BankMuscat, an established commercial bank in Oman, has selected T24 to support its retail and corporate banking operations. T24, Temenos Group’s modular core banking system, will enable the bank to increase transaction processing efficiencies, introduce a more diversified range of products and prepare its business for future growth.
The bank will install the system in its head offices in Muscat, Oman, to support some 90 branches and more than 500,000 customer accounts.
“BankMuscat has always strived to invest in state-of-the-art technology to provide customers with cutting edge products, services and solutions,” said Abdul Razak Ali Issa, chief executive of BankMuscat. “Our decision to adopt a new core banking system is a significant step in this direction, as we firmly believe that a world-class technological infrastructure is integral to building customer confidence.”
As part of the selection process, BankMuscat engaged Gartner Consulting, an independent global technology consulting firm, to evaluate and advise on the objectives. During a five-month evaluation period, the bank considered several major providers before signing the deal with Temenos in Q4 2006.