BankMuscat to use Laser Soft solutions 

BankMuscat has announced that it is implementing the leading-edge Oracle-based banking solutions, including branch automation, retail loans, corporate loans and kiosk banking software solutions from Laser Soft Infosystems Ltd, India.

The ProBanker branch automation solution from Laser Soft will allow BankMuscat to quickly and cost-effectively offer vastly improved services to its growing number of customers in 90 branches in the Sultanate, said a press release received here. "After evaluating several solutions, we chose Laser Soft's ProBanker and Loanflo products for its superior feartures and functionality. We see our association with Laser Soft more in terms of a long-term technology partnership. We believe that when the Laser Soft solutions are implemented and rolled out to all branches, our customers will not only get better services but also host new services like kiosk banking," said Abdulrazak Ali Issa, chief executive of BankMuscat.

"We are very excited to be working with BankMuscat to implement its new branch automation system. It is a great honour to be given this contract by the country's largest bank. Laser soft believes that BankMuscat's technology vision will result in making it one of the most successful IT-enabled banking institutions in the region, said Suresh Kamath, chairman of Laser Soft.

Founded in 1986 by Suresh Kamath, a distinguished alumnus of Technology, Chennai, Laser Soft has established a dominant position in the Indian banking sector. Among its 19 customers in India are: Corporation Bank with 600 branches, Andhra Bank with 500 branches, ICICI Bank with 300 branches and multinational banks like the American Express Bank, ABN Amro Bank, and HSBC Bank. "As customer demands for better and new services continue to grow, banks have to be on the move with technology, since most services are technology-enabled. Our ability to retain our customers and attract profitable new customers will be aided by our adoption of the best IT solutions. The fact that Laser Soft has earned with Oracle, the world's second largest software company, means that BankMuscat will continue to have access to the very best technology-enabled financial services solution," said Saad Al Jenaibi, deputy general manager, retail banking. The new branch automation, loan modules coupled with human resources financial accounting and other solutions from Oracle will allow BankMuscat to establish higher standards of service for all of its customers.

"We believe that the technology vision of BankMuscat is both unique and ground-breaking. It is not often that we see banks with such a clear roadmap for achieving innovation in their services using IT. Increased competition and deregulation in the banking industry demands that banks must at any given time be at the cutting edge of technology adoption. BankMuscat has both the vision and the capability to be a truly IT-enable bank offering the most comprehensive number of products and services," said Husam Dajani, vice-president of Oracle systems Ltd.
Coinciding with the signing of the BankMuscat deal, Laser Soft has also announced a strategic partnership with Marco Software System LLC of Muscat. Laser Soft and MacroSoft will jointly market, sell and service Laser Soft will jointly market, sell and service Laser Soft's entire range of products globally to financial service institutions. The two companies have already begum work on Arabising the Laser Soft products.
BankMuscat's drive towards the enhancement of its information technology systems, will in total, cost the bank in excess of $4.6 million.