MUSCAT, 08 February 2016 – In recognition of distinctive brand-building initiatives, Bank Muscat, the flagship financial services provider in the Sultanate, has been voted the Best Brand in the banking segment in the annual Best Brands in Oman survey conducted by a leading business magazine.
Bank Muscat reinforced and took an unassailable lead over its nearest competition scoring 5030 points in the popular choice of brands compared to the runner-up which received only 840 points. In the top management choice, the bank scored 1070 points as against 300 points scored by the second place winner. The annual survey conducted by Business Today magazine noted that “Bank Muscat remains unchallenged in the banking sector."
AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is delighted to be voted once again as the Best Brand in Oman. The recognition is a tribute to the largest banking family in Oman which has endorsed Bank Muscat as a community brand. The emotional chord emanating from the brand has helped Bank Muscat products and services to evolve over the years in tandem with specific customer requirements."
AbdulRazak Ali Issa added: “Epitomising the distinct Omani heritage, the Bank Muscat brand has evolved over the years to become a towering presence not only in the banking sector but in all arenas of the Sultanate. Bank Muscat has adopted innovative ways to consistently build the brand which sustains the loyalty of customers and growth in business. As a forward looking financial institution, the bank strives to establish its leadership role in all realms of activities."
The brand recall for Bank Muscat was among the highest compared to previous years. Among the top management survey respondents, 40 per cent of Omanis and 57 per cent of expatriates endorsed Bank Muscat. In the popular choice, 57 per cent of Omanis and 71 per cent of expatriates voted for Bank Muscat. The survey findings were mainly based on unaided recall, which implied superb brand exposure, indicating a clear competitive advantage in the brand space.
In the top management category, a cross-section of executives at the level of Chairmen, CEOs and General Managers across industries were asked to spontaneously recall one brand in each category. In the popular choice category, a cross-section of people across Muscat were randomly selected from junior executives to senior managers to ensure a healthy mix of survey respondents, including Omanis, Asian, Western and Arab expatriates.
The Bank Muscat brand is reckoned as a prolific innovator wherein the first association is the element of innovation. Catering to the Sultanate's traditional as well as tech-savvy, young population, Bank Muscat has adopted innovative ways to build the brand. New trends in the field of branding adopted by Bank Muscat reflect that the institution is moving away from the traditional line to non-conventional utlisation of media, including social media. Bank Muscat is a trendsetter in this field. The brand is synonymous with reliability, trustworthiness and a pioneering spirit.
Bank Muscat is a modern icon of banking excellence marked by consistent innovation and strategic marketing initiatives. Exciting and inspiring brand touch points offer a unique banking experience for the largest banking family in Oman.
Bank Muscat understands the relationship between brand equity and key value drivers in the business model and views brand management as a key element to enhance value for all stakeholders. The bank has adopted innovative ways to consistently build the brand, aimed at sustaining the loyalty of customers, growth in business and ultimately success and revenue. The bank is the winner of prestigious awards in recognition of building a successful global brand.