BankDhofar and its technology partner Newgen won the award for ‘Best Branch Automation Project in the Middle East for the year 2015’ at The Asian Banker’s 2nd Annual Middle East and Africa Awards.
Faisal Hamad Al Wahaibi, Chief Retail Banking Officer, received the award on behalf of BankDhofar at the glittering awarding ceremony that was held recently at the Ritz Carlton, DIFC, Dubai.
BankDhofar implements a retail workflow automation system using the Newgen OmniFlowTM product suite. The project includes automation of processes, including loan approval, credit disbursal and account opening. The OmniDocs and OmniScan systems are also used by the bank to manage and digitise documents, including automating, digitisation and consolidation of data, all onto a unified interface.
Faisal Hamad Al Wahaibi, Chief Retail Banking Officer at BankDhofar, said: “The project automated previously manual processes, reducing processing time of personal loans to 3 days and housing loans to 5 days with the system automatically checking the customer’s eligibility based on parameters entered into the system. The project also undertakes risk mitigation and compliance issues, enhancing visibility and control of the process.”
“The service has reduced the customer onboarding cycle by 80%, costs by 50% and increased efficiency by 90%. Response times have been also reduced resulting in significantly improved customer experience. The project also lowered operational expenses for the future, increasing revenues with greater productivity.”
The awards programme, administered by The Asian Banker and refereed by prominent global bankers, consultants and academics, is the most prestigious of its kind. The programme is designed to identify emerging best practices as well as to identify implementation goals and challenges from which other banks can learn.
“This award is yet another acknowledgement by the international banking community of our efforts to provide the best customer experience. The automation of our internal processes and the instant services we provide make BankDhofar the bank of choice for customers across the Sultanate, and we aspire to be the best in the Gulf and be synonymous with ‘best customer experience.’”
Aspiring to be the best bank in the Gulf, BankDhofar is considered one of the best banks in the region, catering for customers’ needs and requirements, and setting the standards for the best customers experience within the banking industry in the Sultanate through creative solutions and innovation.
The combination of the thorough vision of BankDhofar’s executive management, the comprehensive operational strategy that revolves around following best international banking practices and providing best customer experience, as well as commitment to community development and contribution to the growth of the national economy, placed BankDhofar on top of the list of best banks in the region.