Client Situation
Our client is one of the mid-size commercial banks in Oman, with assets of over USD 7 billion. the bank serves over 130,000 customers with branch network across 35 locations. The bank provides consumer & commercial banking services for its retail & corporate clients. In view of changing digital landscape in Oman, the bank engaged Cedar to assist with bank-wide way forward digital strategy.
Cedar’s Approach
In this program, Cedar was mandated to assess the current digital readiness assessment of the Bank and design a way forward strategy.
- Cedar reviewed the current state based on multiple dimensions of Cedar’s Digital Readiness Assessment Framework:
- Digital Customer Experience
- Digital Sales
- Digital Product Convergence
- Digital Process & Fulfilment
- Digital Channel Adoption
- Digital Technology Platform & Org Culture
- Cedar engaged in one-on-one conversations with 15 departments to understand current pain points and expectations
- Understood rising trends in the digital business model across global and regional banks
- Conducted competitive analysis for players in Oman and identified potential focus areas for short, medium & long term
- Identified 15 digital programs to achieve target digital state
- Cedar conducted prioritization workshops with business units and management
- Each digital program and its use cases were discussed with business & product owners along with the potential impact
- Determined high-level investments and developed an implementation plan
Outcome
The program resulted in the executable way forward digital strategy with the following outcomes:
- Bank’s digital vision & mission statements
- 15 digital programs across retail, corporate and support functions
- Ongoing 60 smaller digital projects were merged into 15 digital programs
- New scalable business lines identified for the corporate segment
- Improved focus on delivering best-in-class customer experience, instant servicing, innovative products & agile culture
- Business Owners & product owners identified to assist with solution design