The Sultanate of Oman is making all efforts to diversify the economy by focusing on attracting regional and international investments apart from encouraging private sector to tap emerging business opportunities in key sectors including tourism, logistics, renewables, mining, information technology and manufacturing. With burgeoning economic activity and resurgence in oil prices, Oman’s BFSI sector especially banking has been able to been able to put up a strong performance and has shown a reasonable growth on a number of key parameters on a consistent basis.
The steady increase in customer deposits (over US$48 billion by end of September 2017) and credit-offtake (over US$52 billion by end of September 2017) is a reflection of vibrancy in the banking sector. Islamic banking has been growing at a scorching pace.
A lot of emphasis is laid on digital transformation of Oman’s banking sector, which is reflected in a robust network of inter-connected branches, payment gateways, cards, merchant services, alternate channels of ATMs, CDMs, online and mobile banking as well as connectivity with utility service providers. The country is focusing extensively on enhancing the banking model to be more customer centric and technology oriented, giving a fillip to digital banking in Oman. Most of the banks in the country are investing in new technologies and services to enhance user experience to attract new customers and retain existing customer base.
UMS Conferences continues to provide an interactive platform to discover the rapid transformation of the banking sector of Oman with its Third New Age Banking Summit in 2018. At its core, the Summit aims to explore new technologies and methodologies that can further accelerate the banking sector to new heights, with interactive panel discussions, focused sessions by industry experts sharing their insights and experience, and networking sessions with banking professionals. The Summit will unravel how disruptive technologies and current trends in the banking sector are reshaping the banking sector of the Sultanate.