Bank Sohar drives digitisation with Finacle's new suite
June 4, 2018 | 5:28 PM
by Times News Service
The bank’s improved operational efficiency has definitively enhanced customer experiences amidst a growing branch and ATM network across Oman. - Times file picture

Muscat: Delivering on an extensive digitisation agenda, Bank Sohar has put in place the Finacle Digital Core Banking and Analytics solutions, extending its existing Finacle services in online banking, alerts, and digital treasury services.

The new digital suite supports the bank’s efforts to improve customer engagement and tailor services in the ‘Year of You’, where banking excellence and customer experience remains a strong driver in the bank’s continued development across all digital channels.

“Bank Sohar’s commitment to its customers is holistic, ranging from internal and infrastructural changes. Ultimately, we seek to deliver upon our promise of banking excellence by enhancing customers’ experiences with new products, opportunities, greater simplicity and rewards,” said Ahmed Al Musalmi, CEO of Bank Sohar.

The bank’s new services provide a comprehensive view of customer behaviour and preferences, equipping relationship managers with the data required for insightful market engagements. With an open API framework, the latest Finacle core banking solutions allow Bank Sohar to effectively implement open banking and collaborate with its external ecosystem, including partners and FinTech corporations; as well as supporting the bank’s recently launched Syndicated Loan facility, securitisation, and liquidity management.

Operational efficiency has also observed benefits with the removal of outdated administration tasks, in addition to streamlining digital processes with credit cards, loans, and customer onboarding.

“With the new generation Infosys Finacle platform, our banking systems are much more flexible and agile. We are able to expose APIs to integrate with third-party solutions and partner products, and introduce innovative offerings to our clients swiftly. We are confident that this will enable us to understanding our customers’ needs better and make banking more advantageous for them,” added Mujahid Said Daud Al Zadjaly, DGM, IT and Alternate Channels, Bank Sohar.

Bank Sohar has boosted customer experiences with improvements to in-branches touch points and digital services by technology upgrades, whilst further elevating its core banking system with a complementary range of new products and tools.

The bank’s improved operational efficiency has definitively enhanced customer experiences amidst a growing branch and ATM network across Oman, whilst transformational internal programmes based on the same technology upgrades have served to comprehensively reposition the bank and establish a new level of competitiveness across many strategic operations.

Regarding these upgrades, Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, said, “A truly digital transformation of banking operations is no longer a choice for progressive banks, but an inevitable need. To achieve this, banks need to take a holistic approach to digitisation covering front-to-back office processes. The new solutions at Bank Sohar will provide it with a robust foundation to drive growth, and the agility to innovate further.”

Subscribe to our newsletter and be the first to know all the latest news