Oman Housing Bank (OHB), a primary financier of housing in Oman, has partnered with banking software company Temenos for upgrading its core banking systems to a cloud-based platform.
This collaboration aims to expedite the development of new financial products and expand housing finance accessibility to a broader segment of the Omani population.
OHB, recognised for its role in Oman’s economic growth, facilitates government-subsidised housing loans, primarily targeting individuals with low to moderate incomes.
In the initial half of 2023, the bank successfully processed over 2,000 housing loans, amounting to more than 86 million Omani Rials (approximately US$ 223 million).
The bank’s decision to transition from its traditional legacy systems to the advanced Temenos core banking platform is part of its broader digital transformation initiative.
This shift not only seeks to diversify OHB’s financial product offerings, including deposit and card services, but also to enhance operational efficiency and customer service.
The modernised, agile platform aims to improve product development speed, streamline processes, and introduce innovative services through a cloud-native, microservices-enabled architecture.
This technology overhaul will be executed by Systems Ltd, a Temenos-certified partner, utilising the Oman Country Model Bank strategy.
This approach is expected to provide a tailored, efficient, and cost-effective implementation process, benefitting from the localised banking capabilities pre-configured for the Omani market.
Moosa Al Jadidi, CEO, Oman Housing Bank said,
“Modernising our core banking capabilities with Temenos is a key part of our digital transformation project, which will enable us to strengthen our position as the largest contributor to providing adequate housing to Omani citizens.
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.
Leveraging Temenos’ pre-configured, localised capabilities, OHB will benefit from for a more cost-effective implementation and faster time to value as it seeks to bring affordable housing finance to more Omanis.”
Featured image credit: Edited from freepik
