Posted on September 19, 2018

Commercial Bank has announced that its award-winning 60 Seconds Remittance service has been used over one million times by customers since it was launched in June 2017.

Commercial Bank’s 60 Seconds Remittance service is the first of its kind in Qatar. It allows customers to send money abroad within one minute. Customers can access the service through Commercial Bank Internet Banking and Mobile Banking App to send money to banks in India, Pakistan, Sri Lanka, Nepal and the Philippines almost instantly.

The 60 Seconds Remittance service was initially launched in June 2017 for remittances to India. Due to its popularity among customers, it was later extended to Pakistan, the Philippines, Sri Lanka and Nepal. Today, it is available to 28 banks in India, 35 banks in the Philippines, 26 banks in Sri Lanka, 29 banks in Pakistan and 28 banks in Nepal. It covers 95% of banks in each country. Amit Sah, EGM, Consumer Banking at Commercial Bank, said: “Our aim at Commercial Bank is to use digital technology to transform our customer experience. Before launching the 60 Seconds Remittance service we asked our customers, through surveys and focus groups, how we could make their lives easier. For expatriate customers, the answer was clear: they were fed up of spending their time queuing in banks or exchange houses during their weekends to transfer money.

“Our solution was the 60 Seconds Remittance service. It is a service that is convenient, quick, easy to use, secure and available 24 hours, seven days a week. It is also cost-effective, offering market-leading exchange rates and competitively priced fees as low as QAR 5 per transaction. “Because we knew that it was going to fulfil a real demand in the Qatar market for a convenient bank transfer service, it is no surprise to us that the use of the 60 Seconds Remittance is so high. We hope to expand the service in the future to cover more countries. And of course, we are continually looking at other ways that we can use technology to improve our customer experience. For Commercial Bank, the future of banking is digital, and we want to be at the forefront of these developments.”

The service is further evidence that Commercial Bank is a leader in digital banking in Qatar. In recognition of this market-leading remittance service, Commercial Bank was named ‘The Best Remittance Service for the Middle East’ at the Asian Banker’s Excellence Services Awards 2018. Commercial Bank’s corporate strategy is based around five ‘C’s, which are: corporate earnings quality, client experience, creativity and innovation, culture and compliance. The 60 Seconds Remittance service is evidence that the Bank is delivering on the creativity and innovation strand of this strategy, which is the driving force behind its digital products and services.