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Commercial Bank of Qatar (CBQ) has become a pioneer in digital innovation, setting new standards in the banking industry

Technological advancements are reshaping the way financial institutions interact with their customers. The widespread use of smartphones and the internet has changed customer expectations, making convenience, speed, and security the most important features.

In this context, the Commercial Bank of Qatar (CBQ) has become a pioneer in digital innovation, setting new standards in the banking industry.

Pioneering digital banking

CBQ recognises the vital role of technology in enhancing the customer experience and driving business growth.

The bank’s mobile banking app is at the forefront of this digital revolution, offering a comprehensive suite of services that cater to customers’ diverse needs.

With several first-to-Qatar and regional services, the app has redefined the banking experience, enabling customers to conduct a wide range of transactions quickly and securely from the palm of their hands.

Global acclaim

The mobile app has gained worldwide recognition due to its unwavering commitment to excellence. It has even surpassed some of the largest banks in the world.

With millions of customers logging in monthly, the app remains the top choice for banking among consumers. It boasts a net promoter score of 72 and a customer satisfaction rate of 93%.

Continuous innovation

Late 2022, CBQ made significant efforts to improve the functionality of its Internet Banking platform and Mobile Banking App, making digital services even more accessible for customers. With over 140 digital services available, including faster international remittances to over 40 countries, financial transactions have been streamlined, making them faster, easier and more convenient for customers.

Revolutionising remittance

CBQ’s 60-second remittance service is a testament to its commitment to fast and accessible financial transactions. The service operates in 40 countries and ensures that credits are delivered within 60 seconds to one day. The bank covers various transfer types, including account transfers and cash pickups. It serves key corridors such as India, the Philippines, Sri Lanka, Pakistan, Nepal, Bangladesh and Europe, facilitating quick payments and reducing reliance on traditional methods. Collaborations with fintech providers like Western Union and INPAY have extended their reach to African and European corridors.

Boubyan Bank is embracing digital disruption and leveraging technology to create a seamless and engaging experience for its diverse customer base

In the ever-evolving landscape of modern banking, innovation stands as the cornerstone of progress. With a relentless focus on understanding and analysing customer behaviour, financial institutions across the globe are embracing digital transformation to enhance user experience and drive efficiency.

This commitment to pioneering cutting-edge digital products and automation solutions underscores a broader vision to revolutionise the banking experience, making it more intuitive, accessible and beneficial for customers and stakeholders alike.

Through a suite of digital offerings spanning business banking, retail services, specialised youth accounts, virtual assistance and interactive banking channels, institutions are reshaping traditional banking paradigms and paving the way for a digital-first future.

Digital mission

Since 2014, Kuwait’s Boubyan Bank has been on a mission to establish itself as a leading modern Islamic bank through a comprehensive digital transformation initiative. Recognising the importance of catering to the needs of young upscale and affluent customers, the bank has integrated customer-centric products through continuous innovation and cutting-edge technology.

Boubyan Bank initiated its digital transformation by establishing a digital innovation centre and adopting agile methodologies to ensure the seamless delivery of superior customer service. The bank’s strategy leverages technology to enhance the user experience, drive efficiency and encourage digital adoption.

Innovation in action

Through a steadfast commitment to understanding and analysing customer behaviour, Boubyan Bank has introduced a range of cutting-edge digital products and automation solutions.

These offerings aim not only to improve efficiency and cost-effectiveness but also to create a culture where digital banking becomes the preferred choice for customers. By prioritising innovation and customer-centricity, the bank has not only strengthened its position in the market but also created sustainable value for its stakeholders.

Al Ahli Bank of Kuwait is enhancing accessibility and driving unparalleled customer satisfaction through digital advancements

In today’s rapidly evolving banking landscape, financial institutions face the challenge of navigating market complexities while adapting to the ever-changing technological landscape. As consumer preferences shift towards digital channels, banks must embrace digital transformation to remain competitive and meet the evolving needs of customers.

Al Ahli Bank of Kuwait (ABK) made significant strides in 2023 by adopting digital banking and technological innovation.

