The new value propositions are expected to simplify banking through solutions that are tailor-made to customers dynamic needs
I&M Bank Limited has launched an enhanced set of customer solutions under its iMara 2.0 strategy as part of the Bank’s continued efforts to meet its Corporate, MSME and retail customers’ financial needs.
The new value propositions will support the Bank’s strategy of deepening penetration into the Retail and MSME segments through tailor-made customer solutions. For each customer segment, the Bank has clearly defined their banking needs using “personas” – these are based on the customers’ different stages in life and their changing financial and lifestyle requirements. The enhanced product offerings are then designed to meet the unique needs of each segment persona, with customers having the choice to select the set of financial solutions that best align to their business and/or personal requirements.
The segments identified include “the Game Changer” – Small Medium Enterprises (SMEs) and Micro, Small, and Medium Enterprises (MSMEs) who are focused on growing and improving their business; “the Industry Shaper” – Corporates seeking to maximize profits and business efficiency; “the Legacy Builder” – high net worth and premium clients keen on wealth management advisory services, and “the Dream Chaser” – young professionals concentrating on education and career enhancement.
Initially, the Bank is introducing two new transactional accounts for Personal and Business clients, namely Pay As You Go (PAYG) and Club account. Current I&M customers will be upgraded to the new accounts based on their transactional needs and lifestyle requirements. The accounts will be backed by a distinct payment card offering that comes with value added benefits tailored to suit the lifestyle of each segment through a strategic partnership with MasterCard. Key to note is that the cards are made from recycled plastic, which aligns to the Bank’s sustainability agenda.
Commenting on the development, Kihara Maina, CEO, I&M Bank Limited noted, “We aspire to be more than just a bank, rather we seek to be a financial partner that strives to impact and grow with our customers through the provision of reliable and convenient digital solutions. These new value propositions have been further enhanced through the investments we have made in robust digital platforms and our new card management system that will make it easy for customers to transact with us and enjoy the full freedom of modern banking.”
“Recently the Bank has invested in advanced data analytics infrastructure – this has enabled us to enhance data-driven decision making and shape the provision of financial solutions which reflect our customer’s dynamic needs. Through these new value propositions, we are simplifying banking and customers can now select a set of financial solutions that meet their requirements.” explained Maina.
The new solutions look to support business growth, primarily through the customer centricity offered by digitisation. To this end, recently the Bank launched a state of the art mobile and internet banking platform known as I&M On-The-Go (OTG), that over time will allow customers to access all the Bank’s products and services in real-time. Also, the Bank has rolled out unsecured lending for its retail (Young professionals and Premium), MSME and SME customers, which will soon be availed on the I&M OTG platform.
Additionally, the new value propositions come with wealth management and insurance solutions as well as redeemable loyalty points on all POS/E-commerce transactions, with cash back rewards for the Bank’s retail customers. Uniquely, they will also come with a set of service standard guarantees.
For Corporate customers, they will enjoy corporate finance advisory services, structured trade finance and forex solutions, seamless global transactions, and cash management solutions amongst other solutions. Also, MSME and SME customers will have access to debt solutions, capital raising and business advisory services, collection solutions, enterprise resource planning integration and B2B networking opportunities.
The Bank is planning to roll out more tailored and market driven financial solutions in the future in line with the new value propositions.
“We will keep investing in innovative solutions that are relevant to our customers across all our banking segments. Our aspiration is to be Kenya’s Leading Financial Partner for Growth; therefore, we will prioritize efficient service delivery to all our customers.” Mr. Maina reiterated.