Developing a Strategic Framework for ICT Investments in Omani Financial Institutions

This proposed study aims to develop a strategic framework for ICT investments in Omani financial institutions. This study has two main sub-objectives: (1) To develop metrics to assess the return of ICT investments in Omani financial institutions; and (2) to identify the enablers and inhibitors of successful ICT investments in these institutions. Information and communications infrastructure is one of the main pillars of knowledge based economy according to the world bank and it is one of the prerequisites of economic growth. Today, ICT is playing crucial role on individual, organizations , governments and economies performance, productivity and competitiveness. The importance of ICT has been emphasized by several international organizations such as the World bank and the World Economic Forum. Likewise, Omani government has recognized the crucial role of ICT on the development of Omani individuals, organizations and economy. This recognition has been illustrated in the Oman 2020 vision of national economy, and by the establishment of Information Technology Authority in Oman in May 2006. Accordingly, massive ICT investments have been initiated to improve the competitiveness of Omani organizations and Oman economy. Financial institutions sector is one of the major sectors in any nation. Furthermore, the literature indicated that the financial sector in Oman is of growing opportunities for investors. The utilization of ICT is indispensable not only to improve the effectiveness and efficiency of its financial institutions services but also lessen the entry barriers. Recently, the ICT investments in Omani financial institutions are illustrated by many electronic services such as Internet banking in banks. However, the productivity of ICT investments has been a major concern in ICT and economy (finance) research, and it s even of a greater concern for profit organizations such as financial institutions. Thus, the outcome of this proposed study can assist financial institutions in Oman and similar countries on their ICT investments and strategic management and planning. Also, the findings can benefit ICT investors in Oman. In addition, the study theoretically adds value to the economics and productivity of ICT investments research.