Bank Muscat taps Nucleus Software to enhance its collection strategy

By Gloria Methri

Bank Muscat has announced the successful go-live of FinnOne Neo® Collections, an advanced digital lending product from Nucleus Software that streamlines the bank’s collections operations. This strategic implementation is in line with the bank’s mission to provide simplified and integrated banking solutions across its expansive network.

With a strong presence in corporate, personal, and Islamic banking, as well as treasury and investment services, Bank Muscat aims to transform its collections strategy through this solution.

FinnOne Neo® Collections enhances the bank’s delinquency management capabilities, reducing overdue loans. It also enables proactive, real-time monitoring of loans, ensuring timely detection and resolution of potential issues or Non-Performing Assets (NPAs). By proactively managing collections, the bank is able to maintain better relationships with customers, minimising disruptions and fostering loyalty.

Nucleus Software has had a longstanding relationship with Bank Muscat, dating back to 2010. The transition to FinnOne Neo® Collections ensures streamlined and automated collections processes that will lead to quicker resolution of collections-related challenges. This will ultimately improve operational efficiency and contribute to better financial outcomes, including reduced credit losses and enhanced profitability.

Abdullah Hamood Al Jufaili, Assistant General Manager – Digital Banking, Bank Muscat, commented, “The implementation of FinnOne Neo® Collections represents a transformative leap for us. By harnessing advanced technology, we can enhance our delinquency management capabilities and respond more swiftly to customer needs. This platform aligns perfectly with our vision of providing a customer-centric banking experience. It not only empowers our team with real-time data but also positions us to proactively manage risks, ensuring we stay ahead in the competitive landscape of Oman’s banking sector.”

Ashwani Arora, Senior Vice President of Nucleus Software, stated, “We are excited to partner with Bank Muscat on this pivotal project. FinnOne Neo® Collections is designed to address the dynamic needs of modern banking, and its successful implementation showcases our commitment to driving digital transformation in the sensitive area of collections. This platform is more than just a tool; it’s a comprehensive solution that enhances operational efficiency and customer engagement. Together, we are setting a new standard for collections processes in the Middle East and Africa region, paving the way for others to follow.”