29 Apr Interview with Mr. Karumathil Gopakumar, CEO of Bank Dhofar, Sultanate of Oman
JT: How does Bank Dhofar’s wide-reaching presence contribute to the bank’s overall strategy for customer accessibility and convenience?
Gopakumar: As the second-largest bank in Oman in terms of branches, ATMs and CDMs, we are proud to provide extensive access to banking services for both citizens and residents. Oman is geographically vast, with a dispersed population, making widespread branch availability essential for financial inclusion—one of the key pillars of Vision 2040. In the past two years, we have doubled our branch network, recognizing that banking must be both physical and digital (phygital). While mobile banking is highly popular for daily transactions, the culture in Oman values personal interactions. Many customers still prefer visiting branches to engage with relationship managers and discuss their financial needs. Our ‘phygital’ approach ensures we meet these diverse preferences while expanding our reach.
JT: With OMR 4.69 billion in total assets, how does Bank Dhofar plan to leverage its financial strength to drive future growth and innovation in the Omani banking sector?
Gopakumar: Our bank operates across three main business lines. In retail banking, we offer both conventional and Islamic banking to meet customer preferences, supported by an extensive branch and ATM/CDM network. We are also investing heavily in digital banking, including mobile and internet services. On the corporate side, Oman is set for significant expansion, with its post-COVID credit rating upgraded to investment grade and substantial government investment in forward-looking projects, particularly renewables like hydrogen power. Over the next 5–10 years, billions will be invested in these sectors, along with major infrastructure developments such as ports. As a leading bank, we aim to play a key role in financing these initiatives. In investment banking, we anticipate increased foreign direct investment and the entry of international companies into Oman. We actively seek partnerships to support foreign investors in project finance and business expansion.
JT: Bank Dhofar has received numerous awards for service excellence and innovation – what specific initiatives or strategies have led to this recognition in trade finance?
Gopakumar: We were recognized as Oman’s Best Trade Finance Bank and Best Corporate Bank for 2024, thanks to our exceptional service and innovative products that enhance trade finance operations. Our continued investment in technology further strengthens our offerings, earning recognition from international players.
JT: What tailored solutions or initiatives does Bank Dhofar offer to empower small and medium-sized enterprises in the Sultanate?
Gopakumar: We were the first bank in Oman to introduce Soft POS, turning mobile phones into payment terminals without the need for extra hardware. Many taxi drivers now use Bank Dhofar’s Soft POS for seamless transactions. We offer the same solution to SMEs, enabling them to accept card payments conveniently, especially for deliveries. Our services are also tailored to meet SMEs’ pricing and operational needs.
JT: How is Bank Dhofar utilizing technology to streamline internal processes and enhance customer experiences?
Gopakumar: We have implemented several initiatives to enhance customer experience. Our CRM system, integrated with all branches, links debit card check-ins to customer profiles, allowing tellers and personal bankers to identify and assist clients instantly. We are now upgrading this system for our premier banking relationship managers. Additionally, we launched Knowledge Hub over a year ago, providing employees with on-demand training and resources. Accessible from any branch or head office, it helps staff stay informed and improve service efficiency.
JT: What are your key priorities and long-term goals for the next 5 to 10 years?
Gopakumar: As Bank Dhofar, we are celebrating our 35 years in business in Oman. Our mission at Bank Dhofar is to become the best bank in Oman by offering top-tier products, services and customer relationships. We focus on empowering employees to excel and ensuring a customer-centric approach. Additionally, we are committed to being a responsible corporate citizen, actively supporting Oman’s development and Vision 2040.
JT: Do you have any closing remarks for our readers who are considering visiting or investing in Oman?
Gopakumar: Oman and Japan share a long, strong relationship, with iconic Japanese brands highly valued here. At Bank Dhofar, we welcome collaborations with Japanese banks looking to do business in Oman and invite them to consider us as their local partner. We are also open to exploring strategic partnerships for deeper cooperation.