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The third largest bank in Oman launches its wealth business by deploying Moneyware Wealth Management Solution

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Client Background

The Bank is the country’s first local bank. The bank offers discretionary portfolio management services, brokerage operations, asset management, distribution of mutual funds, lead management of public equity and bond issues, as well as domestic and international investment advisory services.

The Bank has an international presence in the UAE (Abu Dhabi) and in Egypt for over 10 years and has grown its UAE (gross) loan portfolio by over 134 per cent.

Client Summary

The institution is the first local bank in Oman founded in the year 1973, The Bank offers leading-edge financial solutions, designed to keep pace with businesses as well as suitable to meet individual needs.

Client Challenges

The Banks venture in the wealth management business created a need for a full-fledged technology solution encompassing all the functionalities of the wealth management business.

The solution was also to be well equipped with the flexibility to integrate with other applications.

Integrating with All Funds was a major requirement.

Quick Facts

  • Deployed a comprehensive Wealth Management Solution
  • Solution was integrated with the client’s core banking system and other 3rd party systems & applications
  • Reduced operational cost substantially through higher degree of automation
  • Extensive and in-depth reporting at all levels
  • Revenues were generated for the system and for the wealth management clients

Solution

  • End to End Wealth Management Solution

The Miles advantage

Miles functional capability to scale up to the requirement of the business. An existing successful deployment of MoneyWare® was the driving force to another successful engagement. Miles capability to integrate with All Funds.

Solution Implemented

Miles deployed its flagship product MoneyWare® WMS after an in-depth study and understanding of the client’s business requirements.

The implementation was carried out in 2 phases. In the first phase, the entire deployment and integration with third party systems such as all funds and Core banking solution was seamlessly executed with the complete implementation of the client module portal in the second phase.

Solution Benefits

  • Reduced operational costs considerably through higher degree of automation
  • Managing multiple prime relationships via integrated trading, execution and allocation tools.
  • Extensive and in-depth reporting leading to better decision making
  • Enhanced Performance

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