London, UK, and Toronto, Canada, 10 July 2017 – Oman Arab Bank (OAB) has committed to deploy FusionBanking Essence from Finastra in each of its 65 branches and representative offices across the Sultanate. The bank, which is the third largest in Oman, will transition from its current FusionBanking Equation platform as it diversifies its business to accelerate growth and renews its focus on customer-centricity.
Changing market dynamics and fluctuating oil prices in the country have driven OAB to reassess its business model. The bank already has a strong corporate offering and is now expanding its retail services. FusionBanking Essence will deliver a consistent banking experience across all channels – helping the bank to attract new customers as well as retain and grow its existing client base. Corporate and retail customers will benefit from consolidated account statements across their whole portfolio and tailored offerings from the bank.
Mustafa Srour, CTO at Oman Arab Bank, said, “We are operating in a highly competitive market and as we look to grow our retail offering, we’re committed to providing a high quality and personalized service for our customers in line with Central Bank recommendations. FusionBanking Equation has been a reliable core banking solution but we’ve had it in place for a good while so it makes sense to transition to FusionBanking Essence to future-proof our technology investment and support the evolution of our bank.”
FusionBanking Essence will also enable the bank to bring new products to market faster, increasing liquidity. The agile platform paves the way for OAB to easily develop on the Finastra architecture. The bank can deploy new processes and configure new products with speed, as well as customizing its offering according to local requirements.
Nadeem Syed, CEO at Finastra, said, “FusionBanking Essence will support the bank’s ambitious growth goals as it continues to build its retail client base and increase revenue. The platform is well placed to differentiate the bank when it comes to taking on the competition in Oman and excels where customer-centricity is concerned. OAB reaffirming its trust in us speaks to the reliability of our solutions and services.”
OAB has been a Misys (now Finastra) customer for over 30 years. The bank also uses FusionBanking Trade Innovation to support both traditional trade and supply chain finance on a single platform. Process automation and transparency enables the bank to reduce margin costs and deliver a strong level of customer service.
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Oman Arab Bank SAOC was established in 1984 following the acquisition of Arab Bank’s branches in the Sultanate. Over the past three decades, the bank has consistently expanded its reach as well as its products and services offering to provide customers in the country with a comprehensive suite of innovative solutions in retail banking, corporate and project finance, investment banking, trade finance and most recently, Islamic Banking.
The shareholders at Oman Arab Bank are:
- Oman International Development & Investment Co. SAOG OMINVEST (50.99%)
- Arab Bank PLC (49%)
- Oman Real Estate Investment and Services SAOC (0.01%)
Today, Oman Arab Bank operates more than 65 branches and representative offices, and more than 150 ATMs in high footfall locations across the Sultanate that are supported by Arab Bank’s 600 branches spanning five continents. The bank’s principal shareholders are Oman International Development and Investment Company SAOG (50.99%) and Arab Bank PLC (49%) and as of December 31st 2016, the bank’s total assets stood at RO 2.07 Billion (USD 5.38 Billion).