Shifting Paradigms

New Age Banking Summit 2017 calls for a modern financial leadership in the digital age. Alongside the summit, the best performing banks and leasing, insurance and fintech companies were felicitated with Oman Banking & Finance Awards

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The two-day New Age Banking Summit 2017, endorsed by Central Bank of Oman (CBO), drew a good response from the banking industry and allied sectors. HE Hamood Sangour Al Zadjali, executive president, Central Bank of Oman (CBO) was the chief guest and keynote speaker at the event held during April 26-27at Sheraton Oman Hotel. The event was organised by UMS Conferences. HE Al Zadjali also presented Oman Banking & Finance Awards 2017, powered by Oman Economic Review (OER), to felicitate the best performing banks and leasing, insurance and fintech companies.

While delivering his keynote address, HE Hamood Sangour Al Zadjali stressed the importance of new and innovative technologies in meeting the needs of new age customers and balancing them with control, risk management and compliance. He said, “The banking sector in Oman, both conventional and Islamic, has done well in 2016 too. While they registered a credit growth of 7.6 per cent in the year, retention and capital adequacy levels have been kept up. Banks in Oman are swift in adopting new modes of service delivery and technologies. Technology spend is quite considerable – one reason banks state generally as justification for higher charges! It should be added that banking public in GCC countries are tech-savvy. It is particular so in Oman in the context of higher and increasing young population. 27 per cent of respondents, in one recent sample survey, indicated that they use mobile banking applications and as many as 51% of holders of university degree or higher education confirmed so.”