Pioneering A New Way Of Alternative Payment. Commercial Bank, A Case Study
In a dynamic world of ever-changing preferences and trends, industries and businesses willing to survive and prosper find themselves with no other choice but to adapt to change. Commercial Bank, Qatar’s first private bank, is proof positive that innovation and commitment are key to success and prosperity. Through our wide and varied range of products and services, we always look for ways to meet our customers’ expectations and new preferences. Here is an in-depth study on how we, at Commercial Bank, have been able to keep up with today’s rising trends and public orientations through market-leading product offerings.
Mobile and Alternative Payments are Reshaping the Consumer Experience
New innovative payment methods are gaining popularity. With the rise of mobile devices, consumers are increasingly turning to mobile and alternative payment options. Cash, checks, and plastic cards could eventually become things of the past. To meet customers' growing needs and enhance their banking experience, Commercial Bank introduced CB Pay, a mobile wallet service available on CBQ Mobile App. It allows customers to make online shopping and/or payments (for all types of mobile devices), and in-store purchases (for android mobile devices only) in a secured way without the need of giving their credit or debit card details. Its addition opens up to a variety of card control features like blocking/ unblocking cards, setting cards for overseas usage, and setting up the card limit on add–on cards.
Tokenization: Convenience with Security Will be the Key
Nowadays, customers are looking for seamless payment options. However, they need assurance that their transactions are safe and protected. Blending convenience with security is a vital key for the future of payments. Tokenization replaces the payment account number and expiration date with numeric codes of same length, which are called tokens. The token number will be displayed on the point of sale (POS) slips instead of card number. Tokenization solves some of the security problems of the back-end process. It is solving the problem of exchanging information from phone to POS terminal, and information processed and sent by the POS to the card processing systems.
Rewards, Discounts, and Loyalty
Attaining customers' loyalty is essential for any business. Yet customers have different reasons to use or adopt a brand and be loyal to it. Striking the right balance with rewards, targeted offers will be important for banks to manage loyalty cost effectively.
Commercial Bank introduced the first-of-its-kind instant discount promotional feature to be added to its Loyalty and Offers program. The newly launched “CB Fawri” offer customers instant discounts automatically when using their credit or debit card at selected merchants in Qatar. Just as its name implies in Arabic, customers get to enjoy the discounts automatically at selected partners without the need to ask for them. This way, we are rewarding customers for their trust and loyalty in an uniqueway.
Millennials are Getting Financially Savvy
Young people like to be in control of their decisions, including managing their finances. That's why Commercial Bank has introduced tailored services and products to address youth’s needs and help them manage their expenses, as well as access many outstanding benefits that meet their lifestyle. “Sadara Youth” is an exclusive program dedicated to the Qatari youth of ages between 18-25 years, offering them an exclusive experience and a gateway to premium banking that understands their needs and aspirations. Not forgetting the unique CB Mobile App experience that feature coins and XPs to get rewarded, CB Quest with Augmented reality function to enjoy finding their preferred partners and mental math challenges to enjoy and earn coins.
Affluent Customers Remain the Key in an Affluent Market
Given that affluent consumers tend to use their credit cards frequently and spend large amounts of money and pay on time, they are considered as an important target market for card companies. Hence our prestigious card proposition: The Metal World Elite Mastercard Credit Card for Limited Edition Customers, a brand-new metal card offering contactless payment functionality. Thanks to its state-ofthe-art look and feel and worldwide luxurious privileges, the Metal Card seems to appeal to Commercial Bank’s UNHW niche of customers. The first-ever contactless metal credit card in the Qatari market unlocks a universe of world-class privileges for its holders, and offers an unparalleled array of specially selected travel, lifestyle, and insurance rewards, including exclusive access to handpicked luxury experiences and opportunities around the world.
The Future Lies in the Small Business Card Market
More and more business owners of small and medium enterprises are seeing the need to segregate between business and personal spends. The effective management of working capital and efficiency of payments is seen as a growing need in the difficult economic scenario. Business credit cards are helping companies to manage their expenses and benefit from outstanding privileges that match their growing demands, just like CB Visa Signature Credit Card. This card provides corporate customers with a wide range of benefits specially tailored to answer their needs and expectations like cashback on every purchase transaction locally and internationally. It also offers free unlimited airport lounge access, free multi-trip travel insurance and many more.