I&M Bank Kenya, has partnered with Backbase, the Engagement Banking Platform to allow I&M Bank to deliver innovative customer-centric digital solutions across its Retail, SME and Corporate Banking segments.
In 2021, I&M Bank became the first bank in Africa to adopt Backbase’s Digital Onboarding product across both mobile and web platforms, to enhance its capacity to scale client onboarding resulting into impressive growth in both customer acquisition and retention.
In a statement seen by TechMoran, 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.”
The extended partnership will allow the bank to simplify account opening process for small businesses via the Solo Biz Account, provide 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%.
The Bank says it has expanded its use of Backbase’s platform to its traditional key segments, Corporate and SME Banking after seeing success in the Retail segment thereby enabling it to launch new products and features.
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.
“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.” said Matthijs Eijpe, SVP and Managing Director CEEMEA- of Backbase.
