With an all-pervasive culture of innovation within the bank, and best-in-class operations, Sohar International recently earned two coveted titles at the World Economic Magazine Awards based out of the United States of America. The bank was honored for being the “Most Innovative Bank 2021” and also won the title of the “Most Improved Bank in Profitability Management 2021”, reasserting its leadership and strategic roadmap that puts digital transformation and unmatched business acumen at the heart of all its operations. Highlighting and acknowledging the spirit of industry leaders across the global financial marketplace, the awards honor the thought leaders in the industry as they redefine their values to thrive in a dynamic ‘innovation economy’.
“Innovation has been intrinsic to our ongoing success, growth and development. Whether it is through developing new products and services, embracing the latest digital technologies or finding innovative ways to reach out and service our customers better, our agile strategies help us to constantly adapt according to the changing needs of the market,” said Mr. Ahmed Al Musalmi, Chief Executive Officer, Sohar International. “At Sohar International, our innovation strategies are always devised keeping our customers’ best interests in mind while ensuring that we have conducted a thorough market analysis to understand the potential risks and opportunities. This has been instrumental in helping us achieve a steady rise in profitability and also gaining the support of our customers and loyalty of our stakeholders. We not only strive to provide an advanced digital banking environment to our customers, but also play the role of their advisory partners maximizing returns for them. Winning such coveted awards affirms the bank’s commitment to promoting business excellence and innovation in every aspect of what we do.”
Driven by its digital transformation strategy, Sohar International has achieved several breakthroughs in its banking products, customer service, process design and distribution channels. Owing to its digital capabilities, the bank was able to maintain its operational efficiency even during the COVID-19 pandemic as it continued to support its customers during times of crisis. Maintaining its innovative momentum, with a successful remote working strategy across all its departments, the bank was able to record an increase in performance indicators while demonstrating an unfaltering commitment towards servicing its customers. A progressive, transformative culture has put Sohar International in the center of being one of Oman’s most innovative banks.
With regard to its profitability, the bank has been able to record stellar growth by striking the right balance between institutional innovation, process innovation and product innovation. A proactive team that aces business advisory with their experience and skill set, for the Bank’s premium clientele, has ensured that there are improved levels of profitability and costs remain low in the long-run. By growing its network and diversifying its portfolio, Sohar International has enhanced its channels for revenue generation. With a keen focus on technology and digitalization, the bank has kept pace with the changing trends in the digital sphere and used it to make its processes more efficient for its internal operations as well as for its customers. Meanwhile, through careful market analysis and strategic decision-making, Sohar International has also introduced new products and schemes that have received an overwhelming response from the market.
While being a customer-centric bank offering innovative products and services that reserve the necessary flexibility to suit the varying needs of its clientele, the bank also finds creative ways to invest in its employees who play a fundamental role in how operations are carried out.
Sohar International was recently the ‘Best Employer Brand’ Award as well as the Award for ‘Managing Health at Work’ at the World HRD Congress - Oman Best Employer Brand Awards 2021 - a global body based out of India. Awards like these confirm the bank’s unique leadership, pursuit of excellence and determination to create a winning experience.