Muscat, 08, December 2020: Oman Arab Bank has recently won the award of Excellence in Digital Banking at Alam Al-Iktisaad Magazine Awards ceremony 2020, held at Sheraton Hotel Oman in late November.

Commenting on receiving the accolade, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB, said, “Oman Arab Bank has always strived to ensure that technological development and innovation are the key pillars of its transformational strategy, making it renowned as one of the most advanced local financial institutions today. The Bank began its technological journey several years ago, which in turn, led to the launch of its pioneering initiative, “Step to the Future” in 2018. This initiative brought together several creative minds, to collaborate and develop new innovative solutions that were aimed at enhancing the overall experience of the Bank’s customers”.

Oman Arab Bank is considered as one of the most digitally advanced local banks, with its ATMs and POS allowing for NFC payments with debit cards, its mobile app that special features such as instant utility bills payment, as well as a platform for digital donation and vehicle insurance. This is further complemented by the ‘OAB Rewards’ app and the OAB Rewards programme, which allows the Bank’s customers to track their balance and pay for their purchases with points collected at select retail stores.

“A few weeks ago, we launched the ‘Step to the Future 3.0’ initiative, which created a quantum leap in the world of banking services by providing digital onboarding, a loan top-up facility within a few seconds, accessible through the OAB Mobile App, and an exclusive Growth Account, which boasts attractive interest rates for customers who sign-up with the Bank digitally, in addition to the new customer nomination program that provides attractive prizes to customers. Winning the Award of Excellence in Digital Banking this year is a testimony to the fact that we have been successful in enhancing our digital banking experience to benefit our customers. I thank all members of the OAB team for their tireless efforts, as well as our valued customers for placing their trust in us all these years. On behalf of OAB, I also extend my gratitude to Alam Al-Iktisaad for bestowing us with this honourable award,” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices with over 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking and corporate banking.

• Free interactive workshops on important developments and modern technological solutions
• A variety of topics aimed at developing the skills of budding entrepreneurs and the Omani youth to prepare them for the future

Muscat, November 22, 2020: Oman Arab Bank has announced the launch of its second series of educational workshops. The Learning Hub platform specialises in accelerating the skills and knowledge of entrepreneurs and the youth, to ensure their readiness to meet the demands of the future. The workshops commenced on Sunday, November 22, and will run until February 2021. They comprise of several topics of interest, presented by local and international experts. Speakers will be announced every month on OAB’s social media platforms.

Commenting on the upcoming workshops, Adil Al Rahbi, Head of Human Resources Division at OAB, said, “Fresh graduates and budding entrepreneurs require a wider set of skills, in addition to what was taught during their academic studies, for them to be able to achieve success. As a leading local financial institution, and in line with our social responsibility strategy, we have taken it upon ourselves to provide these specialised educational workshops, free-of-cost, to aspiring youths and entrepreneurs within the Sultanate. The upcoming workshops will shed light on several interesting topics, innovation, modern technological trends and programmes, paving their way in a world that is becoming increasingly competitive day-by-day.”

The new workshops follow the incredible success of the first comprehensive set of Learning Hub workshops, launched earlier this year alongside the digital learning hub. The platform saw over 700 participants taking part in over 20 specialised workshops that were organised over the course of two months.

Leen Al Atassi, Head of Innovation at OAB, stated, “The second series of workshops will introduce new concepts and programmes that are used to develop innovative solutions and platforms. The workshops will discuss topics such as how to apply the principles of design thinking to build a business strategy and develop innovative proof of concepts, an introduction to deep learning, how to build an Artificial Intelligence/Computer Vision MVP and take it to the market, among others. Each workshop will be presented by experts and consultants in their respective fields, and is aimed at enhancing participants’ knowledge.”

“We are delighted to be collaborating with key strategic partners to deliver these workshops. These include GBM, Phazero, ProgressSoft, and NNTC, which are specialised in digital solutions, alongside The Shifting Point and Pentapyramid. I am confident that all participants will be able to benefit from the experience and interaction with experts,” Leen added.

