MUSCAT, 3 January 2017 - Bank Muscat, the flagship financial services provider in the Sultanate, in partnership with the Institute of Directors (IoD), the leading international organisation for professional leaders in the United Kingdom, recently conducted a programme on the board's governance role in Social Media and Cyber Security strategy, attended by the Board of Directors led by Shaikh Khalid bin Mustahail Al Mashani, Chairman.
Martin Thomas, course leader of IoD's Social Media Strategy for Directors, led the programme, which came as part of a wider, ongoing partnership between Bank Muscat and IoD to equip senior executives with requisite skills to achieve higher levels of innovation and value creation through transformational learning experiences that support them in creating a real impact on business operations.
Shaikh Khalid bin Mustahail Al Mashani said: “I am delighted to have led the Board of Directors in this programme which provided fresh insights on utilising social media and cyber security to achieve strategic growth and long-term value creation. The programme focused on strategies to enhance the board's ability to use social media to lead, challenge and guide Bank Muscat to a sustainable future. Bank Muscat recognises the need to explore and acquire new perspectives, ideas, skills and a depth of knowledge that drives best practice and creates a dynamic business environment."
The social media programme focused on aligning with the strategic goals of Bank Muscat, aimed at achieving a direct and tangible impact on business alongside the country's economic development.
The programme highlighted boardroom responsibilities for social media and cyber security, demonstrating how the board can take the lead in adopting a more strategic approach to showcase best practices, enhance productivity, growth and competitiveness. The programme discussed the implications of social media and why it is a boardroom issue, the use of social media by global banking industry, the value of senior professionals using social media and adopting a more strategic approach with social media. Focusing on how to utilise social media to respond to rapidly changing global business environment, the programme unravelled new complexities while contextualising challenges and introducing new solutions.
The programme noted that social media is an opportunity to change the way an organisation works and the board has a responsibility for ensuring a corporate strategy on social media is developed, that risk management processes are in place and that a crisis communication plan exists.
Social media has emerged as a major area of reputational risk. The board must be confident that the necessary resources and processes are in place to avoid or mitigate social media risks.
Social channels can be used to extend beyond office walls to engage with customers on a personal level that they love. Bank Muscat has a strong presence on social media and is using the medium to respond to customer service inquiries and brand building with customers using social media to stay connected.
Bank Muscat actively engages with customers on social media channels, including Facebook, Twitter and Instagram. The bank launched the first dedicated social media account in the banking sector in Oman for customer service. In step with its innovative customer-centric strategy, the interactive customer care Twitter account @bankmuscatcare reflects the latest trends in banking and facilitates real time communication with customers.
Aimed at enhancing customer experience, especially with the tech-savvy youth, the new facility is in response to the high demand for customer service via social media as many customers prefer to interact on social media as a main channel of communication.