Oman Housing Bank selects Temenos for core banking modernization in the cloud
The bank will modernize its retail banking capabilities with Temenos to develop new products faster and widen access to housing finance for Omanis
GENEVA, Switzerland – APRIL 03, 2024 – Temenos (SIX: TEMN) today announced that Oman Housing Bank (OHB), a leading provider of housing finance in Oman, has selected Temenos to modernize its core banking platform in the cloud to develop new products faster and widen access to housing finance for Omanis.
OHB plays an important role in the economic development of Oman by enabling the provision of government subsidized housing loans and helping to widen access to finance for those on low to moderate incomes. In the first half of 2023, the bank approved over 2,000 housing loans with a total value of over 86m Omani Rials (USD 223m).
The bank will replace its existing legacy platform with Temenos core banking platform running on the cloud as a key part of its digital transformation project, which aims to broaden the range of products the bank can offer, including deposits and card services, to new and existing customers.
With Temenos, OHB will be able to operate more efficiently, streamline processes and develop innovative new products faster on an agile, cloud-native platform. The microservices-enabled solution will support straight-through processing and faster response times, helping to simplify the loan origination journey for customers with improved digitization, while allowing the bank to further enhance its capabilities.
The solution will be implemented by Temenos certified partner Systems Ltd using the Oman Country Model Bank, which will allow OHB to leverage pre-configured banking capabilities tailored to the local market for a faster, more cost-effective implementation. The bank will also benefit from Temenos’ continued investment in its single code base and experience of working with thousands of banks worldwide.
The cloud-based deployment represents an innovative, cutting-edge approach in the Omani market, underscoring Temenos’ position as a leader in core banking modernization and helping the bank with its aim to deliver exceptional services to clients.
Moosa Al Jadidi, CEO, Oman Housing Bank, commented:
“Modernizing 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, localized 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.”
Ammara Masood, Global GM BFS, Systems Limited, added:
“We are honored to have been selected by Oman Housing Bank for their core modernization and digital loan origination. Systems has been investing in the Oman market with Temenos. 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.”
Temenos is the global market leader in banking software, ranked #1 for core banking in the IBS Intelligence Sales League Table for 18 consecutive years.
Media Contacts
| Scott Rowe & Michael Anderson Temenos Global Public Relations Tel: +44 20 7423 3857 Email: [email protected] | Alice Stephens Temenos Team at Brands2Life Tel: +44 7753 175012 Email: [email protected] |
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