Oman Arab Bank selects Finastra for retail banking to future-proof its business

Published 

London, UK, and Toronto, Canada – 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.

Most recent episodes

Trade Finance Vision: J.P. Morgan and Cleareye Collaboration Plots Future Path

Eleanor Hill (TMI) is joined by Natasha Condon (J.P. Morgan Payments) to discuss the latest trends and innovations emerging from the trade finance arena. Natasha considers how treasurers can improve the efficiency of their working capital, and examines why it remains critical for banks and fintechs to...

29:01

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...

11:41

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...

12:58

Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...

39:27

Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...

37:16

HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...

38:40

ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...

05:42

Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...

20:27