Gulf Countriesmoney and business

National Bank of Oman wins Bank of the Year Award for 2023 by The Banker

Muscat, 18 Jan 2024: Reaffirming its pioneering position in the banking sector, the National Bank of Oman (NBO) has won the prestigious ‘Bank of the Year Award’ for 2023 from ‘The Banker’, a globally recognised accolade. This award is presented exclusively to the best banks in 120 countries that meet the award’s stringent criteria. NBO won this award in recognition of its strategic initiatives, continued growth, and technological advancement in the sector.

Mustahil Ahmed Al Mamari, Assistant General Manager and Head of Strategy and Transformation at NBO, expressed his pleasure on the Bank achieving this milestone, saying, “We are pleased to have won this prestigious award. This achievement reflects the continuous growth achieved by the Bank over the past few years. It confirms our commitment to enriching the banking sector in Oman with the latest digital solutions and distinctive products, implementing strategic initiatives that enhance growth and workplace culture, facilitating processes, procedures, and other aspects of our operations that directly affect the Bank’s performance and enrich our customers’ experiences. We will continue to focus on our strategic priorities to achieve our goal and open new horizons for our customers and the banking sector in Oman.”

The Bank won this award for its excellence in implementing ‘Tamkeen’,  a strategic initiative that adopts a comprehensive transformation approach to enhance workplace culture and develop employees. It includes digital transformation and simplifying processes and procedures within the Bank by enhancing synergies between the business and operations functions of the Bank. The initiative also aims to improve adaptation to digital developments in the sector, specifying opportunities to digitalise products and services, develop the branch network distribution mechanisms to achieve optimal efficiency and modify the digital strategy to be consistent with the digital aspirations of NBO.

As for simplifying processes and procedures, the Bank implemented the ‘Lean Management’ programme for more than 250 employees from various departments, providing them with the necessary capabilities to simplify multiple internal processes. An annual calendar was also prepared to raise the level of effective participation and communication between the senior management team and employees at various levels to enhance workplace culture and employee engagement. Additionally, workshops and lectures covering various topics were organised and presented by experts within the sector, together with a programme to reward employees.

As for employee development, the ‘Tamayuz’ programme was launched to enhance the skills and capabilities of the Bank’s young talents. Also, the performance indicators framework was modified to be consistent with the Bank’s strategy and other initiatives. These initiatives and procedures have improved customer experience, created streamlined processes, increased efficiency and productivity, and enhanced employee morale and workplace culture.

NBO offers its services digitally through various channels, including NBO app, enabling customers to conduct transactions through their phones. The Bank recently launched nine digital corners in multiple wilayats of the Sultanate, including the main office branches in Azaiba, Ruwi CBD, Qurayyat, Ibra, Bahla, Sohar, Bawshar, New Salalah and Oman Automotive Association to meet customer needs. These corners include a multi-function service kiosk, an an ATM and a CDM. These devices can be used 24 hours a day, seven days a week.

As for corporate banking services, the Bank offers Corporate Internet Banking (CIB) and Trade Portal that enables customers to conduct various commercial transactions. These include letters of credit, guarantees, loans against trust receipts, discounting commercial papers associated with letters of credit, and collecting documents through direct processing. The platform also provides customers with instant updates about their transactions, including the transaction status, related documents and messages, and account statements. The Bank also offers the Merchant App, which allows merchants to receive payments conveniently and efficiently by having customers scan the QR code from the merchant’s phone, through the customers’ e-wallet, or by requesting payment directly on the mobile phone number.

Comprehensive details regarding NBO’s wide range of accounts, products, and exclusive offers are readily accessible at www.nbo.om, available through direct communication with the NBO Call Centre or via the user-friendly NBO app.

 

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