Oman Arab Bank has announced the launch of a new Robotic Process Automation System — the first of its kind system in the Sultanate. This advanced system will perform most daily banking transactions, instead of them being manually done by employees, with the same efficiency and high accuracy and speed. This in turn will allow more time for the employees to devise solutions and services that meet customers’ needs.
Commenting on this new strategic approach by the bank, Amin al Husseini, Chief Executive Officer of OAB said, “With this system, a majority of these products and processes are being automated, allowing time for our employees to work on innovating and developing products that better meet the expectations of customers, if not exceed them. They can also now divert greater attention towards improving the level of service provided to our customers.”
“This vision was initiated last year as part of a clear strategy to shift from traditional services towards more Internet-based banking services and products, smartphone applications, and social media channels.
This also includes the redesigning of the bank’s branches in line with this vision. Today, we are taking a new step in this process through launching an all-new electronic system, the first of its kind in Oman. It performs daily transactions with high efficiency, accuracy and speed without changing the general framework of the existing system. This will no doubt reflect positively on our customers’ overall satisfaction, which is a key priority for Oman Arab Bank,” he added.
The Robotic Process Automation System is one of the latest banking systems to be used in several countries around the world. It allows for the transferring of a majority of the bank’s day-to-day operations and processes to be carried out automatically without human intervention.
In doing so, it helps increase productivity and reduces the possibilities of errors; whilst at the same time enhancing efficiency and speed thanks to a certified performance evaluation system. The automation this system provides extends to processes related to account management, approval of loans, and cards’ operations, in addition to issues related to compliance and financial risks management, cyber risks, procurement and supply, finance, accounting, and other daily processes of banks.
In comparison with traditional automation, the robotic process automation system is characterised by its ability to adapt and develop itself through learning and artificial intelligence.
This feature makes it capable of resolving repeated issues that previously needed a direct decision from an officer. Therefore, OAB employees will now have more time to develop work and communicate with customers, to better understand their needs and address them in best possible manner.
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