I&M Bank and Backbase prolong long-term partnership to strengthen digital management within the area and ship progressive customer-centric options throughout Retail, SME, and Corporate Banking

NAIROBI, Kenya, 29 October 2024-/African Media Agency (AMA)/- I&M Bank Kenya, a number one Tier 1 industrial financial institution, has reaffirmed its dedication to digital transformation and buyer expertise excellence by extending its strategic partnership with Backbase, the supplier of the Engagement Banking Platform. The renewed collaboration will permit I&M Bank to proceed leveraging Backbase’s next-generation platform and experience to ship progressive customer-centric digital options throughout its Retail, SME and Corporate Banking segments.

The partnership, initially launched in 2021, marked a essential shift in I&M Bank’s focus in the direction of the Retail market, requiring a metamorphosis of its working mannequin. Leveraging Backbase’s Digital Onboarding product throughout each cellular and internet platforms, I&M Bank turned the primary financial institution in Africa to undertake this expertise, enhancing its capability to scale shopper onboarding. This transformation has resulted in spectacular development in each buyer acquisition and retention.

Shameer Patel, Executive General Manager, Personal and Business Banking at I&M Bank mentioned, “The partnership with Backbase has been instrumental to our digital transformation and growth strategy. Backbase has helped us to deliver a seamless and innovative digital banking experience to our customers, while also reducing our operational costs and time-to-market. As we progress in our growth journey, we are excited to continue this collaboration, driving forward digital banking innovation and excellence.”

Through its enhanced platform, I&M Bank now presents a streamlined account opening course of for small companies by way of the Solo Biz Account, offering elevated flexibility and assist in reaching monetary aims. Additionally, the financial institution has launched Digital Lending capabilities, making financing extra accessible to its prospects, whereas lowering the shopper acquisition value on the app by 44%.

Building on the success within the Retail phase, I&M Bank has expanded its use of Backbase’s platform to its conventional key segments, Corporate and SME Banking. By consolidating its digital infrastructure right into a unified platform, the financial institution has accelerated its capacity to launch new merchandise and options, streamlined operations and bolstered buyer satisfaction and loyalty. This has given I&M Bank a aggressive edge out there, in addition to enhanced buyer satisfaction and loyalty.

Speaking on the announcement, Matthijs Eijpe, SVP and Managing Director CEEMEA- of Backbase shared, “We’re thrilled to strengthen our partnership with I&M Bank, embarking on an ambitious progressive digital transformation journey. This collaboration is set to elevate customer experiences and reinforce I&M Bank’s commitment to becoming a leading bank in the region. Together, we’re focused on innovative, customer-centred solutions that promise to redefine banking standards.”

Through this prolonged partnership, I&M Bank will additional solidify its place as a digital chief within the area, persevering with to supply progressive, scalable options that improve the banking expertise for its various buyer base.

I&M Bank was the primary and solely financial institution in Kenya to pioneer the elimination of charges for transactions between financial institution accounts and cellular cash wallets (M-PESA and Airtel Money) for private banking and now for Solo Biz prospects by way of the I&M On The Go (OTG) App. 

Distributed by African Media Agency (AMA) on behalf of Backbase.

Notes to Editor 

50 Years of I&M Bank 

I&M Bank celebrates its golden jubilee this 12 months for the reason that incorporation of the corporate in 1974. The entrepreneurial spark of the Founder and Chairman Emeritus ignited a imaginative and prescient of greatness that has seen I&M Bank develop from a community-based lending outfit to a regional monetary companies market chief. 

About I&M Group PLC 

I&M Group has a long-standing presence within the Kenyan market with a presence in banking, insurance coverage, and actual property. The Group presents a full vary of banking and monetary companies protecting Corporate & Institutional Banking, Personal & Business Banking, Bancassurance, Wealth Management, and Advisory companies with a presence spanning throughout 5 international locations in Kenya, Uganda, Tanzania, Rwanda, and Mauritius. 

I&M Bank was based in 1974 as a monetary companies firm and later transformed to a industrial financial institution. It is now an entirely owned subsidiary of I&M Group Plc, a public firm listed on the Nairobi Securities Exchange (NSE). 

I&M Group PLC is regulated by the Central Bank of Kenya, Capital Markets Authority of Kenya, and the Nairobi Securities Exchange. For extra newest information go to www.imbankgroup.com

About Backbase

Backbase is on a mission to re-architect banking across the buyer. We are the creators of the Engagement Banking Platform – a composable platform that empowers banks to speed up their digital transformation by progressively modernizing their fundamental buyer journeys. From onboarding, to servicing, lending and investing, our platform streamlines each facet of the shopper and worker journey. Pre-integrated with main core programs and cutting-edge fintechs, it permits establishments to unlock innovation at scale, driving instantaneous worth creation.

Industry analysts Forrester, Gartner, Celent, Omdia and IDC repeatedly acknowledge Backbase’s class management. Over 150 financials around the globe have embraced the Backbase Engagement Banking Platform — together with AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Discovery Bank, Everbank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, Standard Bank, Saudi National Bank, Société Générale, TD Bank, Techcom Bank, and TPBank.

Backbase is a non-public fintech firm, based in 2003 in Amsterdam (Global HQ), with regional places of work in Atlanta (Americas HQ), Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Singapore (Asia HQ), Sydney, and Toronto. Visit www.backbase.com for extra.

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