Despite amplified market challenges, the bank strategically leveraged digital platforms, expanded its ATM networks and implemented transformative initiatives, cementing its commitment to enhancing customer experiences and driving growth in the digital era.

Diversified offerings

ABK’s dedication to customer satisfaction was evident in 2023 as it expanded its retail product offerings to cater to diverse customer segments. The bank launched tailored and distinctive options including multiple credit card promotional campaigns, asset programme enhancements and the introduction of numerous product offerings.

This, coupled with its strategic partnerships, underscored ABK’s commitment to meeting the unique needs of customers.

These initiatives not only attracted new clients but also fostered loyalty among existing ones, bolstering the bank’s brand equity.

Digital expansion

In 2023, ABK’s digital transformation initiatives took centre stage. By embracing digital channels, the bank saw a 54% increase in new online and mobile banking registrations. Furthermore, it witnessed a 34% surge in individual transfer volume, with mobile banking transactions accounting for 80% of total online transfers.

Additionally, ABK’s 7% expansion of its ATM network facilitated greater accessibility and convenience for customers, leading to an 8% increase in transaction volume across all operations.

Empowering customers

Throughout 2023, ABK remained committed to delivering efficient and prompt customer services through its call centre.

By empowering customers to self-register for mobile banking services, the bank not only enhanced accessibility but also streamlined the customer service experience.

As a result, the number of registered customers for mobile banking grew by 80% compared to the previous year, highlighting the bank’s successful customer-centric approach.

Thailand’s Siam Commercial Bank has launched several initiatives that have disrupted the traditional banking landscape.

Siam Commercial Bank (SCB) has won the Best Retail Bank – Thailand category at the 14th Annual Retail Banker International Asia Trailblazer Awards, and for good reason.

SCB is focused on providing the best customer experience through the adoption of technology and digital banking services. The bank has transformed its traditional service channels, products and services to reduce costs, expand its ecosystem and grow its customer base through digital innovations. This has enabled SCB to provide better, cheaper and faster solutions to its customers.

Strategic initiatives

SCB is leading the charge in the digital transformation of the retail banking sector. The bank has launched several initiatives that have disrupted the traditional banking landscape. One such initiative is the Credit Power service, which offers Thailand’s first pre-approved credit limit for secured loans through a digital channel. With this service, the bank has been able to transform the lending process by enabling prequalified customers to check their credit limit and request additional credit through the bank’s mobile app.

Another innovative service is the real-time automated National Credit Bureau (NCB) credit scoring system for small entrepreneur customers. This has reduced the need for manual processes, increased operational efficiency and shortened the service-level agreement to realtime.

SCB has also teamed up with Empeo, one of Thailand’s top HR management platform providers, to provide a complete end-to-end payroll solution for small entrepreneurs. This has helped the lender increase customer engagement and acquire new payroll customers.

SCB has also launched Home360, the first and only end-to-end homeowner experience and engagement platform in Thailand. This offers customers a seamless experience when purchasing a new home, starting from the beginning stages of searching for a house to securing pre-approved credit limits and online loan applications, as well as related services. Home 360 has already seen success, with loan applications growing 1.8 times in just one quarter.

SCB has also introduced Thailand’s first retail cross-border payment service, which has improved client experience for both inbound and outbound cross-border QR code payments. The bank has addressed several banking pain points faced by tourists, such as high transaction fees, floating exchange rates and the limited number of merchants that accept cards.

Thailand’s Kasikornbank is making waves with its Line BK social banking platform, which offers a unique blend of financial services and personal loan offerings.

With the launch of Line BK, the first social banking platform in Thailand, Kasikornbank and its joint-venture firm Kasikorn Line have made considerable efforts in making banking accessible in the country. This innovative spirit has earned Kasikorn Line recognition for the Best Open Banking Initiative at the 14th Annual Retail Banker International Asia Trailblazer Awards.

