Swiss banking software provider Temenos has been chosen by Oman-based housing finance supplier Oman Housing Bank (OHB) to modernise the latter’s core banking platform in the cloud.
Through the digital transformation, Oman Housing Bank intends to create new products faster and broaden access to housing finance for Omanis.
By allowing the provision of government-subsidised housing loans and assisting to widen access to finance for those on low to moderate incomes, Oman Housing Bank is said to contribute towards the economic development of Oman.
The bank is estimated to have approved more than 2,000 housing loans with a total value of over $223m in the first half of 2023.
Oman Housing Bank will be replacing its existing legacy platform with Temenos core banking platform operating on the cloud as part of its digital transformation project. This will increase the variety of products it can offer, including deposits and card services.
Besides, the bank will be able to operate more effectively, optimise processes, and build new products faster on an agile, cloud-native platform with Temenos.
The microservices-driven solution will support straight-through processing and faster response times, said the Swiss company.
It will help Oman Housing Bank in simplifying the loan origination journey for clients with enhanced digitisation along with enabling the bank to advance its capabilities.
Oman Housing Bank CEO Moosa Al Jadidi said: “Modernising our core banking capabilities with Temenos is a key part of our digital transformation project, which will enable us to strengthen our position as the largest contributor to providing adequate housing to Omani citizens.
“With Temenos, we’ll be able to further develop our product offering and speed up our procedures, helping us contribute even more to the economic progress and development of the country.”
Temenos certified partner Systems will deploy the solution by leveraging the Oman Country Model Bank, which will allow the bank to utilise pre-configured banking capabilities.
Furthermore, Oman Housing Bank will benefit from Temenos’ continued investment in its single code base and experience of working with thousands of banks across the globe.
Temenos Middle East and Africa managing director Lee Allcorn said: “We are delighted to be chosen by Oman Housing Bank for its digital transformation, which further highlights the expertise and experience of Temenos in the Middle East.
“Leveraging Temenos’ pre-configured, localised capabilities, OHB will benefit from for a more cost-effective implementation and faster time to value as it seeks to bring affordable housing finance to more Omanis.”