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 extension announced on Tuesday, October 29, was initially launched in 2021. It marked a critical shift in I&M Bank’s focus towards the retail market, necessitating 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, significantly enhancing its capacity to scale client onboarding.
Read also: Digital divide: 76% of Ethiopians lack access to internet, says report
Improving digital solutions through collaboration
Shameer Patel, Executive General Manager for Personal and Business Banking at I&M Bank, expressed the significance of this partnership, stating, “The partnership with Backbase has been instrumental to our digital transformation and growth strategy. Backbase has helped us 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 percent.
Expanding impact across banking segments
Building on its 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 strategic move has given I&M Bank a competitive edge in the market.
Commenting on the extended partnership, Matthijs Eijpe, SVP and Managing Director CEEMEA at 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-centered solutions that promise to redefine banking standards.”
Read also: OPay named Mobile Payment Solutions Provider of the Year at 2024 BAFI Awards
I&M Bank’s legacy of innovation
Through this extended partnership, I&M Bank will further solidify its position as a digital leader in the region. Notably, 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.
As I&M Bank celebrates its golden jubilee this year since its incorporation in 1974, the entrepreneurial spark of the founder and Chairman Emeritus has ignited a vision of greatness, transforming I&M Bank from a community-based lending outfit to a regional financial services market leader.