Increased demand for digital banking services and the evolving needs of the modern consumer are significant challenges for the traditional banking system. Kasikornbank’s response has been to provide an alternative solution to reach customers previously limited by physical proximity to conventional banks with the launch of Line BK, a financial service that is tightly integrated within the bank’s Line app, and is the leading chat platform for Thai consumers.

User-friendly experience

The Line app allows customers to open new bank accounts within the Line BK social network platform and take advantage of a free self-service online onboarding process with no minimum deposit requirements.

One of the defining features of Line BK is its emphasis on lifestyle-centric banking. As a result, clients can enjoy features that transcend traditional banking, such as bill splitting, money requests and a direct credit line.

Line BK has also made it possible for customers to transfer funds using a friend’s Line account in case they do not remember their bank account number or telephone number. In addition, Kasikornbank has introduced a gamified Special Rate Account, which encourages customers to save money according to their goals.

Serving the underserved

Another critical aspect of Line BK’s offering is its credit line, which offers personal and nano loans to underbanked segments that are unable to access credit from conventional financial institutions.

Leveraging Kasikornbank and Line’s vast data pool, Line BK can conduct risk assessments and provide loans within 10 minutes of a client applying online without the need for additional proof of income. As of December 2022, Line BK had provided more than THB50bn ($1.4bn) in loans to Thai consumers since its launch.

Thus, by integrating financial services within the Line app, Line BK has expanded its market to reach the underbanked and previously underserved.

Looking ahead

Line BK has proven to be a trailblazer in the industry and shows no signs of slowing down. The platform continues to expand its offerings, with recently added essential services such as the option to complete payments via QR code directly from the chat app.

Line BK is also exploring several acquisition projects and loan referral programmes. It is looking to partner with leading food delivery and e-commerce providers to offer loans at special rates to merchants.

As a whole, Kasikorn Line’s rapid growth and commitment to innovation make it a leading player in the industry and a true trailblazer in the Best Open Banking Initiative category.

Kasikornbank and Kasikorn Line have also won the Most Dynamic Third-Party Collaboration award and have been highly commended in the Best Loan Offering category.

In addition, Kasikornbank was highly commended in two categories: Best Retail Bank – Thailand and Best Mobile Wallet Initiative.

Ayudhya Capital Services has created the world’s first non-fungible token credit card.

Thai lender Ayudhya Capital Services’ (Krungsri First Choice’s) approach to attracting a younger generation of credit card users has earned it some major wins at the 14th Annual Retail Banker International Asia Trailblazer Awards.

Krungsri First Choice recognised that digital assets such as bitcoin, blockchain, dogecoin, ethereum and non-fungible tokens (NFTs) appeal to the younger generation and thus decided to create the world’s first NFT-based credit card.

NFT marketplace

Krungsri First Choice partnered with Puck, an NFT artist in Thailand, to accomplish this. The strategy subsequently proved to be a success and generated a lot of excitement when the lender launched NFT on Foundation, an NFT marketplace.

The lender offered 1 million reward points to those who bid and won the NFT. The campaign gained recognition as soon as it was listed, resulting in an 820 per cent increase in the value of the listing and a 22 per cent increase in credit card applications.

With this initiative, Krungsri First Choice has proven that traditional banking institutions can continue to thrive in a rapidly evolving industry by embracing fresh, digital-first ideas and exploring new technologies and markets.

Advertising success

Krungsri First Choice‘s recognition at the 14th Annual Retail Banker International Asia Trailblazer Awards as the Best Content Marketing Program award winner is well-deserved.

The lender has gone one step further by attracting young, blockchain-savvy audiences. According to Google Trends, the word ‘Metaverse’ was searched 817 per cent more times in October 2021 than ever before. Keeping this in mind, Krungsri First Choice shot a commercial entirely in the Metaverse, a particularly popular topic among the new generation.

This endeavour won Krungsri First Choice the Best Use of Technology in Advertising/Marketing Strategy award at the same ceremony.

Despite numerous challenges, the ‘Metaverrrrrrrse’ ads were well-received, with more than 16 million views and 100 PR contributions. In addition, the campaign resulted in a 22 per cent increase in new credit card applications, a 47 per cent ad recall lift (versus a 6.9 per cent benchmark) and a 28 per cent brand favourability lift (versus a 1.7 per cent benchmark) as per the YouTube Brand Lift Study.

