“Technology, as a facilitator, has made banking convenient for both the customers and the banking industry. Customers can now do their banking from anywhere at any time with real-time support” AbdulRazak Ali Issa, Chief Executive of Bank Muscat, spoke to Vistas on the high-tech banking facilities of BankMuscat.
Excerpts:

Has Technology made an impact on banking?

Yes. Technology, as a facilitator, has made banking convenient for both the customers and the banking industry. Customers can now do their banking from anywhere at any time with real time support.

Does your bank provide internet banking and SMS banking?

Yes. E-banking is changing the customer banking behaviour and its increasingly becoming a " need to have " rather than a " nice to have " service. This proves in the increase number of users and enhanced user friendliness of the electronic channels.

What percentage of your customers would be using these forms of banking?

Around 26 percent, which is expected to increase due to number of new internet connections from both service providers i.e. Omantel and Nawras.

Is there any other high-tech banking feature that you provide?

Yes, E-Branch, 24-hour Personalized Call Center, online Cash Deposit Machines and ATM’s, Point of sale terminals, E-payment cards, Credit and Debit cards,  etc.

How do you address the security concerns of your high-tech banking customers?

BankMuscat assigns high priority to the security of customer information.  BankMuscat has adopted a balanced approach with respect to information security by implementing security controls towards people, processes and technology. From the technology perspective, BankMuscat has adopted a defence in-depth approach and implemented multi-layered security architecture to ensure protection of information assets against Internet as well as internal threats. 

 A strong process is in place for continuous assessment of the e-channels and to implement technical counter measures on a periodic basis (such as strong access control, encryption and system updates) to mitigate the risk of the information systems. Also, as an important security strategy, BankMuscat provides security awareness on a regular basis to internal staff and to customers about the best practices to follow while using the e-channels.

According to you, where does Oman stand in terms of technological advancements in Banking?

There's a continuous improvement in usage of technology in Oman as there's an increasing number of educated people who have greater exposure and are increasingly tech savvy. In addition, the bank is actively involved in the e-government initiatives in order to increase the rate of e-literacy among Oman's residence and businesses, create more prosperous economy and to build e-society which in return will increase the usage of the e-commerce and online services.

Tell us about some future high-tech banking services your bank may provide.

As a leader in banking industry in Oman, we proactively work to meet our customers’ requirements, and respective institutions to enhance the e-commerce initiatives. We spare no effort to ensure that our services are there when our customers need them.