Cedar supports Islamic Bank with setup of digital bank

Working together with consultants from Cedar Management Consulting, a digital roadmap was crafted for the coming 2-3 years, after which a number of key steps were taken

When fast-growing Islamic Bank in Oman set out its ambition to launch a digital only venture, the bank’s management team turned to Cedar Management Consulting for advice.

With consumers around the world increasingly using digital channels to deal with their banking needs, the Islamic Bank in the Sultanate set out to enhance its position in the digital banking landscape.

Alongside bolstering the digital capabilities of its traditional portfolio, the leadership team launched the goal of establishing a new, digital only label.

Focused on the retail, wealth and small and mid-sized customer segment, the new venture aims to bring a full suite of banking services to tech-savvy customers, who will post-launch be able to enjoy a fast and secure banking experience 24/7 from the comfort of their homes and offices.

Meanwhile, building a standalone digital offering is in line with the bank’s goals to enhance financial inclusion among the 5.1 million Omani population, one of the pillars of the Oman Vision 2040.

Planned for launch in the next 12-18 months, a project team has over the past months created the fundament for bringing the plan to life, developing an overall new venture approach and roadmap.

Working together with consultants from Cedar Management Consulting, a digital roadmap was crafted for the coming 2-3 years, after which a number of key steps were taken.

Cedar Management Consulting’s consultants first built a database of use cases and capabilities covering all areas of businesses and segments (retail, wealth and small and mid-sized customers), with a total of 1,000+ use cases and capabilities identified.

Engaging with the business, the database was then stripped down to key areas of focus, after which the blueprint scope for the new digital bank was developed.