Step aimed at increasing accessibility to customers
Doha: Qatar National Bank (QNB) announced today that it has installed a Cash Acceptance Machine at the Bank'smain branch in Doha.
The pioneering step now enables customers to pay cash into their QNB accounts through a machine without having to queue for a teller.
Five other Cash Acceptance Machines are scheduled to be installed soon reflecting QNB's focus on technology as a means to provide electronic financial services. The new machines, encompassing full ATM functionality, will significantly help to reduce customers' dependence on their bank for routine financial transactions.
Mr. Douglas Beckett, General Manager of Retail at QNB, said: "The new Cash Acceptance Machines are part of QNB's commitment to further enhance its electronic banking channels, increase customer service levels and enable the bank to customise its financial operations. Qatari currency notes of all denominations will be accepted at the machines."
Apart from offering increased accessibility to its customers, the Cash Acceptance Machines will ultimately serve as a platform for a wide array of unique financial services. These will include, in future, the ability to make electronic payment to both credit card and Q-Tel accounts.
The Machines will also offer a range of first-of-its-kind services to both QNB and non-QNB customers including Kahramaa payment and E-Cash Card top-up. "As an added incentive, users will soon be able to buy and recharge Hala cards through the Cash Acceptance Machines, which will be another first to be introduced by QNB," said Mr. Beckett.
Elaborating on the how the machines work, he added: "A maximum of 30 notes, in all QAR denominations, will be accepted by the machines for any particular transaction. If a customer wishes to deposit more than 30 notes, multiple transactions have to be effected."
With the new services, QNB's customers now have the advantage of dealing with a bank that offers a range of continuously enhanced facilities and services.
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About QNB
QNB was established in 1964 as the country's first Qatari-owned commercial bank. The ownership structure is split between the Government of Qatar (50%) and the private sector (50%). QNB has grown to become the largest bank in Qatar controlling assets representing approximately 50% of the total banking system. QNB has the largest distribution network in the country with 32 local branches and offices, two international branches in London and Paris and 73 ATM's. QNB provides a full range of commercial banking activities for individuals, corporate institutions and government entities and the Bank's scope of products, services and delivery channels across all disciplines is unrivalled.
QNB has the highest credit rating among Qatari banks from leading rating agencies including Moody's, Fitch and Capital Intelligence. QNB is among the top 10 regional banks by Shareholders' Equity, with a ranking of 7th among the largest GCC banks as per MEES survey in September 2004. Internationally, it is ranked as 77th among the Top 250 Emerging Market Banks as per Euromoney survey in August 2004. Additionally, QNB has been the recipient of the award "Best Bank in Qatar" from leading international financial publications including: The Banker, Euromoney and Global Finance. On 3rd June 2005, QNB received 'The Best Debt House' award from Euromoney magazine.
© Press Release 2005
