Developments in the along with the regulation are having a big transformative effect on all of the current landscape in the banking sector of Oman. Therefore banks would very well and give all of their efforts to adapt swiftly along with the pioneer practices and the products that provide different gaps in the market or even improve the operational efficiency as well along with the competitive positioning. There are numerous banks available in the Sultanate of Oman who are providing services to different customers and these banking systems are being innovative and using the modern technologies to facilitate their valuable customers. (Aghdaie, 2012)

Evaluation of diverse banking products and services

There are numerous banks in Oman who are delivering financial products and services to their customers, now here we are going to have an overview or the comparison of the diverse banks in Oman that provide different facilities to their customers.

Bank Muscat was established in 1982 and it is currently providing a series of different products and services while operating in the Sultanate of Oman. There are numerous product and services which are providing to the customers including cooperate banking, private banking, treasury, investment banking, Islamic banking, retail banking and the asset management services. Currently, it’s working with 149 branches along with 10,000+ poS terminals.

Bank Dhofar established in 1992, this bank manages the different network of 58 branches, 127 ATMs machines and 5 different FFMs (Tarawneh, 2006).

National Bank of Oman was established in 1972 and this bank is considered to be the very first indigenous bank in Oman. This bank manages the network of seven different branches.

Oman Arab Bank was established in 1972. This bank gets operated through four different segments which are corporate banking, Islamic banking, support banking and the Retail Banking. This bank delivers good services to their customers.

Bank Nizwa is one of the latest banks established in 2012 and this bank is responsible for operating three different segments that are Retail Banking, Corporate Banking, along with the Investment Banking. In Oman this bank has almost 11 different branches through which they facilitate their valued customers.

Ahli Bank was established in year 1983. This is a bank that provides the International Banking service to their customers and this bank has almost 20 different branches in the Sultanate of Oman to facilitate their customers. (Sangeetha, 2011)

These are the top most banks in the Sultanate of Oman that are facilitating their valuable customers by providing the best services as much as they can.

Table 1: Analysis of BKNZ and OAB

	Oman Arab Bank	Bank Nizwa
RO	226 Million	10.2 million
PLC	49	-1.73
Gross loans	$2576853 ()	$3777893
Total customer Deposits	71%	54%
Total Assets	49%	18%
SAOG	50.99%	+1.14%

Examine the effects of current and advanced products and services

This modern banking covers different aspects in it like online banking, mobile banking and ATMs. All the banks in Oman are using the innovative technologies in the banking sector like all other world for the purpose to accomplish out the things easily and to facilitate their customers or consumers in all the possible ways. Modern banking is the one that use an internet like a connection between the customers along with the bank they are using for managing, preparing along with controlling all of the final transactions as well and to have a look at them when they have been done and from which branch. As this is the modern world and the competition is also increasing rapidly in different fields, same is the case with this banking sector and they have successfully adapted their approaches so that they can easily reach to the consumers in a simple and cheap way. But here one thing needs to be clarified that this rapid growth of an economy completely relies upon the contemporary banking which is precisely founded on the internet and mobile phone systems (Pousttchi, 2018).

Customer satisfaction is considered to be the most significant element when it is talked about the success factor in the banking sector. In order to maintain the level of customer satisfaction, it is a calamitous need for banks to develop and maintain close interaction and positive relationships with the customers while delivering them quality products and services as compared to other players available in the same sector. Banking industry is considered to be he high volume industry and bankers know that customer satisfaction is very important and without customer satisfaction, it is too much difficult to survive in the sector as it’s a huge competitive environment in the banking industry (Aliyu, 2012)

In the world of today, customers have become more demanding as the competition in the market is increasing. Each and every customer wants a new technology and they want a quick response as well to the services. Customer satisfaction also have a measureable impact of the customer retention with their purchase as well as the positive financial indicators of a financial institution. So in the modest environment, numerous different kind of the banks are seeking for the new technologies and services to make customers happy and satisfied. Different banks are always in approach to look for the services different from the others to keep their customers and increase the rate of customers in their banking system as well.

Conclusion of Innovative Developments in Banking Sector in Oman

There are number of different banks in Sultanate of Oman that are simplifying the clienteles through all possible means. There are number of different innovative changes that are taking place in the banking like online banking system, mobile phone banking and many such facilities. These are drawing the attention of different customers and these facilities are also linked with the customer satisfaction as well. Role of customer satisfaction is very important in the different services of banking. There is not just one kind of the bank in Sultanate of Oman but there are many different banks that are facilitating the different customers by being innovative and using the modern technologies.

References of Innovative Developments in Banking Sector in Oman:

Aghdaie, S. F. &. F. F., 2012. Mobile Banking Service Quality and Customer Satisfaction (Application of SERVQUAL Model).. International Journal of Managemnet and business reserarch, pp. 351-361.

Aliyu, A. A. &. T. R. B. H. J., 2012. The impact of information and communication technology on banks’ performance and customer service delivery in the banking industry.. International Journal of Latest Trends Finance and Economy,, 2(1), pp. 80-90.

Pousttchi, K. &. D. M., 2018. Exploring the digitalization impact on consumer decision-making in retail banking. Electronic Markets,. pp. 265-286.

Sangeetha, J. &. M. S., 2011. Service quality models in banking: a review.. International Journal of Islamic and Middle Eastern Finance and Management..

Tarawneh, M., 2006. A comparison of financial performance in the banking sector: Some evidence from Omani commercial banks.. International Research Journal of Finance and Economics,, pp. 101-112.