In an interview with Muscat Daily, Tariq Al Farsi, CEO of National Finance Company, talks about the company’s performance, future plans and how it is leveraging the power of digital technology to improve customer experience

National Finance was established in 1987 and today it is the largest NBFC in Oman. Can you briefly tell us how the company has evolved since inception?

Over the past three decades National Finance has built its reputation as the market leader in leasing and finance sector. We are the largest non-banking finance company in the market in terms of assets size, branch network, revenues and profits. Today the company is trusted by thousands of customers for their financing needs across the Sultanate.

Through its 20 branches spread across Oman and various e-channel platforms, the company offers a wide range of products targeting both individual customers and SMEs. Our finance and leasing products and services are easily accessible to customers and the company is known for ease of documentation and quick approvals. National Finance has been winning top awards in Oman and internationally for its best performance and excellence in several areas focusing on ways to improve customer experience.

In your view, how do digital channels help customers and drive business growth in leasing and finance sector?

At National Finance, we understand that today technology plays a major role in influencing customer decisions. This is why we constantly innovate and invest in solutions that focus on ease and convenience for our customers. Today, we are proudly in an advanced position when it comes to e-channels. Individuals can apply for their financing through different channels such as; website, mobile app, call centre, WhatsApp and social media. We empower our sales team to use mobile technology to process the loan approval at the dealer or customer offices on the spot.

Additionally, the company has been investing in their branches and its network; focusing on value-added services that cater to enhance the customer experience journey.

National Finance is well positioned to provide financial solutions for both retail and SMEs. How is it helping aspiring entrepreneurs and SMEs in the Sultanate?

National Finance puts concerted efforts in not only creating value for retail clients, but also supporting local entrepreneurs and SMEs. Such efforts resonate with national priorities that seeks to stimulate economic diversification and achieve Oman Vision 2040.

The company’s dedication towards SMEs reflect its belief in the significance of the SME sector and their role in the socio-economic development of Oman. Strategic financing of national projects, supporting SMEs with hassle-free funding, and a collaborative approach will be a must in order to turn the country into a thriving business and investment hub.

Which are the areas you will be focusing on for growth in 2022?

We continue to adopt a conservative approach to credit approvals keeping in view the overall macroeconomic scenario and perceived increase in credit risk. Within this environment, our approach has been to target customers who satisfy our credit risk appetite. We anticipate a cautious outlook to our credit offtake in the medium term and overall, our reading is that the economic climate will continue to remain challenging.

In the near future, a number of products and services will be introduced to enrich the user’s experience and cement the company’s leading position in the market. Moving forward, it will be important to constantly innovate to provide new, technologically advanced ways for carrying out financial payments, thereby contributing to the national agenda of digitalization.

In a fast-changing, competitive market place, it is vital that we leverage on technology to further empower field sales staff to use mobile technology to process transactions at the dealer/customer office and revert with a decision on the spot. While this is already in place, it will be provided further impetus, so it helps us better utilize our sales force, thereby letting us use our back-end processing team more effectively.

We strongly believe that commitment to our core values of customer service, flexibility and employee development will enable us to capture a fair share of the market.

National Finance recently announced its collaboration with several organizations under its Imtidad initiative. Can you tell us more about Imtidad?

We believe that we have a responsibility to influence positive change towards the economy and society at large; with this view, Imtidad initiative was launched earlier this year to consolidate National Finance’s efforts towards community welfare, grassroot engagement and sustainability. Our Corporate Social Responsibility objectives and sustainability programs, integrated in our business strategy and goals, are consolidated and implemented under Imtidad. Through Imtidad we focus on making a positive impact on the society with our initiatives oriented towards education, community, health and environment.

We are also proud to adapt to newer sustainable financing by providing options of green financing to individuals, who are looking to buy eco-automobiles and installing solar panels.