Bank Sohar Implements Latest Finacle Core Banking and Analytics Solutions

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), announced the successful implementation of the Finacle Core Banking and Analytics solutions, at Bank Sohar one of the fastest growing banks in Oman. The bank currently uses the Finacle Online Banking, Alerts and Treasury solutions; and the enhanced Finacle suite will enable Bank Sohar to accelerate its digital transformation journey, while providing a world-class banking experience to its retail and corporate customers across channels.

Implementation Highlights

• Tailored dashboards and reports provided by the solution will offer a comprehensive 360 degree view of customer behavior and preferences, thereby facilitating relationship managers to engage customers with personalized services
• The integrated advanced analytics solution will help the bank gain deeper understanding of customer needs and enhance targeted cross-selling
• With an open API (application programming interface) framework, the latest Finacle core banking solution will allow the bank to effectively implement open banking and easily collaborate with its external ecosystem, including partners and FinTechs
• The solution will also enable the bank to swiftly create and launch new products across business lines such as Syndicated Loans, Leasing, Securitization and Liquidity Management
• The bank has been able to automate several processes, including Credit Card Origination, Retail and Commercial Loan Origination, as well as ensure paper free customer onboarding, thereby significantly improving operational efficiency and productivity

Ahmed Al Musalmi, Chief Executive Officer, Bank Sohar, said, “Along the lines of our vision to be the most preferred bank in Oman, Bank Sohar has successfully met its twin objective through this transformation. Primarily, to prime our banking systems for the digital banking era and secondly, to have systems that are able to deliver nothing less than the best banking experience to our customers. With this new platform, we look forward to realizing sustainable growth in every sector of our business, and be able to offer our customers what they need even before they ask. We want Bank Sohar to be known as the 'one-stop-financial-super-mall' catering to the diverse needs of our individual and corporate customer segments, across Oman.”

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 of understanding our customers’ needs better and make banking simpler and enjoyable for them.”

Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, “A truly digital transformation of banking operations is no longer a choice for progressive banks, but an inevitable need today. To achieve this, banks need to take a holistic approach to digitization covering front-to-back office processes. The technology rejuvenation along with new solutions at Bank Sohar will provide the bank a robust foundation to drive growth and the agility to innovate continuously.”