Bank Muscat conference highlights future trends in technology
Eng. Mohsin Mohammed Al Sheikh, Chairman of Muscat Municipality, was the guest of honour at the conference
MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to innovation in banking convenience, highlighted the latest developments shaping the future of new technologies at the 4th edition of Technology Evolution conference held at the bank’s head office.
Eng. Mohsin Mohammed Al Sheikh, Chairman of Muscat Municipality, was the guest of honour at the conference attended by dignitaries, and a large turnout of key banking, technology and industry representatives.
The conference held on the theme ‘Technology & Disruption’ came as part of efforts by the bank aimed at sharing insights on the unprecedented advances in technology shaping the future of business operations covering all sectors.
Eng. Mohsin Mohammed Al Sheikh congratulated Bank Muscat for hosting the conference to highlight new trends in technology. “The varied themes discussed at the conference are relevant to building successful enterprises contributing to the progress and development of the country,” he added.
The conference highlighted the latest developments shaping the ‘Future of New Technologies’, ‘Oman’s readiness to the 4th Industrial Revolution’, ‘Disruptive Technology Impact on the Global Financial Service Market’ and ‘Delivery Innovation in Banking through Technologies’.
Sheikh Waleed Al Hashar, Deputy Chief Executive Officer, said: “Bank Muscat is proud to host the technology conference to facilitate engaging interaction with global technology experts. Technology continues to change the way Bank Muscat is delivering world class services to customers. Bank Muscat is a leader in using technology to make financial services more efficient. Focused on the future where we want to be, Bank Muscat continues to redefine the banking culture in Oman with innovative initiatives driven by technology to retain its leading position.”
Experts who addressed the conference included Richard Watson, author, lecturer and futurist; Dr Ali Al Shidhani, Director of Research Centre and ICT Research; V. Ram Kumar, Senior Partner at Cedar Management Consulting; and Jakub Polec, Digital Innovation Director - Oracle Middle East Africa and Turkey. Firas Al Balushi representing young Omani innovators turning their dreams into reality also addressed the conference.
In his presentation, Richard Watson noted that Oman is placed favourably to emerge as a hub of innovation in view of its young population compared to ageing population in developed countries. “There is no set future as far as technology development is concerned. We make the future wherein technology enhances the human experience,” he added.
Ahmed Omar Al Ojaili, Senior AGM – Information Technology, said: “Financial technology (Fintech) is changing the future of banking and Bank Muscat has seamlessly progressed from traditional to innovative digital banking to enhance customer experience, reengineer business/ operations and achieve growth. The digital banking channels reiterate the focus and commitment of Bank Muscat in adding value and engaging customers through their preferred electronic banking channels.”
Bank Muscat offers innovative banking services and products that meet the requirements of customers. The technology-driven products and services are notable, especially electronic payment and web-based services, in tune with Oman moving towards a cashless society. The bank’s online and mobile banking platforms have been upgraded significantly, resulting in an increase of active users.
Bank Muscat is focused on helping corporates to make a smooth transition towards efficient techfocused processes and ride the waves of technology to their advantage. The bank’s processes and technology are designed to drive future corporate banking requirements, and thereby contribute to the progress and development of the nation.
The bank complements the efforts of the government in realising the objectives of e-governance. The driving force of the bank to sustain banking service excellence is its vision and strategic pillars, of which innovation constitutes an integral part. In this respect, Bank Muscat takes pride in winning His Majesty’s Award for Excellence in eGovernance in recognition of the bank’s mobile banking service. Bank Muscat is the first private sector organisation to win this coveted award twice.