for purchases, driving up demand for cards. Advancements in financial technology (fintech) or digital banking services, such as mobile payments or contactless transactions, make credit card usage more convenient and appealing to consumers. Targeting new market segments or demographics, such as younger consumers or expatriates, with tailored credit card offerings and marketing strategies, also contributes to our growth. Changes in consumer preferences, lifestyle habits, or spending behaviours also influence the demand for credit cards. For example, if there’s a shift towards online shopping or travel-related expenses driving the need for credit cards. Changes in regulations related to credit card issuance, interest rates, or consumer protection laws could impact the market dynamics to encourage more people to apply for credit cards.

What role has innovation played in the rapid expansion of your credit card portfolio in Qatar?

Shahnawaz Rashid: Being the leader in innovative digital banking solutions in Qatar, we have leveraged our advanced channels and platforms to contribute to this exponential growth in our credit card issuance. We are also adopting a fully digital onboarding process through CBQ Mobile App, where customers can instantly apply without the need to visit a branch. In addition, we have streamlined the instant card printing process through our automated kiosks distributed all across Doha.
IFM-Sudheer Nair

How does the CBQ ensure responsible lending practices amidst the rapid growth in credit card issuance?

Dr. Sudheer Nair: We maintain responsible lending practices through a rigorous risk assessment, setting credit limits based on salary transfers, secured deposits, and healthy credit history, as well as ongoing monitoring of customers spending patterns for signs of any financial strains. We also continuously review the portfolio performance to identify early delinquency trends and revise our credit policies accordingly.

Can you discuss any specific initiatives aimed at capturing market share and accelerating growth in the credit card sector?

Dr. Sudheer Nair: We are currently focusing on several key initiatives to capture market share and further grow our portfolio. These initiatives include introducing new card products and features tailored to specific customer segments, CVP revamps with more attractive benefits, tactical marketing campaigns to attract new bank customers, expanding our current loyalty programme to make it more rewarding to customers with more redemption options, expanding partnerships with merchants for exclusive offers and discounts, and enhancing our digital capabilities for a seamless user experience across our digital platforms (mobile app and internet banking).

What challenges did the CBQ encounter during the process of becoming the fastest-growing credit card issuer in Qatar, and how were they overcome?

Shahnawaz Rashid: Handling credit risk while growing, monitoring inventory closely, and ensuring top-notch customer service were key. We overcame them through careful planning and relentless dedication.

What specific initiatives did the CBQ implement to win the award for Best Card Payment Service POS/ATM – Qatar 2024?

Dr. Sudheer Nair: CBQ has won the award for Best Card Payment Service POS/ATM – Qatar 2024 for successfully implementing the following disruptive initiatives in the payment acceptance ecosystem – Cashierless Checkout Solution & VPOS (Virtual POS).

What key features or services distinguish your bank’s POS/ATM payment offerings in Qatar?

Shahnawaz Rashid: CBQ is the only Acquiring Bank in Qatar that provides a holistic set of payment acceptance offerings and Value-Added Services to its merchants. This includes POS, ECR integrated POS, Cashierless Checkout, E-Payment Gateway, Pay By Link, Virtual POS, Dynamic Currency Conversion, Buy Now Pay Later, VISA Instalment Solution, and CB Fawri (Instant Discount).

How does the CBQ ensure the reliability and efficiency of its POS/ATM networks across Qatar?

Shahnawaz Rashid: CBQ utilises the latest PCI DSS compliant Android Smart POS hardware and has a robust E-payment gateway platform. This reduces transaction time and ensures secure payment acceptance. Commercial Bank of Qatar has its own dedicated and well-trained, in-house POS Service and Support team. This ensures the highest level of service standards while responding and addressing customer complaints.

What measures does your bank take to ensure the security of transactions conducted through its POS/ATM networks?

Dr. Sudheer Nair: CBQ ensures that its POS terminals are compliant to PCI DSS and other network certifications from Cards Schemes such as VISA, MasterCard, AMEX, Diners etc.

How does the CBQ collaborate with merchants to optimise the POS/ATM payment experience for consumers in Qatar?

Dr. Sudheer Nair: CBQ offers payment acceptance devices to meet the business needs of each type of consumer. For example: Food delivery merchants are provided with CB VPOS (Virtual POS), retailers are provided with Smart POS, home businesses are provided with payment links etc. Commercial Bank of Qatar also partners with its consumers to offer specific campaigns or Value-Added Services such as Buy Now Pay Later (BNPL), Dynamic Currency Conversion (DCC), VISA Instalment Solutions (VIS), Instant Discount (CB Fawri) etc., to increase customer footfall at merchant outlets.

How does the CBQ address issues such as transaction fees and processing times to provide competitive POS/ATM services?

Shahnawaz Rashid: CBQ consistently invests in the latest in Payment acceptance technology and POS infrastructure to ensure that such issues are proactively mitigated.

Can you share any success story or case study that demonstrates the impact of your bank’s POS/ATM services on businesses and consumers in Qatar?

Shahnawaz Rashid: CBQ is the market leader in bringing cutting-edge technology to its customers. The convenience and safety of our consumers drive us to deliver the latest and most secure in payment acceptance innovations to the market. CBQ is the First Bank in Qatar, to launch the Virtual POS (VPOS), Payment Link, Cashierless Checkout, and VISA Instalment Solution. Commercial Bank of Qatar was also recognised by VISA as the fastest deployer of Virtual POS (VPOS) in the market.

In 2024, what kind of innovations or enhancements can we expect to see in your bank’s POS/ATM services in Qatar?

Dr. Sudheer Nair: CBQ is heavily focused on sustainable solutions that offer customer convenience and safety. We are exploring key initiatives that are centred around these ideologies to ensure that our customers can transact securely, conveniently, and sustainably.

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