I&M Bank redefines banking with seamless digital access

I&M Bank, founded in 1974, is a leading Kenyan commercial bank and a subsidiary of I&M Group Plc. Operating in Kenya, Mauritius, Tanzania, Rwanda, and Uganda, it serves diverse customers. As the first in Kenya to remove fees for transactions between accounts and mobile wallets, it continues innovating with its I&M On The Go (OTG) App.

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Bank type
Retail, business, corporate bank
Journeys
Daily banking, Onboarding, Managed hosting
HQ
Nairobi, Kenya
Size
US$3bn in total assets

Goals & challenges

In 2021, I&M Bank embarked on a transformation journey, partnering with Backbase to enable real-time access to its products and services via mobile and internet banking. The bank sought to enhance its website, app, call center, and branches, while strengthening its Corporate and Institutional banking, expanding its reach, and diversifying revenue through key customer segments.

Solution

The 2021 partnership marked a pivotal shift in I&M Bank’s focus on the retail market, transforming its operating model. By leveraging Backbase’s Onboarding for mobile and web, it became the first in Africa to adopt this technology, achieving impressive growth. Expanding to corporate and SME banking, the unified platform accelerates innovation, streamlines operations, and enhances customer satisfaction.

Results

The enhanced platform has given I&M Bank a competitive edge in the market, as well as enhanced customer satisfaction and loyalty.

44%

reduction in customer acquisition costs on the app

Streamlined

account opening process for SMEs via the Solo Biz Account

Launched

digital lending capabilities

Consolidated

digital infrastructure into a unified platform

4.2

Apple AppStore rating

Accelerated

ability to launch new products and features

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.

Shameer Patel, Executive General Manager, Personal and Business Banking of I&M Bank