BankMuscat Announces Technology Deals

New software solutions from Laser soft, Oracle will make the bank one of the most technology-enabled financial services Institutions in the region.

BankMuscat, Oman's largest financial services institution announced that it is implementing 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 across 90 branches throughout the Sultanate.

"After evaluating several solutions, we chose Laser Soft's ProBanker and Loanflo products for their superior features 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 our branches, our customers will not only get better services but a host of new services like kiosk banking etc" said Abdulrazak Ali Issa, Chief Executive of BankMuscat.

Suresh Kamath, Chairman of Laser soft said, " We are very excited to be working with BankMuscat to implement their new branch automation system. It is a great honor 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."

Founded in. 1986 by Suresh Kamath, a distinguished alumina of the prestigious Indian Institute of Technology, Madras, 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, ICCI Bank with 300 branches and multinational backs 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 teamed 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'Moosa Al Jenaibi, Deputy General Manager, Retail Bank.

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, Oracle Systems Ltd.

Coinciding with the signing of the BankMuscat deal, Laser Soft has also announced a strategic partnership with Macro Software Systems LLC of Muscat. Laser Soft and MacroSoft will jointly market, sell and service LaserSoft's entire range of products globally to financial services institutions. The two companies have already begun work on Arabising the LaserSoft products.

BankMuscat's drive towards the enhancement of its information technology systems will in total, cost the bank in excess of US$ 4.6 million.