The agreement will enable the bank to have access to enriched customer data for credit decisions including credit scores.
Commenting on the signing, Asma Al Zadjali, head of the Banking Operations Group, stated, “This partnership with the Credit and Financial Information Centre, as a credit bureau, will help Oman Arab Bank and the entire Financial Services Industry with the provision of the most appropriate data for making the right credit decisions. The quality of the data provided by the bureau, along with the level of automation in the systems implemented, will help Oman Arab Bank to take prompt and right decisions, enabling us not only to provide faster and efficient service to our customers but to also enhance productivity internally.”
Oman Credit and Financial Information Centre is an affiliated Centre of the Central Bank of Oman established according to the Royal Decree No. 38/2019. A credit bureau is an integral part of a risk management system of any country. Up-to-date information provided in a CBO’s credit information report (CIR) provides insight into the credit behaviour of the borrowers and helps banks and financial institutions assess their existing and prospective borrowers correctly and conveniently.
Source Link: timesofoman.com