Krungsri First Choice‘s proactive approach to embracing new trends and technologies is evident from its recent endeavours.

The lender‘s willingness to take risks and experiment with new methods to reach its audience demonstrates a clear understanding of changing market trends and consumer preferences.

Ayudhya Capital Services (Krungsri First Choice) has won in two categories this year: Best Content Marketing Program and Best use of Technology in Advertising / Marketing Strategy .

Krungsri First Choice was also highly commended in the Best Marketing Campaign of the Year category.

Thailand’s Bank of Ayudhya (Krungsri) has been lauded for its efforts in enhancing the security of its mobile banking application.

Thailand-based Bank of Ayudhya (Krungsri) has been recognised as a leader in biometric security technology at the 14th Annual Retail Banker International Asia Trailblazer Awards. The lender won an award in the Advances in the Use of Biometrics in Security category for its efforts in enhancing the security of its mobile banking application, a platform that has become essential for its customers.

With the increasing popularity of mobile banking apps, the risk of cybersecurity threats has also increased. For example, in 2020, SMS scams were a primary concern in Thailand, while in 2022, call centre scams became more prevalent. In such cases, the scammers would call unsuspecting victims and pretend to be officials from various government agencies, urging them to reveal confidential information such as OTPs and PIN codes. Once they gained access to the victim’s mobile banking account, they would make unauthorised money transfers, resulting in significant financial losses for many Thai citizens.

Strengthening authentication

Krungsri responded to these security challenges by introducing biometric authentication in its Krungsri Mobile App (KMA) to validate the identity of its customers, making it harder for scammers to impersonate them. Its implementation in May 2022 allowed live detection on new KMA registrations and customer device binding, helping the bank to reduce the number of fraud cases to zero. Other essential services such as a lock for PINs and the option to change mobile numbers have been added to the biometric authentication system to enhance customer security.

In addition to securing the digital app, Krungsri has also taken steps to ensure convenience for clients who only have a physical savings account. For such accounts, the authenticated pictures recorded at the bank serve as initial biometric data for these customers, enabling them to use biometric authentication for banking transactions without having to visit a physical branch.

Creating awareness

Krungsri’s branches actively promote self-authentication to facilitate smooth and secure banking transactions. The lender has also collaborated with the government to educate Thai consumers about scams and the importance of keeping their personal information confidential.

Krungsri’s biometric authentication solution has made mobile banking more secure for its clients, protecting them from fraudulent activities. In addition, the bank’s efforts to improve the user experience and promote security awareness have strengthened its position as a leading lender in Thailand.

UnionBank of the Philippines has established itself as a provider of flexible solutions that utilise technology to improve digital banking capabilities.

Digital banking has revolutionised the banking industry by providing customers with convenient and efficient banking solutions.

UnionBank of the Philippines (UnionBank) has embraced this trend and has been recognised for its efforts. The bank has secured a win in the Excellence in Internet Banking category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its digital banking application, The Portal.

Launched in 2019, The Portal provides a comprehensive solution for the digital banking needs of corporate clients. It offers a range of features that enable clients to efficiently conduct various banking transactions, as well as view multiple accounts, initiate fund transfers, pay bills and schedule branch visits for deposits and withdrawals.

The platform’s user-friendly interface ensures seamless navigation and enhances the banking experience. It also improves flexibility and convenience, allowing clients to conduct transactions at their own time and pace from any location.

The Portal has played a crucial role for businesses in the Philippines, especially during the Covid-19 pandemic, as it facilitated digital transactions and ensured seamless banking transactions for clients regardless of their location.

Enhancing branch experience

UnionBank acknowledges that face-to-face banking interactions will continue to be relevant, and clients will always want the option to visit a physical branch. Therefore, besides digital channels, the bank continues to enhance and improve the branch banking experience. This commitment has earned the lender a win in the Most Innovative Branch Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

The branch visit feature on The Portal enables corporate clients and businesses to input and queue their transactions. UnionBank offers enterprises a suitable branch queuing solution, distinguishing itself from local banks that typically provide online queuing systems only from a retail perspective.

