Bank Muscat, the flagship financial services provider in the Sultanate of Oman, and Newgen Software have been awarded the Best Retail Payment Initiative, Application or Programme in the Middle East at The Asian Banker Middle East and Africa Awards Programme 2018. The awards ceremony was held in Dubai on April 25th, 2018. The Bank engaged Newgen to introduce a workflow-based remittance system to optimise processing of payment cases initiated from branch channel.
Newgen’s solution has been used to automate the financial processes, including outward remittance, standing orders, speed transfers overseas and inward enquiries. The project involved process automation integration with core system and other supporting third-party systems. These processes were earlier split across applications such as workflow, scanning, signature and core-banking system with multiple data entry.
The implementation helped Bank Muscat reduce average processing time by 75%, reduction in staffing in central operations by 25% and increase 12% growth in volumes of retail payments. Streamlining and automating processes end-to-end led to significant improvement in efficiency and reduced new process roll-out from months to weeks.
“Bank Muscat is happy to be recognized within the banking fraternity for its innovative use of technology. Our mission is to be a leader in digital banking. Newgen has been a reliable partner and has helped us enhance customer experiences, reduce costs and cut time to market significantly,” said a spokesperson, Bank Muscat.
“Newgen strives to provide its clients with the right set of technological offerings and facilitate their digital transformation journey. Receiving this award reinforces our continued commitment towards ensuring our clients have the best technology,” said Diwakar Nigam, Chairman and Managing Director, Newgen Software.
The Asian Banker Middle East and Africa Awards Programme is refereed by prominent global bankers, IT consultants, and academics, and is the most prestigious of its kind in West Africa.
About Bank Muscat:
Bank Muscat is a leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking and Asset Management. The Bank has the largest network of 149 branches, 645 ATMs & CDMs, and more than 18,000 PoS terminals. The international operations consist of a branch each in Riyadh (Kingdom of Saudi Arabia), Kuwait and a Representative Office each in Dubai (UAE), Singapore and Iran. Muscat Capital LLC, a 100% subsidiary of Bank Muscat, is a brokerage and investment banking entity in Saudi Arabia.
For more information visit http://www.bankmuscat.com/
About Newgen Software:
Newgen Software Technologies Limited (listed in India on National Stock Exchanges [Script code: NEWGEN] and BSE Ltd. [Script code: 540900]), is a provider of Business Process Management, Enterprise Content Management and Customer Communication Management platforms with large, mission-critical solutions deployed at world’s leading Banks, Governments, BPO’s & IT Companies, Insurance firms and Healthcare Organizations.