Oman Arab Bank is one of the local financial institutions that support innovation in the banking sector. The Bank also saw the launch of its unique Innovation Lab in the first quarter of this year, which is the first-of-its-kind facility in the Sultanate. This initiative is in line with the vision of His Majesty Sultan Haitham bin Tarik – may the Almighty preserve him – and the strategic objectives of Oman Vision 2040, to promote innovation, establish an innovative culture and support the development of young talents in this field. The Innovation Lab will provide a range of services that include specialised workshops and direct guidance from experts. This will be catered towards students and Fintechs based locally, regionally and globally, as well as to the Bank’s staff, to develop and enhance their skillsets and knowledge, enabling them to turn their innovative ideas into value-added solutions.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 54 branches and representative offices and 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Muscat, 09 November, 2020: Oman Arab Bank recently announced the signing of an agreement with the Landmark Group in Oman, which allows its customers to convert their OAB Rewards points into Shukrans. Customers who pay using their credit cards will be able to redeem these points for Shukrans and shop from a wide range popular, homegrown Landmark Group brands, including Centrepoint, Home Centre, Max, Shoexpress, Emax and more.

Commenting on this new signing, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB said, “At OAB, we always strive to provide more value-added services to customers by establishing key partnerships with renowned brands. In line with this commitment, we entered into an agreement with the Landmark Group, which represents several diverse range of brands in the Sultanate. Our customers can now convert their points received from our OAB Rewards programme into Shukrans, allowing them to receive incredible discounts and shop more.”

To convert OAB Rewards points, customers can simply visit http://www.oabrewards.com/ or log onto the OAB Rewards App and submit a Shukran conversion request. A notification will be sent to confirm the process completion, after which they can redeem Shukrans against purchases at Landmark Retail brand stores.

“We chose ‘Shukran’ as it is one of the most popular retail loyalty programmes in the Sultanate and it benefits our customers by allowing them to use their well-earned points at a majority of retail stores across the country. We are confident that our credit card customers will appreciate this new feature, which offers them more retail store options to spend their points on.,” Rashad added.

Saikat Mishra, Country Head, Landmark Group, Oman, said, “We are extremely pleased to partner with Oman Arab Bank, and expanding our offerings to more people in this region. With a variety of value driven brands under our Group’s portfolio, we are certain that this partnership will further strengthen our commitment of offering endless possibilities. With Shukran, our aim is always to deliver personalized experiences by providing people the option to choose from a diverse category of brands and establish a lasting connect with them.”

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices with over 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking and corporate banking.

 

Muscat, November 01, 2020: Oman Arab Bank (OAB) has announced the names of the 132 winners of its monthly Hasaad Savings Scheme for September 2020. This included 94 winners of the monthly branch draws of OMR 1,000 each, ten winners of the Children’s Account draw (OMR 100 each), twenty winners of the Youth Account draw (OMR 100 each), five winners of OMR 500 of the Bank’s Salary Transfer draw, two winners of OMR 10,000 of the Elite draw from the Rustaq and Buraimi branches and one winner of OMR 25,000 from Big Prize draw for the third quarter from Barka branch.

Commenting on the results of the September draw, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB, said, “We are delighted to see even more lucky people who have joined the long list of Oman Arab Bank winners in the Hassad Savings Scheme, since the beginning of the year. We look forward to the start of the fourth and final quarter of the draw, which will see our valued customers receive 50 prizes of OMR 500 each in the National Day draw, in addition to the remaining monthly draws.”

The Hasaad scheme sees 94 lucky winners, with a minimum of one winner per month per branch, receiving a prize of OMR 500 and OMR 1,000 at the quarterly draws. In addition, ten winners are selected from the Children’s Account holders (aged 18 and below) and receive OMR 100 each. Twenty winners are selected from the Youth Account holders (aged between 18 and 27), each receiving a prize of OMR 100. There are also two Elite winners of OMR 10,000 each per month.

The monthly Elite draw is replaced by a Grand Prize draw of OMR 50,000 for one lucky Elite customer, and occurs twice a year, in June and December. Oman Arab Bank also conducts a special ‘Big Prize’ draw of OMR 25,000 for one winner across its expansive branch network at the end of every quarter.

The Salary Transfer draw was introduced in 2020, which sees 5 winners per month receiving a prize of OMR 500 each, as well as a guaranteed gift to both children and youth (up to 27 years old) once a year. Oman Arab Bank is the only Bank providing a guaranteed gift to its youth customers.

