Oman Arab Bank Launches ‘Step to the Future 3.0’ Digital Initiatives

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  • 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 50th 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.