Oman Arab Bank Collaborates with NNTC and Smart Engines to Support the Implementation of Digital Onboarding

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Muscat: Following the launch of its Step to the Future 3.0’, Oman Arab Bank (OAB) continues in its efforts to enhance its digital offerings, catered towards enriching customer experience. Together with NNTC, a UAE-based software developer and solutions provider, the Bank has seen the successful implementation of the biometric user onboarding module with Smart Engines’s identity documents recognition technology at its facilities. 

Commenting on the advanced technology, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB, said, “We are continuously investing in new, state-of-the-art solutions to enhance our digital services. Using biometric technology not only accelerates user onboarding, but it is also more accurate, efficient and secure. Potential customers can now open new accounts with us within a few minutes, from the comfort and convenience of their mobile devices. We foresee that this will help us attract new customers as well as retain existing ones. We are proud to have partnered with NNTC and Smart Engines, in line with our efforts to improve overall customer experience and reinforce our position as an innovative, agile financial institution.”

NNTC’s AI-powered module, iFalcon KYC Control, facilitates swift, frictionless and secure digital customer onboarding. It complements the various AI-driven e-payment solutions and facilities available at OAB, which mark the next stage of the Bank’s digital evolution. Any Omani citizen or resident can now take advantage of a one-of-a-kind simplified and secure online onboarding system via the OAB Online App, which allows the opening of an account in under 5 minutes, without the need to physically visit the branch or sign any printed documents.

Dmitry Doshaniy, General Manager at NNTC, stated, “AI-driven customer onboarding ecosystems can turn users into customers in a matter of minutes. This dramatic reduction in time to onboard is why banks should rethink their processes. With the outbreak of the COVID-19 pandemic and subsequent restrictions on mobility, this is the right time for banks to shift away from legacy paper-based customer onboarding processes.”

NNTC’s facial recognition software accelerates user onboarding by allowing identity verification directly via a mobile device. Users can simply download the OAB Online App and initiate the digital account opening process. They will have to upload and submit copies of their ID card (for citizens), residence card and passport (for expatriates), alongside filling in their personal data and submit a picture in the form of a selfie. Upon completion, users will receive an SMS with an OTP code to acknowledge their agreement with the Bank’s terms and conditions.

Nikita Arlazarov, Chief Financial Officer at Smart Engines, added, “We are proud to present to OAB the results of our research in machine learning and the new neural network architectures creation. Arabic language recognition support is a key requirement for delivering user onboarding solutions in the Gulf market, where the intensive digital business transformation is on the way. Entering the OAB’s technology stack is an important step for us on the way of developing new generation ID scanning solutions.”

The Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.