I&M Bank upgrades to multi-billion Finacle core banking system

Business
I&M Bank upgrades to multi-billion Finacle core banking system
Robin Bairstow

I&M Bank Uganda has announced a major step in its digital transformation journey, by integrating into the Finacle core banking system to enhance banking operations.

The new core banking system is used by the major regional and privately owned banks in the UAE, in Southeast Asia, across Africa and South America, serving approximately 1.5 billion customers worldwide.

While briefing the media on Tuesday, the bank’s CEO, Robin Bairstow, highlighted the impact of integrating into Finacle's core banking system.

“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.” Bairstow said.

“It was a commitment we made to our customers and a commitment that we made to the central bank when we were making their position. So what have we gone and done? Well, this makes a major step towards our digital transformation.” he added.

He noted that the upgrade which was embarked on last year, comes with a focus on innovation and customer-centricity, as they aim to drive growth, efficiency, and an enhanced banking experience.

Bairstow added that 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.

“We've changed our digital channels, we've changed our switch provider, we've upgraded all of our ATMs, we have included much more sophisticated disaster recovery and, behind this, even further behind the scenes, updated on our cyber security programs and software at the same time,” he said.

Sam Ntulume, the chief operating officer of I&M told the media that this remarkable integration was triggered by the change in customer requirements, amid the growing demand for digital products across the banking market.

“Our customers are reformed, knowledgeable, and demanding better services, better solutions to be able to run their businesses, to be able to invest their excess money, and they are asking for convenience to ensure that they can do banking, wherever they are irrespective of the location. And we have listened to our customers and we have worked together with our board and our shareholders to ensure that we roll out the solutions that our customers are asking for.” Ntulume remarked.

Finacle is a leading universal banking solution that helps financial institutions worldwide to develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world.

The core banking system enhances e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide.

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