OAB Launches Robotic Process Automation System the First of its Kind in Oman

/in /by
  • The new system performs daily banking transactions with high efficiency, accuracy and speed
  • OAB employees now have more time to devise solutions that are more in line with customer expectations

Muscat, December 18, 2017: In line with its strategy to transform itself into a pioneer in digital banking in Oman, Oman Arab Bank today launched the new Robotic Process Automation System; a first of its kind system in the Sultanate. This advanced system will perform most daily banking transactions, instead of them being manually done by employees, with the same efficiency and high accuracy and speed. This in turn will allow more time for the employees to devise solutions and services that meet customers’ needs.

Commenting on this new strategic approach by the bank, Amin Al Husseini, Chief Executive Officer of OAB said, “Oman Arab Bank has a clear vision for the future, focusing largely on digital platform in line with the rapid technological advancements required for the continued development of market leading banking products and processes. With this system, a majority of these products and processes are being automated, allowing time for our employees to work on innovating and developing products that better meet the expectations of customers, if not exceed them. They can also now divert greater attention towards improving the level of service provided to our customers.”

“This vision was initiated last year as part of a clear strategy to shift from traditional services towards more Internet-based banking services and products, smartphone applications, and social media channels. This also includes the redesigning of the bank’s branches in line with this vision. Today, we are taking a new step in this process through launching an all-new electronic system, the first of its kind in Oman. It performs daily transactions with high efficiency, accuracy and speed without changing the general framework of the existing system. This will no doubt reflect positively on our customers’ overall satisfaction, which is a key priority for Oman Arab Bank,” he added.

Rashad Al Musafir, Deputy Chief Executive Officer also said, “The banking industry in general is currently undergoing a fundamental transition phase that may considerably change the nature and mechanisms with which they operate. We at OAB, in line with our vision to strengthen our position in leading the Omani banking sector and relying on our local experience of more than three decades, look forward to a future where we are the first choice for individuals, companies, and investors alike. It is for this purpose we continue to invest in providing a comprehensive and integrated banking experience that meets their every expectation.”

The Robotic Process Automation System is one of the latest banking systems to be used in several countries around the world. It allows for the transferring of a majority of the Bank’s day-to-day operations and processes to be carried out automatically without human intervention. In doing so, it helps increase productivity and reduces the possibilities of errors; whilst at the same time enhancing efficiency and speed thanks to a certified performance evaluation system. The automation this system provides extends to processes related to account management, approval of loans, and cards’ operations, in addition to issues related to compliance and financial risks management, cyber risks, procurement and supply, finance, accounting, and other daily processes of banks.

In comparison with traditional automation, the robotic process automation system is characterised by its ability to adapt and develop itself through learning and artificial intelligence. This feature makes it capable of resolving repeated issues that previously needed a direct decision from an officer. Therefore, OAB employees will now have more time to develop work and communicate with customers, to better understand their needs and address them in best possible manner.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Launches New E-Payment Gateway Service ‘OAB iPAY’

/in /by

Muscat, December 25, 2017: Oman Arab Bank (OAB), in order to further improve its corporate and institutional customers’ overall banking experience, has announced the launch of a new E-Payment Gateway facility. The new service is part of the Bank’s innovation roadmap to contribute in the digital economy by improving the electronic payment ecosystem. The Bank’s public and private sector corporate clients will be able to receive payments online through website and mobile applications for products offered and services rendered. OAB is a pioneer of electronic payments in Oman and with this financial service, will now strengthen its range of merchant payment acceptance solutions.

Commenting on the latest development, Fahd Bin Amjad, General Manager Retail Banking at OAB said, “In line with the vision of the Sultanate’s vision, the financial services industry is innovating rapidly to move towards a cashless society. This will bring transparency and convenience for all customers at large. At OAB, we believe that simplifying and digitizing payments is a cornerstone for economic development. OAB iPAY is a highly secure and intelligent online payment acceptance solution that will help our corporate customers expand their businesses in the digital world. ”

In order to subscribe to the service, corporate customers will require a simple Application Programming Interface (API) based integration with OAB iPAY. The bank will assist and supervise the process, which can be completed in as little as 2 weeks. All transactions processed through the customer website or mobile application receive an instant response of approval or decline. The approved transactions are credited real time into the corporate customer’s account, which is a feature unique to only OAB iPAY in Oman. There is also a team dedicated to providing support to the customers as well as a 24/7 fraud monitoring system.

“We seek to provide our customers a swift and reliable service, one that is fully compliant with CBO regulations. Customer experience is at the heart of our strategy. With this solution, we are bringing together the latest in technology and the best in customer relationship management.” Fahd Amjad added.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

Oman Arab Bank Board of Directors approves the recommendation of the CEO Amin Al Husseini to appoint his Deputy Rashad Al Musafir as Acting CEO

/in /by
  • Amin Al Husseini will  oversee the transition  during  2018
  • New appointment effective 1st February 2018

Muscat, December 27, 2017 | The Board of Directors of Oman Arab Bank (OAB) has announced  its endorsement of the CEO Amin Al Huesseini’s recommendation to appoint his Deputy Rashad Al Musafir as  acting CEO effective  1st of February 2018. The appointment is aligned with the Bank’s strategic transformation that started four years ago under the leadership of its CEO, Amin Al Husseini. The Board of Directors has also announced that Amin Al Husseini will be managing the executive transition and succession during 2018.

