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I&M Bank upgrades core banking system to Finacle

I&M Bank Uganda CEO Robin Bairstow

I&M Bank Uganda CEO Robin Bairstow

I&M Bank Uganda has upgraded its core banking system to Finacle, a more robust and versatile application, a move which the lender says is a major step in its digital transformation journey which will enhance efficiency and service delivery thus improving its customer experience.

The new system will see the account numbers format change to start with a new code that is allocated to I&M Bank Uganda within the I&M Group. The upgrade of the core banking system brings the financial service provider’s investment on digitization of its systems and platforms to approximately $9 million (Shs 34.9 billion).

Commenting on the impact of the system upgrade on the business, I&M Bank Uganda CEO Robin Bairstow, who took office mid-last year noted that upgrading to the Finacle Core Banking Solution System gives the bank 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, ensure greater efficiency and an improved customer experience. This will enable us to deliver innovation-led growth while leveraging technology to achieve operational excellence,” he said.

Bairstow added that Finacle has a primary focus on usability which will improve customers’ banking experience and since the new system is web-based, it supports multiple currencies and enables hosting of all digital channels under one banking platform thus providing an omni-channel experience.

“The new system will enable the bank 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.”

Sam Ntulume, the bank’s chief operations officer noted that the upgrade to Finacle has been seamless and will not affect customers’ access to the bank’s services and products with the only slight change being in the way account numbers are formatted. Branch names and customer domicile branches shall also not be affected by the system upgrade.

“With this new technology, we are going to be able to provide our customers with a wide range of services which we could not previously do with the old technology. For instance, the old technology could not allow us to give our customers credit cards, we could only give them debit cards,” Ntulume said.

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