Account Opening Process Automation at Bank Dhofar

Bank Dhofar

It is no mean feat to be one of the largest* and fastest-growing banks in the Gulf country Oman. Bank Dhofar, since 1990, has been on a relentless pursuit to be The Best Bank in the Gulf. With a strong commitment towards consistency and growth, the bank has added an assortment of services such as Internet banking, Phone Banking, SMS banking, cash deposit, and payment machines in addition to its conventional banking products. Bank Dhofar has slowly and consistently built upon the 25 years of public trust in its services and superior customer experience remains its prime area of focus.

The Stumbling Block

In an effort to ramp up its services to meet rising customer expectations, Bank Dhofar was using multiple systems to handle their day-to-day transactions. The result was siloed processes with limited or no information flow from one application to another due to which the bank started experiencing several pain points.

The Bank was suddenly staring at stalled growth and customer attrition if the situation was not addressed promptly. Dr. Tariq Taha, CITO, Bank Dhofar, identified that the lack of workflow software and process automation was the bottleneck in their pursuit of excellence. The Bank approached Newgen owing to its expertise in banking software solutions and track record to address the bank’s issues and provide them with a holistic solution that can automate their processes, reduce the overall TAT and improve the overall efficiency of the Bank

Implementation Impact

Bank Dhofar was able to achieve process optimization with Newgen Banking Solution. They automated all manual processes, they could now directly update customer information in the core banking system and signature system through automated real-time integration, introduce scanned documents into the workflow from any location, generate complete audit trail to view the history of events for any record, display relevant information from the core application reducing search and retrieval time, generate relevant documents automatically at different work steps of a process and more!

Bank Dhofar through timely intervention has been able to identify the bottlenecks in its processes and by deploying Newgen Banking Solution, transformed itself from a reactive enterprise to a proactive enterprise, one that is agile, seamlessly connected, and delivers top-notch services to its customers.

Dr. Tariq Taha, CITO, Bank Dhofar succinctly sums his experience, “Newgen has been the perfect partner for us. Its robust BPM platform and agile implementation helped us smoothly transition our loan origination and credit card processes to an automated environment.”