Oman’s banking sector is undergoing a pivotal transformation, in step with Oman Vision 2040, which emphasises economic diversification, digital innovation and financial inclusion as key pillars for national progress. Backed by progressive regulatory initiatives from the Central Bank of Oman, the industry is witnessing a shift towards open banking, customer empowerment and digital-first experiences, creating a fertile ground for innovation and growth.
In this dynamic environment, Bank Dhofar stands out as a key player, in redefining banking in the Sultanate. With the second-largest banking distribution network in the country, the bank is pursuing a transformation anchored in customer centricity, digital empowerment and strategic growth.
A Vision for Customer-Centric Banking
At the heart of Bank Dhofar’s transformation there is a sharp focus on customer-centricity. The bank is reimagining every aspect of its operations, from branch experiences to digital interactions, so that customers across demographics feel understood and well-served. In a diverse market like Oman, where customer preferences vary by age and digital savviness, the bank recognises the need to tailor experiences across multiple touchpoints, whether it is in a branch, at an ATM or through online and mobile banking platforms.
“To create truly exceptional experiences, we start by listening, whether it’s through the voice of our customers, our employees or our processes,” says Sreenath Manghat. “This helps us understand not just what our customers want, but how they want it.”
“Our customer engagement strategy is driven by a 360-degree feedback loop,” he added. “Through our Voice of Customer platform, we continuously gather and act on insights to build personalised, relevant, and forward-looking banking solutions.”
A Strategic Roadmap for Growth
Bank Dhofar is undergoing a significant transformation across both its conventional and Islamic banking arms. The bank is making focused investments to enhance its wealth management capabilities, having recently launched a dedicated private banking segment and significantly evolved its premier banking services. In parallel, SME banking has emerged as a key area of growth, with tailored solutions aimed at empowering the backbone of Oman’s economy.
“We see SMEs as vital to the country’s future and are developing solutions to address their specific challenges, whether it’s access to finance, digital tools or advisory services,” said Sreenath.
The bank continues to strengthen its wholesale and investment banking functions by building specialised corporate and advisory teams. Meanwhile, a strategic expansion of its physical branch network, doubling from 65 to 130, has made Bank Dhofar the second-largest distribution network in Oman. This physical growth is being matched by robust digital investments to ensure omnichannel access and personalised service. While maintaining a strong commitment to the Omani market, Bank Dhofar is also extending its reach through strategic acquisitions.
“We are a homegrown brand, and our aspirations remain firmly rooted in Oman. The acquisition of a foreign bank’s local operations was a deliberate move — not to go beyond borders, but to deepen our presence and expand our customer base within the country,” said Sreenath Manghat, Head of Strategy and Transformation at Bank Dhofar
“Even as we double our physical footprint, we’re equally focused on scaling digitally. Significant investments are being made to ensure we offer best-in-class digital solutions that can serve the evolving needs of a vast and diverse population,” he added.
Digital Enhancement – A Key Priority
Bank Dhofar’s digital transformation journey is being pursued in three clear, strategic phases, each focused on building a strong foundation, enabling seamless experiences and preparing for the future.
As Sreenath puts it, the journey began “two and a half years back” with a strong focus on “fixing the basics.” For the bank, that meant investing in foundational systems that would allow it to operate as a truly digital-first bank. “If you have to operate as a full bank, you have to operate in a digital manner, you have to look at what solutions we need to bring in,” he added
To that end, major investments have been made across key areas, including a modern trade finance platform, robust core system and other technological capabilities.
With the basics in place, the focus has shifted to enhancing the bank’s digital core and delivering superior experiences. A significant milestone here is the deployment of the Finacle Digital Engagement Hub, which helps integrate the bank’s core and channels to enable a seamless, omnichannel experience. “The idea is: how can we integrate core and the channels, and how do we ensure we are able to offer an omni-channel experience in its true sense,” Sreenath explained.
Looking ahead, Bank Dhofar is actively preparing for future trends such as open banking. “That readiness should come,” Sreenath noted, “and while it’s a work in progress, we are walking in the right direction.”
Infosys Finacle: A Trusted Partner in Transformation
The long-standing relationship between Bank Dhofar and Infosys Finacle, built over 15+ years, is rooted in mutual trust and a shared vision for innovation.
“Our journey with Infosys Finacle has been marked by trust and dependable delivery,” shared Sreenath. “Given the success we’ve had on the conventional side and the support we continue to receive, we’re confident of achieving even greater transformation.”
“The digital engagement hub is a great example of our forward-looking work together. We truly see Infosys as a core partner, with both organisations engaging at the senior-most level. In terms of support, Infosys has yet to disappoint us,” he said.
“We absolutely look forward to continuing this collaboration for many more years,” Sreenath concluded.
Driving Economic Growth and Banking Innovation
Bank Dhofar’s strategic transformation is more than just an internal evolution, it is a commitment to driving economic growth in Oman and delivering exceptional banking experiences. By focusing on customer needs, investing in innovation and expanding strategically, the bank is well-positioned to lead Oman’s banking sector into the future.
“Our ambition is aligned with Oman’s national goals. We believe that a stronger, more innovative banking system can play a key role in the country’s long-term economic development,” Sreenath said.
