Bank Sohar Drives Digitization with Finacle Core Banking Solutions

06-05-2018 Back to Newsroom

Delivering on an extensive digitization agenda, Bank Sohar has implemented 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 enhance 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 touch points and digital channels.

Mr. Ahmed Al Musalmi, CEO of Bank Sohar, said, “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’ experience with new products, opportunities, greater simplicity and rewards.”

The bank’s new services provide a comprehensive view of customer behavior 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, securitization, 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 Operational efficiency has also observed benefits with the removal of outdated administration tasks, in addition to streamlining digital processes with credit cards, loans, and customer onboarding.

Mujahid Said Daud Al Zadjaly, DGM IT & Alternate Channels, Bank Sohar, said, “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.”

Bank Sohar has boosted customer experience 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 experience 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.

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 digitization 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 furthermore.”

Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned subsidiary of Infosys. Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence.

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