Digitising Corporate Banking: a necessity for business growth?

Digitising Corporate Banking: a necessity for business growth?

Muscat: In the midst of a significant digital shift in the global financial landscape, banks such as Sohar International stand at the forefront, driving a strategic transformation in Oman's corporate financial sphere through advanced platforms and services.

The banking industry stands on the cusp of profound digital transformation. The 2023 Financial Access Survey by the International Monetary Fund highlighted the widespread increase in access points for digital financial services, resulting in a notable surge in both the quantity and scale of digital financial transactions. This trend aligns with the Top 10 Emerging Banking Trends of 2024, emphasizing the transformative influence of technology in reshaping security measures, operational efficiency, and the overall customer experience within the banking industry.

This shift is pertinent for businesses of all sizes – small, medium, and large. For banks, it necessitates a nuanced understanding of their clientele within a flexible ecosystem that integrates cutting-edge technological advancements. Core modernization, interoperability, and integration play critical roles in aligning with this corporate digital evolution.

Digital Corporate Banking

The payment sector is rapidly evolving in Oman and globally, driven by emerging technologies that are reshaping payment methods, transfers, and savings and investment decisions. In Oman, there is a clear and rapid trend among banking