MUSCAT, 29 April 2014 - Bank Muscat, the flagship financial services provider in the Sultanate, won the Best Retail Bank in Oman award by The Asian Banker. Inkawan Dharma Jusi, General Manager – Retail banking, received the award at the International Excellence in Retail Financial Services 2014 Awards ceremony held in Sydney.
Bank Muscat continues to maintain its dominant market position, successfully increasing its market share of customer deposits to 45 per cent. A new strategy focusing on customer segmentation in the mass market resulted in improvements in product sales.
The bank increased its mobile customer base by almost 75 per cent along with online transaction volumes. With such a large market share, the bank is migrating customers from the more conventional branch channel to alternative channels. The bank's online and mobile banking platforms have been upgraded significantly, resulting in an increase of active mobile users.
Abdullah Tamman al Mashani, AGM – Direct & Institutional Sales, said: “As the leading bank with a fast-growing network, Bank Muscat aims to deliver reliable, dynamic and innovative banking services to the largest banking family in Oman. The bank draws on its expertise to provide customers with the best banking products and services. The award recognises the bank's efforts and goal to maintain the leadership position in Oman."
A multi-award winning institution, Bank Muscat's performance has been lauded by the international financial and banking community for several years. Year on year, Bank Muscat adopts strategic initiatives to stretch its operational excellence and achieve enviable records.
About 200 senior bankers from award winning banks in 29 countries across the Asia Pacific, the Middle East, Central Asia and Africa attended the event that recognises their efforts in bringing superior products and services to their customers. A stringent three-month evaluation process based on a balanced and transparent scorecard was used to determine the winners.