National Bank of Oman Offers First of Its Kind Banking Solution at the Touch of a Button

National Bank of Oman (NBO) is driving innovation in the banking sector, pioneering branchless services in the Sultanate. To date, the bank has activated a number of innovative digital products and services which are making customers’ lives easier and more convenient. Recently it became the first bank to offer the ability to order its popular Badeel prepaid cards directly through its award-winning app, meaning customers and non-customers alike can apply from anywhere, simply by logging in through their mobile phones. Badeel cards offer an effortless way for customers and non-customers to manage their finances and can be used for day-to-day purchases, online transactions and bill payments.

A bank of firsts since inception, NBO has led the way in transforming the digital landscape of the country, bringing the latest in technology and spearheading tools like biometrics to log into the app, NRI (instant remittance), and marketplace. Additionally, new security features are continually being rolled out including tokenization, and the mPin, offering a secure and easy-to-use digital environment. 

NBO’s focus on digitalization in particular has been instrumental in helping the bank create new income streams and gain market share, in 2018 it reported a 90% increase in the number of customers using its digital banking services. The bank’s forward-looking strategy uses a three-pronged approach, which includes the development of compelling solutions that are innovative and technology driven with an emphasis on developing relationships with the private and public sector, delivering superior customer service and empowering and fostering a market leading workforce.

Faizal Mohamed Eledath, General Manager – Chief Transformation Officer at NBO, said, “Innovation is deeply rooted into the culture and operational capabilities of the bank. This has helped us create a resilient and scalable eco-system in support of our ambition to deliver individually tailored products and services for our large and varied customer base. We make it simple and easy for customers to engage with us digitally, which is one of the main reasons that we already have twice as many digital retail banking transactions per month as we do in our branches.”

With customers increasingly opting for the convenience and security of digital banking over face-to-face interactions, NBO’s commitment to remaining at the cutting edge of the technology landscape is well placed. As more ways of banking are being opened up on the app, the bank continues to look into branchless banking, which will allow customers to open accounts or get loans without going to the branch in the future.

Leading the way towards contactless banking, Badeel cards utilize new technology that allows customers to ‘tap and go’ at over 5,000 terminals across the Sultanate wherever the symbol is available. Using the Badeel prepaid cards is as simple as loading cash onto it and spending, and all are secured with 3D and Chip and Pin technologies.

Meanwhile, NBO’s award-winning mobile app has undergone improvements with more upgrades, new features and additional ways for customers to bank electronically. Similarly, upgrades to its online banking platform ensure it is easier than ever before for both corporate and retail customers to keep on top of their finances.

NBO has also revealed some of its upcoming projects, such as the deployment of biometrics to conduct banking transactions, and the further enhancement of QR codes and NFC payments. The products are in line with the bank’s ongoing drive to bring innovative products and to provide a superior customer experience through technological excellence.