I&M Bank Kenya Boosts Digital Transformation In Partnership With

I&M Bank Kenya has renewed its strategic partnership with Backbase, a leading provider of the Engagement Banking Platform.

The collaboration aims to deliver innovative, customer-centric digital solutions across the bank’s Retail, SME, and Corporate Banking segments.

Initially launched in 2021, the partnership marked a pivotal shift in I&M Bank’s focus towards enhancing its Retail market offerings. The partnership necessitated a transformation of the bank’s operating model, enabling it to utilize Backbase’s Digital Onboarding product across mobile and web platforms.

This initiative made I&M Bank the first bank in Africa to adopt this advanced technology, significantly improving its client onboarding process. As a result, the bank has experienced remarkable growth in both customer acquisition and retention.

Shameer Patel, Executive General Manager of Personal and Business Banking at I&M Bank, emphasized the importance of this partnership, stating that Backbase has been instrumental to our digital transformation and growth strategy.

“It has enabled us to provide a seamless and innovative digital banking experience while reducing operational costs and time-to-market. As we continue on our growth journey, we are excited to drive forward digital banking innovation and excellence.”

I&M Bank’s enhanced platform now features a streamlined account opening process specifically designed for small businesses through the Solo Biz Account. This initiative provides increased flexibility and support for clients striving to meet their financial goals.

Additionally, the bank has introduced Digital Lending capabilities, making financing more accessible and reducing customer acquisition costs on its app by an impressive 44%.

Building on its success within the Retail segment, I&M Bank is expanding the use of Backbase’s platform to its traditional key segments, including Corporate and SME Banking. By consolidating its digital infrastructure into a unified platform, the bank has accelerated its product launch capabilities, streamlined operations, and enhanced customer satisfaction and loyalty. This strategic move has provided I&M Bank with a competitive edge in the market.

Matthijs Eijpe, SVP and Managing Director for CEEMEA at Backbase, expressed enthusiasm about the extended partnership indicating that the collaboration is set to elevate customer experiences and reinforce I&M Bank’s commitment to becoming a leading bank in the region.

Together, we are focused on delivering innovative, customer-centered solutions that promise to redefine banking standards.

Through this renewed partnership, I&M Bank is poised to further solidify its position as a digital leader in the region, continuing to offer innovative and scalable solutions that enhance the banking experience for its diverse customer base.

Notably, I&M Bank was the first and only bank in Kenya to eliminate fees for transactions between bank accounts and mobile money wallets (M-PESA and Airtel Money) for personal banking, a benefit that has now been extended to Solo Biz customers via the I&M On The Go (OTG) App.