A career establishing partnerships with over 180 banks: SPJ Alumni Spotlight with Anuj Madan, strategic leader at Oman Arab Bank

As a seasoned leader with over 18 years of experience in the financial services industry, Anuj Madan’s career journey spans diverse roles in large organisations such as American Express, Citibank, ICICI, and HDFC. He credits these institutes for the profound understanding he gained of complex financial ecosystems. These experiences sharpened his ability to navigate intricate operational frameworks, regulatory landscapes, and dynamic market demands, enabling him to design and implement solutions that resonate across various facets of the financial services sector.

Throughout his career, his work emphasised innovation, strategic partnerships, operational efficiency, and transformative growth initiatives. For him, work is grounded in the belief that these elements are critical for creating value and staying competitive. For instance, at Oman Arab Bank, he led the development of a retail ecosystem tailored for Oman’s supply chain and payments landscape, which optimised operations and added efficiency across the board. In his role at American Express, he spearheaded a Network Optimisation project for Consumer Banking, transforming the ATM network into a profitable centre with significant cost savings. Additionally, he led the Out-of-Region Business Continuity Planning (BCP) during a critical period at American Express, ensuring uninterrupted operations across four continents and processing $200 billion in payments—a testament to effective risk management and operational resilience. His experience also extends to emerging markets, where he managed mobile wallet business growth in Mexico, achieving 150% growth in net acquisitions through an innovative strategy that leveraged mobile technology and retail partnerships to reach a broader audience.

Each of these projects reflects his commitment to delivering value through a forward-thinking, results-oriented approach, always aiming to create impactful, scalable solutions that drive performance and enhance customer experience.

Can you provide insights on the ‘smart bench model’ and the ‘data analytics roadmaps’ you have implemented in your position as a strategic leader at Oman Arab Bank? What was the driving force behind these initiatives?

The ‘smart branch’ model was an innovative concept born from a thorough re-engineering of branch processes, aimed at digitalising workflows and enabling self-service options for customers upon entering the branch. This initiative focused on reducing the dependency on branch staff for routine transactions, thereby minimising wait times and enhancing the customer experience. By incorporating digital kiosks and automated service points, the smart branch model empowers customers to complete tasks independently, such as account inquiries, transactions, and service requests. This shift not only optimises resource allocation but also drives operational efficiency, allowing staff to focus on providing personalised assistance and advisory services where they add the most value. The model has successfully increased customer satisfaction and reduced operational costs, proving to be a substantial improvement in our branch strategy.

In parallel, our data analytics initiative aimed to establish a self-service platform based on machine learning and AI within the bank’s architecture. This platform was designed to empower teams across the organisation with actionable insights and enable management to make data-driven decisions with greater speed and accuracy. By building an accessible, user-friendly analytics environment, we have enabled our team members to independently generate insightful reports, conduct predictive analysis, and monitor key performance indicators. This platform has transformed reporting from a reactive process into a proactive tool that supports strategic decision-making, optimises resources, and drives innovation throughout the bank. The long-term benefits are profound: we’ve enhanced operational agility, strengthened our strategic foresight, and positioned the bank as a leader in data-driven transformation.

Keeping digital-only banking and AI-driven services in mind, how do you see customer interactions with banking changing over time?

With the rise of digital-only banking and AI-driven services, customer interactions are poised to become faster and more efficient, particularly within branches where speed to service will be crucial. While digital tools can streamline routine transactions and reduce wait times, the importance of the human touch in banking cannot be overstated. AI and digital solutions will enhance the hospitality aspect of customer service, allowing bank representatives to focus on more complex or emotionally sensitive interactions that require empathy and a deep understanding of the customer’s unique needs.

As digitalisation progresses, there is a risk of losing the softer, relational aspects of customer service. Therefore, it is essential that banks maintain a balanced approach, distinguishing between interactions that can be efficiently managed by AI and digital tools and those that benefit from human presence. This balance ensures that while digital solutions handle repetitive tasks, bank representatives are freed up to build stronger relationships with clients, understand their goals, and provide personalised guidance. By combining the efficiency of digital services with the warmth of human interaction, banks can not only meet but exceed customer expectations, fostering trust and long-term loyalty in an increasingly digital landscape.

How do you envision the role of fintech evolving within the traditional banking ecosystem over the next decade? What innovations do you believe will be most disruptive?

Fintech will continue to transform the traditional banking ecosystem, driving deeper integration and collaboration through concepts like open banking, neobanks, and a seamless, omni-channel customer experience. Open banking allows customers to securely share their financial data across different service providers, enabling banks to partner with fintechs and offer personalised financial solutions. This model promotes innovation by creating a connected ecosystem where customers have the flexibility to manage their finances across multiple platforms with ease.

Neobanks, which operate exclusively online, bring a new level of convenience and tailored services, particularly appealing to tech-savvy and younger demographics. These digital-only banks emphasise user-friendly interfaces, lower fees, and quick onboarding processes, setting new standards in customer experience. Traditional banks can take inspiration from neobanks, blending physical presence with digital services to provide an integrated experience.

Moreover, the evolving customer journey now requires a multi-channel approach, where customers can engage with their banks across various touchpoints—be it mobile apps, web platforms, or physical branches. An omni-channel strategy offers customers the freedom to switch seamlessly between channels without disruption. Over the next decade, banks that successfully harness these innovations will be able to provide a richer, more cohesive experience that aligns with customers’ preferences, promoting stronger engagement and loyalty. This evolution will redefine banking, as customers come to expect effortless, highly personalised services across all digital and physical touchpoints.

