I&M Bank Kenya has partnered with global digital banking software provider Backbase, to launch an omnichannel digital banking platform.
Dubbed I&M On The Go (OTG), the platform will support customers to access all the bank’s products and services in real-time through mobile banking and internet banking. In addition, it will allow them to transact through the bank’s website, mobile app, call center and the bank’s branches.
“COVID-19 has accelerated the shift to digital banking like never before. The launch of the On The Go (OTG) platform consolidates our investment around customer needs. We are certain that through leveraging Backbase’s platform, I&M Bank will navigate the new normal with speed, customer focus and a distinct advantage for the future,” said Kihara Maina, CEO at I&M Bank.
The Bank, through its iMara 2.0 strategy, it has placed digitisation as a key enabler for business growth in the Personal and MSME banking segments. Further, it is looking to strengthen its position in Corporate and Institutional banking. Through rollout of various products and services that are accessed and delivered digitally, as with the OTG, I&M Bank to looking expand its business reach as well as diversify revenue sources through its chosen customer segments.
“We are proud to offer our solution to I&M Bank. We believe that this solution will provide an enriched banking experience to the bank’s customers in line with the bank’s priority of giving premium focus on digital technology. We are pleased to support I&M Bank in this journey”, said Matthijs Eijpe, Regional Vice President, Backbase.
Backbase was named a leader in The Forrester Wave: Digital Banking Engagement Platform Q3 2021 and in The Forrester Digital Banking Engagement Hubs Q3 2021 reports. The Forrester Wave uses a transparent methodology to compare players in software, hardware, or services markets, helping organisations to make informed decisions on which digital technology to take advantage of. I&M Bank is the first Bank in Kenya to use this platform.
The platform will offer an enhanced banking experience and convenience for I&M Bank customers. Also, it will also empower them with information and insights to make better financial decisions.
This move is a key milestone in the bank’s broader quest to optimise its operating model by enhancing efficiency and providing clients with the right digital solutions. The platform has been spearheaded by the Bank’s digital factory, iCube, which has embraced Agile practices in fostering the Bank’s digital transformation journey.
“In the fast-paced growth of the tech-enabled economy, we are pleased to offer convenience to our esteemed customers who can manage their banking engagements “On the Go” amidst their busy schedules. This rollout is a continuation of our efforts and commitment to providing customers with convenient financial solutions through the provision of excellent products and services, as well as to reward them for choosing I&M Bank as their trusted banking partner,” Kihara Maina added.
The bank’s clients will view their accounts details and transactional activities through the platform and will seamlessly initiate payments and money transfers. Also, they will be able to make utility payments to various companies and preview and download monthly statements.
In line with the bank’s efforts to continue delivering innovative digital solutions that enhance customers’ banking experience, the bank will leverage the system’s capability to roll out additional banking solutions such as digital lending in the near future, which will target its Personal and MSME clients.
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