I&M Bank Uganda Leaps Forward with Finacle Core Banking Upgrade, Eyes Digital Transformation Milestone

I&M Bank Uganda has embarked on a significant digital transformation journey, upgrading its core banking system to Finacle, a move poised to revolutionize customer service and operational efficiency. This upgrade, costing about $9 million (Shs 34.9 billion), represents a substantial investment in digitization, underscoring the bank’s commitment to leveraging technology for innovation and growth. CEO Robin Bairstow highlighted the upgrade as a pivotal development for customer acquisition and service enhancement.

Strategic Advancement Through Technology

The transition to Finacle, a more robust and versatile core banking solution, marks a critical step in I&M Bank Uganda’s strategy to enhance service delivery and operational efficiency. Finacle’s web-based platform supports multi-currency transactions and consolidates all digital channels under one banking platform, offering an omni-channel experience. This upgrade is expected to broaden the bank’s financial services and solutions, including digital account opening, deposits, loan payments, and trade finance, steering the bank towards its goal of becoming Uganda’s premier financial partner for growth.

Enhancing Customer Experience and Operational Excellence

According to CEO Bairstow, the move to Finacle will not only boost the bank’s service delivery but also ensure greater efficiency and an improved customer experience. The system’s emphasis on usability is set to significantly enhance customers’ banking experience. Chief Operations Officer Sam Ntulume assured that the transition has been seamless, with no disruption to customer access to the bank’s services. The upgrade will enable the bank to offer services previously unavailable, such as credit cards, due to limitations of the old technology.

Future-Proofing Banking Services

The implementation of the Finacle Core Banking Solution is a testament to I&M Bank Uganda’s dedication to innovation and operational excellence. By providing a wide range of financial services and solutions under a unified platform, the bank is well-positioned to meet the evolving needs of its customers. This technological leap forward is not just about enhancing current services but also about future-proofing the bank’s operations, ensuring that it remains at the forefront of Uganda’s banking sector in the digital age.

As I&M Bank Uganda navigates its digital transformation journey, the upgrade to Finacle stands as a significant milestone. It reflects the bank’s strategic aspiration to harness technology for growth and customer satisfaction. This move is expected to set a new benchmark in service delivery and operational efficiency, propelling I&M Bank Uganda towards becoming the leading financial partner for growth in Uganda.

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