“On behalf of OAB, I would like to extend my warmest congratulation to all of the winners of our latest draw. I encourage everyone else to continue saving so that they can maximise their chances of winning in the upcoming months. I wish everyone the best of luck for the remaining draws of 2020,” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

• A wide range of new digital solutions, including digital onboarding facility
• An artificial intelligence system to approve instant loan top-up requests
• An exclusive savings account programme with attractive interest rate ROIOman Arab Bank Launches ‘Step to the Future 3.0’ Digital Initiatives

Muscat, October 20, 2020: As part of its ongoing efforts to enhance its digital services and improve its overall customer experience, Oman Arab Bank (OAB) announced the launch of a wide range of advanced digital solutions set to provide superior customer experience within the banking industry in Oman. Introduced at a conference yesterday, these new services emphasize the Bank’s commitment to technological progress. Entitled ‘Step to the Future 3.0’, this marks the next stage of OAB’s digital evolution, with various AI-driven e-payment solutions and facilities set to make banking for its customers even easier.

Any Omani citizen or resident can now take advantage of a one-of-a-kind simplified and secure online onboarding system via the OAB Online App, which allows the opening of an account in under 5 minutes, without the need to physically visit the branch or sign any printed documents. Additionally, OAB customers with personal loans can instantly top-up their existing loans through the app, receive approval and have the additional amount transferred to their bank account almost immediately. Lastly, customers who open new accounts through the app can benefit from a new Super Growth savings account, which offers a special interest rate of 3% per annum.

Commenting on the launch of ‘Step to the Future 3.0’, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB, said, “OAB has continuously endeavoured to strengthen its presence in the digital arena and implement innovative solutions and modern facilities to position itself as a pioneer in the local banking sector. Given the rapid changes brought about by technological advancement, we are aware that businesses across the globe are transitioning into the digital space. Therefore we aim to continuously invest in our digital platforms by introducing first-to-market solutions that provide exceptional customer experience and reinforcing our position as an innovative agile financial institution. We are keen on enhancing our customers’ experience by offering a comprehensive and convenient way to bank, something that has grown in importance especially now, when it is advised to socially distance at every opportunity. By visiting the OAB Online App, customers can take advantage of our products and services, complemented by advanced levels of security and confidentiality features.”

“Furthermore, we have introduced a new functionality for the OAB Online App. As part of our recently launched 50^th National Day campaign, existing customers can now submit their referrals in a few simple steps. The campaign is our way of thanking our valued customers by offering them cash prizes in exchange for nominating their friends or family to open a new OAB account,” Rashad added.

Digital onboarding:

Customers looking to join OAB today are not required to visit the nearest branch and go through the application process. By downloading the OAB Online App, they can initiate the digital account opening process and upload and submit copies of their ID card (for citizens), residence card and passport (for expatriates), plus fill in their personal data and submit a picture in the form of a selfie. Upon completion, they will receive an SMS with an OTP code to acknowledge their agreement with the Bank’s terms and conditions. In under 5 minutes, the digital onboarding process will be completed and all account details shared with the customer so that they can begin their journey with OAB.

Super Growth scheme:

Customers who open a digital account with OAB can benefit from the Super Growth account, a limited-time savings deposit scheme with a special interest rate of 3% per annum, which will be paid to their account every month. Additionally, customers depositing a minimum amount of OMR 5,000, will receive a guaranteed cash prize of OMR 50 by simply maintaining it for at least a month.

Instant loan top-up:

OAB customers who have personal loans can now submit a request to instantly top-up their loan amounts through the OAB Online App. If they are eligible, the request will be processed in under 5 minutes, with the additional loan amount being transferred to their account almost immediately. This sets a new bar for the level of service within the local banking sector by implementing the use of advanced technology and analytical models to accelerate a process, which normally takes longer by visiting a branch.

“The recent restrictions on mobility to ensure everyone’s health and safety has resulted in the need for a reliable digital infrastructure. Regardless of these developments, we at OAB believe that to keep pace with rapid technological changes, we must adapt accordingly. This is why we took the decision to invest in modern technology, several years ago, which has led to the launch of our ‘Step to the Future’ initiative.  A part of our long-term strategy includes the digital transformation of our products and services, alongside the introduction of innovative new offerings that enhance the overall customer experience. We believe that these developments also tie-in to one of our key transformation strategy pillars and future direction of the Bank, which is to turn our customers into lifelong customers. We are confident we are on the right path towards creating a more prosperous future for the banking sector in Oman, as well as enriching our customers’ experiences with state-of-the-art digital offerings.” Rashad concluded.

OAB has a rich and proud history as one of the first financial institutions established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices over 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking and corporate banking clients. On July 2020, after the completion of the merger between Oman Arab Bank and Alizz Islamic Bank, the bank has turned into a public joint stock company and its shares were listed on Muscat Securities Market.