- On track with dynamic Vision, Values and Strategy to face future challenges
MUSCAT, 26 March 2017 – Bank Muscat, the flagship financial services provider in the Sultanate, reviewed the 2016 performance and outlined its customer-centric growth strategies at the annual Leadership Forum attended by the Management Team and branch leadership. The event themed 'Customer Service Excellence' reiterated the bank's strategies in line with the focus on 'Excellence is our Destination'.
Commending the frontline branch managers for their dedication and commitment to steer the bank to greater heights in serving the largest banking family in Oman, AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is progressing well on track with clarity on its dynamic vision, values and strategy, which have helped in distinguishing itself in banking excellence, and remains focused on its customer-centric strategy to sustain the competitive advantage. The bank's operations are ingrained in its values which represent what we stand for: how we conduct ourselves as the trusted banking partner, and how we engage with our shareholders, business partners, colleagues and the communities we serve."
Addressing the session, Waleed Al Hashar, Deputy Chief Executive Officer, said: “Our commitment to customers is the key to achieving our strategic objectives, thereby establishing sustainable, long-term business relationships in communities we operate in.
Setting new standards in banking excellence, our products and services continue to serve customers better. Fulfilling our vision, we are making steady progress in 'Doing More' for our customers, stakeholders, communities and the country. By making steady progress in business operations and being faithful to our vision and values, we continue to earn the trust of our stakeholders to provide a unique banking experience."
The customer service initiatives of the Royal Oman Police (ROP) were highlighted in a presentation at the forum. The analysis of 2016 performance and the growth plan for 2017 were spotlighted in presentations by various departments of the bank. Renowned for top-notch customer service, Bank Muscat accords priority for building key relationship with customers. With the widest reach and the largest network of branches spread across the Sultanate, Bank Muscat meets the expectations of customers at the grassroots level. The expanding branch network reflects the commitment to remain as the bank of first choice in all parts of the country, offering banking convenience at the doorstep of customers. In order to maintain the leadership position, the bank accords priority for value addition and strengthening of relationship with customers.
Tapping into the communication potential of social media, the bank launched a unique initiative bringing together all employees for better coordination and sharing of ideas through online communication. The new employee initiative 'Workplace by Facebook' is aimed at further enhancing customer experience.
The 'Let's Do More' vision reiterates a leadership which continuously challenges everything, from listening to improving and looking for positive change as the bank believes that only through questioning convention can it truly deliver sustainable value.
Over the past 35 years, Bank Muscat has achieved steady and significant growth in various disciplines to emerge as the flagship financial institution in Oman. The bank posted a net profit of RO 176.56 million for 2016 compared to RO 175.45 million reported in 2015, an increase of 0.6 per cent. Net Loans and advances from conventional operation increased by 6.1 per cent to RO 7,102 million as against RO 6,695 million as at 31st December 2015. Islamic financing receivables amounted to RO 855 million of 31st December 2016 compared to RO 635 million in the same period of 2015. The financial data reflects the bank's wide reach to the communities and the largest banking family in Oman.
The sophisticated banking experience stems from the right mix of traditional and electronic channels. Bank Muscat enjoys an edge in hi-tech products, notably electronic payment and web-based services in tune with the banking requirements of a young, tech-savvy generation.
In step with innovative customer-centric strategy, Bank Muscat is the first to launch a dedicated social media account in the banking sector in Oman for customer service. Aimed at enhancing customer service via social media, the Twitter account is dedicated to responding to customers inquiries and receiving feedback. The interactive customer care Twitter account @bankmuscatcare reflects the latest trends in banking and facilitates real time communication with customers. The bank utilises the social media account to engage customers through surveys, questionnaires and awareness campaigns on the bank's products, services and activities.
Bank Muscat is at the forefront of customer service excellence and strives to continually deliver high quality customer service. The bank deems service excellence coupled with innovative products vital to surpass customer expectation. A keen perception of customer requirements enable the bank to develop innovative products and services in line with the current and emerging needs.