I&M Bank and Backbase extend long-term partnership to strengthen digital leadership in the region and deliver innovative customer-centric solutions across Retail, SME, and Corporate Banking
I&M Bank Regional CEO Kihara Maina
NAIROBI, Kenya, 29 October 2024-/African Media Agency (AMA)/- I&M Bank Kenya, a leading Tier 1 commercial bank, has reaffirmed its commitment to digital transformation and customer experience excellence by extending its strategic partnership with Backbase, the provider of the Engagement Banking Platform. The renewed collaboration will allow I&M Bank to continue leveraging Backbase’s next-generation platform and expertise to deliver innovative customer-centric digital solutions across its Retail, SME and Corporate Banking segments.
The partnership, initially launched in 2021, marked a critical shift in I&M Bank’s focus towards the Retail market, requiring a transformation of its operating model. Leveraging Backbase’s Digital Onboarding product across both mobile and web platforms, I&M Bank became the first bank in Africa to adopt this technology, enhancing its capacity to scale client onboarding. This transformation has resulted in impressive growth in both customer acquisition and retention.
Shameer Patel, Executive General Manager, Personal and Business Banking at I&M Bank said, “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 offers a streamlined account opening process for small businesses via the Solo Biz Account, providing increased flexibility and support in reaching financial objectives. Additionally, the bank has introduced Digital Lending capabilities, making financing more accessible to its customers, while reducing the customer acquisition cost on the app by 44%.
Building on the success in the Retail segment, I&M Bank has expanded its use of Backbase’s platform to its traditional key segments, Corporate and SME Banking. By consolidating its digital infrastructure into a unified platform, the bank has accelerated its ability to launch new products and features, streamlined operations and bolstered customer satisfaction and loyalty. This has given I&M Bank a competitive edge in the market, as well as enhanced customer 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 extended partnership, I&M Bank will further solidify its position as a digital leader in the region, continuing to offer innovative, scalable solutions that enhance the banking experience for its diverse customer base.
I&M Bank was the first and only bank in Kenya to pioneer the removal of fees for transactions between bank accounts and mobile money wallets (M-PESA and Airtel Money) for personal banking and now for Solo Biz customers via 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 year since the incorporation of the company in 1974. The entrepreneurial spark of the Founder and Chairman Emeritus ignited a vision of greatness that has seen I&M Bank grow from a community-based lending outfit to a regional financial services market leader.
About I&M Group PLC
I&M Group has a long-standing presence in the Kenyan market with a presence in banking, insurance, and real estate. The Group offers a full range of banking and financial services covering Corporate & Institutional Banking, Personal & Business Banking, Bancassurance, Wealth Management, and Advisory services with a presence spanning across 5 countries in Kenya, Uganda, Tanzania, Rwanda, and Mauritius.
I&M Bank was founded in 1974 as a financial services company and later converted to a commercial bank. It is now a wholly owned subsidiary of I&M Group Plc, a public company listed at 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 more latest news visit www.imbankgroup.com
About Backbase
Backbase is on a mission to re-architect banking around the customer. We are the creators of the Engagement Banking Platform – a composable platform that empowers banks to accelerate their digital transformation through progressively modernizing their main customer journeys. From onboarding, to servicing, lending and investing, our platform streamlines every aspect of the customer and employee journey. Pre-integrated with leading core systems and cutting-edge fintechs, it enables institutions to unlock innovation at scale, driving instant value creation.
Industry analysts Forrester, Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform — including 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 private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Singapore (Asia HQ), Sydney, and Toronto. Visit www.backbase.com for more.
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