How do you see banks addressing cyber security concerns associated with digitised banking, and what proactive measures should they take to protect customers?

As banking becomes increasingly digitised, cybersecurity remains a top priority, and banks are investing in sophisticated measures to safeguard customer data and assets. Key among these measures is real-time threat monitoring, which allows banks to detect and respond to suspicious activity instantly. By continuously analysing network traffic and user behaviour, banks can identify potential threats before they escalate, enhancing overall security and reducing the risk of breaches.

Multi-factor authentication (MFA) is another critical layer of protection, requiring customers to verify their identities through multiple steps, such as entering a password along with a one-time code sent to their mobile device. This added layer not only improves security but also builds customer confidence by ensuring that unauthorised users cannot access sensitive information.

AI-driven threat detection further strengthens the security framework by identifying and neutralising threats through advanced algorithms. AI can detect subtle anomalies and patterns in data that might go unnoticed by traditional systems, enabling banks to proactively address risks. Additionally, machine learning algorithms continuously improve, adapting to emerging threats and refining detection capabilities over time. Together, these technologies create a multi-layered defence strategy, ensuring that banks stay a step ahead of cyber threats while providing a secure and trustworthy environment for customers.

How can banks leverage technology to promote greater financial inclusion, especially in emerging markets? What innovations do you think will help bridge the gap for the unbanked and underbanked populations?

Technology can play a pivotal role in promoting financial inclusion, especially in emerging markets, by providing access to banking services for unbanked and underbanked populations. Mobile banking, for instance, has already proven transformative by enabling banks to reach individuals in remote and underserved areas. Through mobile apps, customers can access basic banking services such as money transfers, bill payments, and savings accounts from their phones, regardless of their proximity to a physical branch. The proliferation of smartphones and internet connectivity has significantly expanded the reach of mobile banking, allowing people to manage their finances anytime, anywhere, which is a key driver in closing the financial inclusion gap.

Cloud-based banking solutions further enhance inclusion by reducing the operational costs associated with traditional banking infrastructure. By leveraging cloud services, banks can offer low-cost accounts with minimal Know Your Customer (KYC) requirements, making it easier for individuals without formal documentation to open accounts and participate in the financial system. In addition, alternative credit scoring mechanisms—using data from utility payments, mobile phone usage, and social media activity—allow banks to assess the creditworthiness of individuals who may not have a traditional credit history. This enables banks to extend loans to previously underserved populations, fostering economic growth and empowerment.

Innovative solutions such as micro-lending platforms, digital wallets, and agent networks in rural areas also contribute to bridging the financial inclusion gap. Micro-lending platforms offer small, short-term loans to individuals or small businesses, giving them access to capital for entrepreneurial activities. Digital wallets simplify the process of saving and transacting digitally, while agent networks—local representatives who provide banking services—help banks reach rural customers who may lack internet access or smartphones.

Moreover, biometric authentication technologies like fingerprint and facial recognition have revolutionised access to banking services, particularly for those without traditional identification documents. These technologies provide a secure and convenient way for individuals to authenticate their identities and access their accounts, ensuring that even those without formal IDs can participate in the financial system.

Blockchain technology also holds immense potential for financial inclusion. With its ability to provide secure, transparent, and decentralised transactions, blockchain can enable individuals without formal identification or credit history to access financial services. Blockchain-based platforms can create digital identities and maintain transaction records, helping individuals build their financial profiles and gain access to banking services like loans, insurance, and savings accounts.

Through these innovations, technology is enabling banks to reach the unbanked and underbanked populations in unprecedented ways, creating new pathways to financial independence and economic development. By continuing to invest in these technologies, banks can play a key role in closing the financial inclusion gap, particularly in emerging markets where access to traditional banking services has historically been limited.

What advice do you have for young students and alumni who wish for a similar career trajectory as yours?

For students and alumni aspiring to build a career in finance, I recommend focusing on the following key areas:

• Strengthen Analytical Skills: Develop a solid foundation in analytics and a deep understanding of the core drivers of the business. Analytical skills are crucial in finance for making data-driven decisions and gaining insights into market trends and business performance.
• Cultivate an Entrepreneurial Mindset: Always seek opportunities to innovate and add value, whether it’s through brainstorming new ideas or finding creative solutions to challenges. This entrepreneurial approach will set you apart in a competitive industry.
• Network and Seek Mentorship: Building relationships and finding mentors can provide invaluable guidance and diverse perspectives that will shape your career growth. Networking with industry professionals also opens doors to new opportunities and insights.
• Stay Globally Minded and Adaptable: Embrace a global perspective, be adaptable, and remain open to different ways of thinking. Finance is an ever-evolving field influenced by global markets, so understanding broader trends and cultural differences is essential.
• Stay Curious and Continuously Learn: The finance industry is rapidly transforming with advancements in technology and emerging trends. Keeping up to date with these changes and staying curious about new developments will help you stay relevant and innovative.
• Build Resilience and Perseverance: Long-term career success requires resilience and a commitment to continuous learning. Challenges will arise, but a persistent and proactive attitude, combined with a willingness to learn, will keep you on the path to success.