Over the weekend, I&M Bank Uganda accomplished a significant milestone by successfully upgrading its core banking system to Finacle 10, a digital banking solution renowned for its transformative capabilities.
This upgrade, totaling $638 million, promises an improved banking experience for customers and aligns with the bank’s commitment to staying at the forefront of financial services.
Finacle 10, a product of EdgeVerve Systems, a subsidiary of global digital services and consulting giant Infosys, is recognized for its powerful multi-country infrastructure and ability to meet diverse customer demands through rapid innovation.
Annette Nakiyaga, a spokesperson from I&M Bank Uganda, expressed the bank’s dedication to embracing cutting-edge technologies. This upgrade follows closely on the heels of the bank’s strategic partnership with Mastercard, a global leader in digital payments and technology.
The collaboration aims to revolutionize the banking experience by driving digital transformation and enhancing payment security through advanced digital payment solutions.
As part of the partnership, I&M Bank Uganda introduces new Mastercard cards to the market, replacing the old Orient Bank-branded Visa cards that ceased to operate following the core system upgrades.
Customers holding the old cards are encouraged to visit bank branches for an upgrade to the new and improved I&M Bank Mastercards, as the upgraded system no longer supports the Visa debit cards.
These initiatives are in line with I&M Bank Uganda’s iMara 2.0 strategy, where digitization plays a pivotal role as a key enabler for business growth. The bank plans to roll out additional digital solutions in the market following the successful core system upgrade.
Furthermore, the bank has invested $9 million in the digitalization of systems and services to enhance the overall customer banking experience.
Robin Bairstow, CEO of I&M Bank, emphasized strategic investments aimed at improving systems and services, including a new premium branch and various technology partnerships.
Bairstow highlighted the significance of technology in improving banking operations, with a particular focus on payment security.
The bank’s investment includes approximately $2 million in new updated IT equipment and an overall expenditure of about $7 million on new software. This move is geared towards bringing the bank closer to clients’ devices and expanding its presence in markets where it currently lacks physical representation.
I&M Bank’s commitment to staying at the forefront of technological advancements underscores its dedication to providing a seamless and secure banking experience for its customers.
Adapted from The CEO and other internet sources