I&M Bank Uganda has taken a major step in its digital transformation journey by upgrading its Core Banking System to Finacle, a more robust and versatile application.
The move, which comes at a time when the regional financial services provider is preparing to celebrate fifty years as a leader in the banking sector, will enhance efficiency and service delivery thus improving our customer experience.
The new system is tried and tested in over 100 countries, serving approximately 1.5 billion customers and processing transactions across over a billion accounts globally.
The upgrade to the Finacle Core Banking Solution System has been seamless and will not affect customers’ access to the bank’s services and products.
The only slight change will be in the way account numbers are formatted. The new system will see account numbers format change to start with a new code that is allocated to I&M Bank Uganda within the I&M Group. Branch names and customer domicile branches shall not be affected by the system upgrade.
The upgrade to the core banking system brings I&M Bank Uganda’s investment on digitization of its systems and platforms to approximately USD 9M. A new 24/7 digital self-service hub dubbed the ‘I&M Bank Digital Pod’, was erected at the Bank’s premium branch at Kingdom Kampala, to help clients access services without having to walk into the banking hall.
In 2023 the bank launched the I&M Bank MasterCard Debit Cards, aimed at transforming the banking and payments experience for customers.
Commenting on the impact of the system upgrade on the business, I&M Bank Uganda CEO Mr. Robin Bairstow, who took office mid last year, noted: “Upgrading to the Finacle Core Banking Solution System gives us a significant opportunity to drive customer acquisition through offering relevant products and services. Finacle is a robust platform designed to significantly enhance our service delivery, ensuring greater efficiency and an improved customer experience. This will enable us to deliver innovation-led growth while leveraging technology to achieve operational excellence.”
“The Finacle Core Banking Solution System has a primary focus on usability and will improve our customers’ banking experience. The new system is web-based, supports multiple currencies and enables hosting of all digital channels under one banking platform thus providing an omni channel experience,” he noted.
Mr Bairstow added that the new system will enable I&M Bank Uganda to offer end-to-end financial services and solutions, including but not limited to; digital account opening, deposits, loan payments, and trade finance, among others.
The implementation of the Finacle Core Banking Solution is another step towards I&M Bank Uganda realizing their strategic aspiration of becoming Uganda’s leading financial partner for growth, as well as re-emphasizing the Group’s brand promise; “On Your Side.”
The latest development reflects I&M Group’s aspiration of building a reputation as Eastern Africa’s leading financial partner for growth.
I&M Bank Group Plc has been operating in the region since 1974 and is celebrating 50 years of serving our customers this year. I&M Bank Uganda has lined up a series of activities to build up to the golden jubilee celebrations, hinged on key strategic thematic areas; Corporate Social Responsibility, Consumer Connection Moments and Experiences, plus Digital enhancements for an improved online banking experience.
The bank continues to engage in different CSR initiatives to empower and better the communities it operates. I&M Bank Uganda remains committed to the strategic partnership with Buganda Kingdom and has already been confirmed as one of the main sponsors of the Kabaka Birthday Run 2024. The Bank will boost the maternity ward at St. Francis Nsambya Hospital with a donation of maternal health kits, as well as emergency equipment, to better the quality of services in the ward. In terms of environmental conservation, I&M Bank recently joined hands with other like-minded entities and will be part of a reforestation drive aimed at rehabilitating Mabira Forest.
In a bid to further its economic empowerment CSR pillar, I&M Bank through its sister company, I&M Burbidge Capital, will hold a series of engagements with customer empowerment and the community, to provide solutions to key issues like running successful family businesses, governance, and succession planning.
