(MENAFN- Muscat Daily) Muscat- Oman Arab Bank (OAB), launched the Innovation Lab and Innovation Hub event in the presence of Rashad al Musafir, CEO, at the bank's headquarters in Ghubra on Monday. Scheduled to open on January 25, 2019, it is touted as the first lab in the sultanate's financial services industry. The lab will occupy a floor of the OAB headquarters.
Targeted at students, professionals and employees, the lab will serve as a 24-hour platform where innovative ideas will be shortlisted. Those interested can register for the Innovation Hub competition, that will be held on January 25, with their proposed idea and names of team members on www.oman-arabbank.com/theinnovation hub. The last date for registration is December 15.
The contest will take place over a 24-hour period and the winners will be announced the following evening.
Commenting on the launch, of the lab Musafir said, 'At OAB, we recognise the important role that innovation plays in enriching human experiences, and we have set a strong internal and external innovation agenda to deliver value across our customers' ecosystems.'
The themes of the Innovation Hub are: Youth Banking, Superior Customer Experience, Digital Economy and Payments, and an Open Category for other innovation ideas.
The initiative will also encompass several activities prior to the competition including roadshows for students later this month, followed by training workshops in December for participating students and staff teams by OAB partners.
Commenting on the competition, Leen al Atassi, head of innovation at OAB, said, 'The Innovation Hub would act as an accelerator, with winning innovations being incorporated into the Innovation Lab. Furthermore, this competition is only the beginning and we have several plans in place for this initiative.'
The winning teams from each category will have the opportunity to join OAB's Innovation Lab to develop their ideas further so that they may be implemented. The winning student team will receive a cash prize and also opportunity to work on other innovations as part of a paid internship, together with potential opportunities for recruitment.
The winning professional team on the other hand will be entered into a signed partnership agreement with OAB to develop and implement their idea within the bank. Members of the winning OAB staff team will also be presented with special initiatives and opportunities for career advancement within the bank.
A mentoring panel has also been established, comprising senior members of OAB, in order to help and support the teams on the day of the contest and later in the lab.
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