Safety of customers’ data is paramount: CB EGM
COMMERCIAL Bank constantly upgrades its cybersecurity and fraud detection capabilities and will continue to do so at all times, Commercial Bank EGM and Head of Retail Banking Amit Sah has said.
Addressing mediapersons during a virtual roundtable meeting recently, Sah said, “The safety of our customers’ data is paramount. While Commercial Bank has always strived to stay ahead of the curve in digital innovation, COVID-19 has accelerated its momentum and has changed the scope of how people bank and use digital services.”
“Our focus has been on creativity and innovation, driven by enhanced value for customers. This has helped adoption rates grow dramatically. It is today entirely possible for customers to complete all their banking engagements, be it simple or complex, through digital mediums, at a time and place of their convenience,” said Sah.
Commercial Bank AGM and Head of Cards and Payments Roya Khajeh and Commercial Bank Retail and Consumer Banking AGM Martin Andrew Leong also addressed the meeting.
Shedding light on its digital transformation and banking innovation, the officials discussed at length Commercial Bank’s digital strategy, customers’ response, and the overall transformation achieved. The debate tackled two main aspects of innovation and how they improved the lives of customers, specifically innovation in transactional banking and in client relationships.
A quick virtual tour around CB’s latest payment options which touch almost every aspect of customers’ lives, such as Tap N’ Pay, remote mobile payment using CB Pay for Merchants, QR code payment, and many more was made on the occasion.
Sah emphasised the bank’s major role in setting new trends in the market, to the extent that the whole market keeps on adapting to the innovative products CB launches.
Khajeh said, “While the technology used to be considered as complementary, it has become now an integral part of every customer’s banking system.”
She said, “The bank handles over 2 million contactless taps every month.”
Discussing the innovation of customer relationships, Martin Leong explained how Commercial Bank, like many global banks, is expected to offer a digital banking service that is safe, secure, reliable.
He said, “Technology is not our primary focus, it is always our customers. We simply use technology to make our customers’ lives easier in both transactional banking as well as more complex financial needs such as wealth planning, personal borrowing and international share trading.”
Replying to queries about the plans the Bank had for branches, Sah explained how branches are still an integral part of the bank’s focus on customers and confirmed that there would be no decrease in the number of branches.
“We might see an increase in the number of our branches and ATMs as the bank is reshaping the layouts, designs, locations of branches, to suit the needs of the customers,” he said.