Oman Housing Bank (OHB), a housing finance provider in Oman, has chosen Temenos to update its core banking platform in the cloud in order to expedite the development of fresh offerings and increase Omanis’ access to housing finance.
OHB is crucial to Oman’s economic growth since it makes it possible for the government to provide subsidised housing loans and expands the financial options available to people with low to moderate incomes.
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Over 2,000 house loans totalling over OMR86m ($223m) were approved by the bank in the first half of 2023.
As a crucial component of its digital transformation effort, the bank will swap out its current platform for Temenos core banking software that runs on the cloud.
The goal of this initiative is to increase the range of goods the bank can provide to both new and current customers, including card services and deposits.
Temenos is an adaptable, cloud-native platform that will help OHB run more smoothly, optimise workflows, and create new products rapidly.
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By GlobalDataMoreover, the solution powered by microservices would facilitate swifter responses and simple processing, making the loan initiation process easier for clients with better digitisation while enabling the bank to further expand its capacity.
Temenos’ certified partner Systems Ltd will install the solution using the Oman Country Model Bank, allowing OHB to benefit from pre-configured banking capabilities specific to its market, resulting in a swifter and less costly operation.
The bank will also benefit from Temenos’ ongoing investment in its single code base and experience working with numerous banks worldwide.
Overall, the cloud-based deployment highlights Temenos’ leadership in core banking modernisation and aids the bank in achieving its objective of providing clients with superior services.
Moosa Al Jadidi, CEO, Oman Housing Bank, commented: “With Temenos, we’ll be able to further develop our product offering and speed up our procedures, helping us contribute even more to the economic progress and development of the country.”
Lee Allcorn, managing director, Middle East & Africa, Temenos, said: “We are delighted to be chosen by Oman Housing Bank for its digital transformation, which further highlights the expertise and experience of Temenos in the Middle East.”
Ammara Masood, Global GM BFS, Systems Limited, added: “By leveraging accelerators like Country Model Bank coupled with our expert capabilities around Temenos and cloud-native architectures, we’re equipped to deliver a successful program to the bank. At Systems Limited, our ultimate goal is always centered on driving value for our customers and empowering them with modern capabilities to thrive in today’s dynamic banking landscape.”
