Oman Arab Bank (OAB) has announced the launch of Electronic Loans (E-Loans) application system as part of its efforts to significantly reduce personal loan processing time. E-Loans is a service that allows the Bank to replace paper loan applications with electronic ones.
The digital applications are collected in the Bank branch, and receive timely approvals from relevant departments within OAB in a quick and efficient manner. The hassle-free and eco-friendly service reduces the amount of paperwork used by both customers and employees of the Bank, boosting environmental sustainability in the process. The application process begins with the customer ID information automatically captured by a reader and ends with a digital signature on a pad. The customer remains up to date with SMS texts for each step of the decision including at the time of final loan disbursement. The new system has been developed in-house and is on offer to customers across all OAB branches.
Fahd Amjad, General Manager Retail banking at Oman Arab Bank, said, “With E-loans, our aim is to first and foremost provide customers with a time efficient seamless experience at our branches. Thanks to this new service, branch employees can simply complete the application on our servers digitally, slashing processing time, increasing customer convenience and saving paper along the way.”
Since opening its doors over three decades ago, the Bank has developed an array of electronic banking solutions aimed at extending the digital lifestyle of its customers into banking. Today, the Bank stands at the forefront of e-banking in the Sultanate, harnessing the power of innovation to meet the evolving needs of its customers.