I&M Bank Kenya, one of the country’s leading Tier 1 commercial banks, has solidified its digital transformation journey by extending its partnership with Backbase, a global provider of engagement banking platforms. The renewed collaboration aims to enhance I&M Bank’s digital capabilities across Retail, SME, and Corporate Banking segments, further aligning with the bank’s commitment to innovation and customer experience excellence.
The partnership, which began in 2021, marked a significant turning point for I&M Bank as it focused on revamping its Retail market approach. By adopting Backbase’s Digital Onboarding product, I&M Bank became the first bank in Africa to deploy this advanced technology across mobile and web platforms. This strategic move significantly improved the bank’s capacity to scale client onboarding and resulted in substantial growth in customer acquisition and retention.
Shameer Patel, Executive General Manager, Personal and Business Banking at I&M Bank, highlighted the impact of this collaboration on the bank’s growth strategy:
“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.”
Since partnering with Backbase, I&M Bank has seen significant improvements in its customer onboarding process. Notably, the bank’s digital platform now offers a streamlined account-opening experience for small businesses through the Solo Biz Account. This product provides increased flexibility and support, helping entrepreneurs and business owners achieve their financial objectives.
The bank has also introduced Digital Lending capabilities, making financing more accessible and affordable to customers. This transformation has significantly reduced the cost of customer acquisition on the I&M app by 44%, highlighting the tangible benefits of the partnership.
Building on its success in the Retail segment, I&M Bank has expanded the use of Backbase’s engagement 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, streamline operations, and boost customer satisfaction and loyalty.
This strategic shift has not only given I&M Bank a competitive edge but has also reinforced its position as a leader in the digital banking space. By offering a seamless and personalized digital banking experience, the bank aims to strengthen its relationships with Corporate and SME customers while ensuring high satisfaction levels across its customer base.
Matthijs Eijpe, Senior Vice President and Managing Director for Central Eastern Europe, Middle East, and Africa (CEEMEA) at Backbase, expressed his excitement about the partnership’s extension:
“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 continued collaboration, I&M Bank is set to further solidify its position as a digital banking leader in the region. The partnership aims to deliver innovative, scalable solutions that elevate the banking experience for the bank’s diverse customer base.
I&M Bank has consistently positioned itself as an industry leader in digital banking. It was the first and remains the only bank in Kenya to pioneer the removal of fees for transactions between bank accounts and mobile money wallets such as M-PESA and Airtel Money. This initiative applies to personal banking customers and Solo Biz customers via the I&M On The Go (OTG) App.
The year 2024 marks a milestone for I&M Bank as it celebrates its 50th anniversary since its incorporation in 1974. The entrepreneurial vision of its Founder and Chairman Emeritus has seen I&M Bank evolve from a community-based lending organization to a regional financial services market leader. The bank’s journey over the past five decades is a testament to its resilience, commitment to innovation, and dedication to customer satisfaction.
I&M Group PLC has a long-standing presence in the Kenyan market and operates in banking, insurance, and real estate. The Group offers a comprehensive range of banking and financial services, covering Corporate & Institutional Banking, Personal & Business Banking, Bancassurance, Wealth Management, and Advisory services. It has a presence in five countries, including Kenya, Uganda, Tanzania, Rwanda, and Mauritius.
Founded in 1974 as a financial services company, I&M Bank later converted into a commercial bank and is now a wholly-owned subsidiary of I&M Group PLC. The Group is a public company listed on the Nairobi Securities Exchange (NSE), and it continues to expand its footprint in the East African region.
I&M Bank’s renewed collaboration with Backbase underscores the bank’s commitment to remaining at the forefront of digital banking innovation. As the banking landscape continues to evolve, embracing digital transformation is crucial for financial institutions aiming to enhance customer experiences, streamline operations, and drive growth.
By leveraging Backbase’s next-generation platform, I&M Bank is poised to build on its achievements and maintain its competitive edge in the market. With an unwavering focus on innovation and customer-centric solutions, the bank aims to set new standards in digital banking excellence, ultimately benefiting its customers and stakeholders.
