National Bank of Oman Introduces e-KYC Service on Mobile Banking App
NBO marks a milestone in customer convenience and operational efficiency
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In its ongoing effort to enhance customer convenience and streamline banking processes, the National Bank of Oman (NBO) has launched a new feature on its mobile application that allows customers to update their Know Your Customer (KYC) details seamlessly.
This service, introduced in June 2024, enables NBO customers to update their personal information directly through the app, eliminating the need to visit branches. The newly enabled digital signature feature further enhances efficiency and user experience.
NBO‘s commitment to enhancing digital customer touchpoints is evident through this new e-KYC feature. Leveraging its membership agreement with Mala’a, Oman’s Credit and Financial Information Centre, NBO can now automatically fetch and verify customers’ identities. This integration ensures that the bank’s information databases are accurate and comply with legal and regulatory requirements, minimizing the need for branch visits.
Dr. Ali Salim Said Al Shekaili, Assistant General Manager – Head of Digital Banking & E-Channels at NBO, commented on the launch: “We’re excited to have this new feature on our mobile banking app that ensures personal information is updated to better serve our customers. In addition to enhancing customer convenience, this feature streamlines our verification process for faster processing. At NBO, our customer-centric approach ensures that we simplify banking and directly address the needs and preferences of our customers, making their banking experience more seamless and efficient.”
With NBO’s e-KYC service, customers can update a range of mandatory fields, including personal details such as full name, nationality, ID number, date of birth, and gender; address details including current and permanent addresses; occupation details including employment information; and financial details such as monthly income and source of funds. Additional details, such as whether the customer is a politically exposed person (PEP), has US tax residency (FATCA) or pays taxes in countries other than Oman (CRS), can also be updated. Once the required information is uploaded, it is instantly updated in the bank’s records, and customers receive a confirmation SMS notification.
The Central Bank of Oman mandates KYC compliance for all financial institutions operating in Oman, requiring customers to update their KYC details based on their risk categorization: low-risk customers every five years, medium-risk customers every three years, and high-risk customers once per year. The introduction of the new e-KYC feature will also be extended to new customers during the initial digital account opening process.
NBO continues to innovate, offering valuable benefits to its customers and making everyday banking transactions more efficient and secure.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
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The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