Requesting a manager’s check in the branch has traditionally been a time-consuming process for clients. With The Portal, businesses and corporate clients can request checks remotely. In addition, the entire process is conducted online, making it paperless and more efficient.

The manager check feature has also addressed clients’ concerns regarding approvals by allowing signatories to approve requests through The Portal from anywhere, providing greater convenience and security with full audit trails and multi-factor authentication.

Automating processes

UnionBank has also been awarded the Trailblazing Use of AI or Machine Learning in Financial Services trophy for managing potential risks and operational efforts through data science and AI.

The bank’s Suspicious Transaction Report (STR) Alerts Prioritisation & Auto-Disposition Model for anti-money laundering has also received recognition for prioritising and automating the disposition of STR alerts.

The AI-powered STR model was implemented in August 2022 and since then, it has successfully prioritised high-risk alerts for investigation and auto-disposed invalid alerts, resulting in a 40 per cent decrease in generated alerts. As a result, UnionBank’s Anti Money Laundering operations team can now focus on ideation, strategy and collaboration.

Fintech initiatives

UnionBank has also been highly commended in the Best Fintech Partnership category, highlighting the significance of collaborative efforts in developing successful fintech solutions. The recognition underscores the importance of partnerships in driving innovation and growth in the banking industry, as they combine diverse strengths and expertise that ultimately benefit customers and stakeholders.

UnionBank’s Digital Business Solutions Partnerships initiative is built on a strategic growth model that benefits all parties involved. By creating a list of accredited fintech partners and recommending them to the banking ecosystem, the programme offers easy and complete access to complementary/non-competing fintech solutions.

Additionally, fintech partners can provide favourable rates to clients within the lender’s ecosystem. This model creates a win-win-win situation for fintech partners, UnionBank and its clients, fostering growth and innovation within the industry.

Since its launch, the partnerships initiative has disbursed PHP1.7bn in loans to more than 60 businesses in various industries including real estate, logistics, education, government and healthcare.

Meanwhile, the UnionBank Fintech Partnerships initiative is designed to offer accessible and comprehensive access to fintech solutions for companies and clients that are not yet prepared for application programming interfaces (APIs). By accelerating the digitalisation process, the programme benefits companies and industries across all sectors and not just the fintech industry.

UnionBank has established itself as a provider of flexible solutions to its clients that utilise technology to improve digital banking capabilities, increase operational efficiency and manage potential risks. The bank’s recognition at this year’s awards has reinforced its position as one of the leaders in digital banking across the Asia-Pacific region.

UnionBank of the Philippines has achieved a remarkable hat-trick at the 14th Annual Retail Banker International Asia Trailblazer Awards, taking home top honours in three categories: Excellence in Internet Banking, Most Innovative Branch Offering and Trailblazing use of AI or Machine Learning in Financial Services.

The bank has also been highly commended in the Best Fintech Partnership category.

Bank Raya’s Pinang Paylater platform is Indonesia’s first fully digital lending product for blue collared workers.

Indonesia’s Bank Raya has been recognised in the Best Core Banking System Initiative category at the 14th Annual Retail Banker International Asia Trailblazer Awards for its digital lending platform, Pinang Paylater. The platform offers fast and secure short-term loans to Indonesia’s gig workers, including informal service providers, contractors and freelancers, addressing their urgent need for short-term loan approvals.

By identifying the requirements of this particular customer segment, Bank Raya has secured a market lead that gives it an edge against competitors.

Instant access to funds

Pinang Paylater, Indonesia’s first fully digital lending product for blue-collared workers, gives Bank Raya’s BRILink agent bankers instant access to funds of up to IDR25m ($1,633), and offers borrowers a repayment period of seven days. The bank has also enabled these agents to borrow up to five times a day and the repayment amounts are directly deducted from the agents’ accounts.

