Fiorano the firepower in I&M Bank’s digital leap
Kenya’s I&M Bank has chosen Fiorano Software’s platform for its digital overhaul and to reduce time-to-market while integrating with Infosys’ Finacle core banking system.
According to Fiorano, I&M Bank’s new strategy was aimed at “giving each market segment a customised proposition to complement their lifestyle and financial requirements”. It says the use of multiple point-to-point connections was impeding this goal due to its “rigidity, high maintenance and management costs”.
Rohit Gupta, group CIO, I&M Bank, says Fiorano helps it to provide “positive customer experiences in the emerging East African Market”.
Fiorano’s platform will be used for agency banking, mobile banking, investment banking, ATM management and Kenya Banking Authority’s Inter-Bank Transfer Switch, KITS.
According to Fiorano, I&M Bank can now offer core banking operations like balance enquiries, fund transfers, withdrawals, deposits and statement generation. Fiorano has also enabled I&M to facilitate services offered by the Kenya Revenue Authority and Integrated Population Registration Systems.
I&M Bank has total assets exceeding $1.57 billion and was founded in 1974.
Fiorano, a Silicon-Valley based firm, was established in 1995. Companies that have used its software include Rabobank, Royal Bank of Scotland (RBS) and Vodafone.
From Angola to Rwanda
Fiorano has been busy in Africa recently.
A week ago, Banco Postal, Angola’s ethical bank, implemented its platform “to tackle integration challenges in its digital transformation journey”.
While last month, Bank of Kigali, Rwanda’s largest commercial bank, chose its platform for its digital revamp. The project includes integration with the bank’s Temenos T24 core banking solution with support for online and offline banking features.