Commenting on the appointment, Rashad bin Mohammad Al Zubair, Chairman of the Board of Directors of Oman Arab Bank said, “We are fully confident in the experience and competence of Rashad Al Musafir and we wish him every success in his new role. The board also extends their thanks and appreciation to Amin Al Husseini for leading the bank’s transformation journey during these last four years. The decision reflects our goal to enable the next generation of Omani executives to assume leadership positions in the management of the Bank. OAB’s programme to elevate Omani talent has accelerated in recent years thanks to targeted efforts to prepare distinguished individuals to assume leadership responsibilities in the years to come.”

The leadership succession comes as Oman Arab Bank celebrates 33 years of banking excellence in the Omani market, and marks four years since the launch of the bank’s transformational strategy, which was closely overseen by Amin Al Husseini after he was appointed to the role of CEO in February 2014. During his tenure, Amin Al Husseini implemented significant operational and experiential changes across the OAB network, at the branch level and within the Bank’s head office. Today, Oman Arab Bank is a leading financial institution in the Sultanate in terms of enhanced customer experience and smart banking services, evidenced by   the recent launch of  an integrated digital banking platform across all touch points.

Highlighting OAB’s success in achieving the goals of the transformation strategy, Amin Al Husseini noted, “The Bank has achieved good financial results over the past four years, and has successfully implemented the digital transformation strategy. The Bank has also done well to achieve our human capital development goals with the implementation of a comprehensive in-house development programme in line with the Bank’s strategic Omanizationa plan. This has been made possible by investing in professional development for talented Omanies across the board to prepare them for senior management positions.  The Bank has also been able to enhance the governance culture by establishing robust internal controls to manage risks, in line with Central Bank regulations.

Commenting on the new appointment Amin Al Hussaini added “I’m very confident of my colleague Rashad Al Musafir to achieve the long term goals set by the Board of Directors, and I will continue supporting him to ensure smooth and seamless transition.”

Noting the rapid transformation of the Bank in recent years, Rashad Al Musafir, commented, “The Oman Arab Bank of today continues on an impressive trajectory, both in terms of operational efficiency, and professional excellence. I’m confident that the leadership team at OAB are amongst the best within the banking sector, and their contributions will be invaluable in achieving the Bank’s objectives in the coming years.”

“I would like to extend my sincere thanks and appreciation to Amin Al Husseini for his outstanding leadership. Over these past four years, he has led the Bank diligently towards its transformational goals, all the time keeping pace with the best practices in the industry. His efforts to establish an Omani leadership team within the Bank are commendable and we are all committed to following the path of continuous improvement and transformation in the years ahead.” Rashad Al Musafir concluded.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Launches Transformed Branch in Muscat City Centre

/in /by

Muscat, December 27, 2017: Oman Arab Bank (OAB) guarantees to provide only the best in financial solutions and customer experience and has launched a refurbished branch in Muscat City Centre. The new customer-focused branch is located within the mall to facilitate better accessibility for the Bank’s customers alongside delivering enhanced banking services over extended banking hours.

The official ceremony took place on December 27, and the branch was inaugurated by Amin Al Husseini, CEO of Oman Arab Bank. Also in attendance were executive members of the Bank and staff from the branch.

Commenting on the launch of the new branch, Fahd Amjad, General Manager of Retail Banking Group at Oman Arab Bank stated, “The opening of the renovated branch in Muscat City Centre highlights our fifth launch for the year. Like the other branches, it also features only the best in technology and products, together with personalised levels of service. With this newly transformed branch, which was carried out as part of our ongoing nationwide transformation strategy, we seek to further improve the banking experience for our customers in and around the Wilayat of Seeb.”

As with the recently opened flagship branches in Qurum and Barka, the new Seeb branch also features an enhanced brand identity with a refreshed look and feel. The sleek, modern, and streamlined look is augmented by a number of features and systems introduced as part of the new transformed branches. This also includes the meet and greet facility, similar to the ones introduced with the flagship branches, which include a streamlined queuing system, private advisory spaces with moving monitor screens for a more personal interaction, digital signature pads, and ID card readers within the advisory station design.

Aesthetically, as with the other ‘new-look’ branches, the Muscat City Centre branch takes its design inspiration from the ‘Omani Skyline’, wherein the white symbolises Omani architecture, browns denote the sand deserts, grey referencing the mountains, and the blue glass overhangs representing the sky.

The new branch also provides ‘Elite’ services to grant premium customers with an elegant and private experience that remains memorable. The branch transformation combines elements of design, form, and function and aims to elevate the customer experience as a whole resulting in better service.

“We believe our branches must reflect the commitment we have to providing the absolute best in customer experience for our customers. The opening of this new branch will help us meet and exceed the expectations and banking needs of our customers, both retail and corporate, in the area and take us one more step closer to our strategic goal of being the bank of choice for customers across the country. Furthermore, this branch is designed to be a full service branch that operates from 9 A.M to 4 P.M, Sunday through Thursday,” Fahd added.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 65 branches and representative offices across and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.