In less than six months of launching the platform, Bank Raya onboarded more than 17,000 BRILink agents and disbursed more than IDR1.5 trillion-worth of intraday loans to them, with a non-performing loan ratio of 0 per cent.

The Finacle Core Banking solution enables Pinang Paylater to run hourly and daily computations of net interest margin. The app leverages the Finacle Lending Module, a component of Finacle Core Banking, along with the Finacle Digital Engagement Hub. These solutions enable Bank Raya to automate the end-to-end lending process, facilitating intra-day loans through its network of BRILink agents.

Advanced technology

Pinang Paylater incorporates facial recognition, digital signatures and machine learning-based credit scoring to digitise the lending process from loan origination to disbursement. The entire process takes less than five minutes to complete.

Likewise, Bank Raya has significantly improved the efficiency and effectiveness of all its other services by conducting detailed customer profiling and analysis of credit and fraud scores. The bank has developed an AI-based analytics foundation to power its digital vision and has created digital customer journeys from scratch. As a result, the average time for customer verification and onboarding has reduced to 10 minutes and the ratio of mobile to internet banking customers is now 89 per cent.

Bank Raya has recorded an 85 per cent increase in its customer base through digital means, while maintaining a cost-to-income ratio of under 40 per cent from Pinang Paylater. The lender plans to expand its customer agents to new platforms in various sectors such as telecoms, ride-sharing, insurance, fintech and e-commerce, thereby further strengthening Indonesia’s gig and service economy.

Philippines-based lender RCBC has been recognised for its efforts to foster financial literacy and inclusion among Filipinos.

In the Philippines and worldwide, the Covid-19 pandemic created significant challenges in terms of client access to formal financial systems. To address this issue, local lender Rizal Commercial Banking Corporation (RCBC) launched the DiskarTech app, the first multilingual mobile platform for financial inclusion in the country. The DiskarTech app offers an array of essential financial services:

Convenient deposits and withdrawals
Remittances
Digital payments
High-yield savings
Teleconsultation services
Life and non-life insurance options
Affordable loans and credit offers.

Additionally, clients can use a smartphone to easily open a primary deposit account using a valid identification card.

Following the launch of this accessible platform for financial inclusion, RCBC partnered with the Department of Education to implement the ‘Lessons on Smart and Resourceful Finance’ programme. Under this, the bank provides reliable content on financial literacy to students, teachers and parents, thus helping to make financial education a cornerstone of the country’s education system.

Social media push

RCBC has also launched supplementary initiatives such as the Pisonomics podcast on the platforms of technology provider Apple and streaming app Spotify. The podcast has been hailed as the Association of Southeast Asian Nations (ASEAN) region’s pioneer podcast on financial education and digital literacy, and it covers a wide range of topics such as payments, investments, savings, insurance and loans.

In addition, RCBC has launched DiskarTech TV, which airs programmes where experts and social media influencers discuss financial literacy and other relevant financial issues to inform and educate clients as well as the public. The bank has also developed incentive-based campaigns and strategies to instill good financial behaviour among Filipinos; for example, clients are rewarded for completing challenges and are offered benefits for using digital services.

To enhance their social media campaign, RCBC has launched drives to engage online entrepreneurs on popular platforms such as Facebook and TikTok, encouraging them to use digital payment platforms for their businesses.

Empowering the marginalised

In the Philippines, lack of access to formal financial systems has severely affected the quality of life for many households as well as their purchasing power; this is particularly evident in the informal working sector.

As a solution, RCBC has designed a strategy to promote financial literacy and inclusion, keeping in mind the daily challenges faced by unbanked, underserved and marginalised Filipinos. The bank continues to invest in transformative experiential learning as well as community-driven and grassroots-led solutions that empower people to change their futures.

It then comes as no surprise that RCBC has won two awards at the 14th Annual Retail Banker International Asia Trailblazer Awards, namely in the Best Retail Bank – Philippines and Best CSR Initiative – Financial Literacy categories. These accolades prove that RCBC’s efforts to foster financial literacy and inclusion among Filipinos are bearing valuable fruit.