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Oman Housing Bank taps Temenos for core banking modernisation

Temenos

Oman Housing Bank, a housing finance provider in Oman, has selected Temenos to modernise its core banking platform in the cloud to develop new products faster and widen access to housing finance for Omanis.

OHB enables the provision of government subsidised housing loans and helps widen access to finance for those on low to moderate incomes. In the first half of 2023, the bank approved over 2,000 housing loans with a total value of over 86 million Omani Rials ($223 million).

The bank will replace its existing legacy platform with Temenos core banking platform running on the cloud as a key part of its digital transformation project, which aims to broaden the range of products the bank can offer, including deposits and card services, to new and existing customers.

With Temenos, OHB will be able to operate more efficiently, streamline processes and develop innovative new products faster on an agile, cloud-native platform. The microservices-enabled solution will support straight-through processing and faster response times, helping to simplify the loan origination journey for customers with improved digitisation, while allowing the bank to further enhance its capabilities.

The solution will be implemented by Temenos certified partner Systems Ltd using the Oman Country Model Bank, which will allow OHB to leverage pre-configured banking capabilities tailored to the local market for a faster, more cost-effective implementation. The bank will also benefit from Temenos’ continued investment in its single code base and experience of working with thousands of banks worldwide.

“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,” said Moosa Al Jadidi, CEO, Oman Housing Bank.

“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.”

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