Silicon Valley based digital solutions provider Fiorano Software has been selected by I&M Bank, Kenya to achieve digital transformation to reduce time-to-market while integrating its Finacle, Core Banking System.
I&M Bank’s need for digital transformation arose from its new strategy aimed at giving each market segment a customized proposition to complement their lifestyle and financial requirements. The use of multiple point-to-point connections was impeding this goal due to its rigidity, high maintenance and management costs.
“Fiorano has made our digital journey easy and cost effective,” said Rohit Gupta, Group CIO, I&M Bank. As stated by S.S. Tarakaram, Director Business Development, Fiorano, “With Fiorano, I&M bank transformed its business processes enabling it to quickly rollout multiple banking services to achieve competitive differentiation and provide positive customer experiences in the emerging East African Market.”
Fiorano exposes I&M’s services for multiple peripheral systems consumption. Service consuming channels include Agency Banking, Mobile Banking, Investment Banking, ATM Management and Kenya Banking Authority’s Inter-Bank Transfer Switch, KITS.
Fiorano’s architecture allows seamless integration of services with channel applications and message queuing takes care of guaranteed data delivery with message logging and tracking systems. I&M Bank can now offer core banking operations like balance enquiries, fund transfers, withdrawals, deposits and statement generation at the bank.
Fiorano has enabled I&M to facilitate services offered by the Kenya Revenue Authority and Integrated Population Registration Systems.
Culled out from: www.imbank.com