About the Transformation
Over the years, Sohar International has grown on various balance sheet parameters and has been among the most customer-centric banks in Oman. This has made it the fourth largest bank in Oman within a decade. However, maintaining this value proposition and enabling business growth in the digital age required the bank to reinvent itself as a digital organization.
Sohar International decided to upgrade to the latest version of Finacle Core Banking Solution to build a robust, scalable and flexible platform for its digital transformation. This has enabled it to deliver frictionless experience and innovative products to its digital-native customers.
When Bank Sohar first implemented Finacle during the launch of the bank, it created a record of sorts by completing the implementation in 56 days. This time was no different with the bank and Infosys Finacle team ensuring an equally smooth implementation.
- 10% Increase in new customer acquisition
- 25% Reduction in Time to Market
- 24x7 Functionality, ensuring seamless operations
- 20% Increase in average transactions processed per day
- 15% Increase in transaction peak load capacity
The Insight Edge
In the digital world, having access to actionable insights will be a key differentiator. Bank Sohar realized that implementing an advanced analytics solution will enable it to engage better with customers, generate new streams of revenue and remain profitable.
The bank was marred by manual data extraction and analysis which served as a major bottleneck in offering the right products and services to the customers at the right time.
With the new embedded analytics platform, Bank Sohar eliminated the manual process and has become more customer-centric with the ability to capture deeper consumer analytics.
Business Benefits:
Bank Sohar now has access to key business metrics on the Finacle analytics solution with the ability to:
- Increase in alternate revenues and fees from up-sell, cross-sell opportunities
- Right selling by capitalizing on behavior analytics of the customer data
- Introduction of contemporary products and services as per various customer segments
- 60% Reduction in overall time taken across processes
- 67% Reduction in human resource utilization across effected processes
