As I&M Bank celebrates its 50th anniversary, the bank has introduced an innovative ‘Buy Now Pay Later’ (BNPL) service for its customers.
This new proposition leverages Artificial Intelligence (AI) to provide unsecured personal loan financing, working in partnership with Spotit, a platform developed by Craft Silicon.
The BNPL service is a flexible and convenient solution for customers, allowing them to finance purchases instantly across multiple merchants and e-commerce platforms.
Available through the I&M Bank On The Go (OTG) Mobile App and Web channels, this digital lending service enables customers to shop and pay in installments at various participating outlets.
Some of the merchants included on Spotit are Hotpoint Appliances, Jumia, Furniture Palace, Salute iWorld, Patazone, Opalnet, and Bountiful Safaris, among many others.
The BNPL service integrates seamlessly with the merchants, providing instant access to credit for customers.
Embracing Digital Transformation
I&M Bank understands that digitization is key to addressing the challenges posed by the fast-paced economic landscape.
In response, the bank has embraced partnerships, omnichannel distribution, AI algorithms, and cloud-based solutions to deliver greater flexibility and efficiency.
The BNPL service powered by Spotit, an innovation of Craft Silicon, demonstrates I&M Bank’s commitment to using AI to transform its customer experience.
AI-Driven Credit Decisions for Enhanced Customer Experience
Eunice Gatama, Group Executive General Manager of Digital Business at I&M Bank, explained the power of AI in this new service: “Our AI technology automates decision-making processes, allowing for faster and more accurate credit assessments. This ensures customers receive personalized credit offers based on their unique credit histories and financial behaviors.”
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Gatama further highlighted that the AI-driven approach simplifies the loan application process, enabling customers to access credit in under ten minutes via the I&M Bank OTG app.
This quick and efficient service highlights I&M Bank’s dedication to addressing the financial challenges its customers face, offering them not only financial services but relevant solutions tailored to current economic times.
The bank continues to expand its merchant network through Spotit, ensuring a growing range of options for customers.
Flexible Repayment Options for Better Control
Shameer Patel, Executive General Manager of Personal and Business Banking at I&M Bank, emphasized the flexibility of the BNPL service: “The Buy Now Pay Later service is designed to meet our customers’ diverse needs, offering them greater control over their spending. With automated and flexible installment repayment options, we aim to provide an experience that aligns with the expectations of today’s digital banking consumers.”
Patel also highlighted the bank’s digital account opening capabilities, which allow new customers to immediately open an account using the I&M Bank OTG mobile app and access BNPL services.
Kamal Budhabhatti, Group Chief Executive Officer of Craft Silicon, expressed his enthusiasm for the collaboration: “We are pleased that I&M Bank has introduced Spotit into their digital lending ecosystem. This solution demonstrates how technology can transform the banking sector by offering instant, reliable, and customer-centric financial services. Through Spotit, we aim to make financial empowerment more accessible and provide greater purchasing power for customers.”
How to Access I&M Bank’s Buy Now Pay Later Service
To initiate a BNPL purchase, existing I&M Bank customers can simply log into the I&M Bank On The Go (OTG) Mobile App or Web channel, select the ‘Buy Now Pay Later’ option under the ‘Short Term Loan’ section, and agree to the terms and conditions.
Once enrolled, customers can shop at any participating merchant outlets listed on Spotit as often as they wish, within their available BNPL credit limit.
The BNPL service allows customers to make immediate purchases of up to KES 350,000 and repay in flexible installments over a period of up to 12 months.
A New Era of Digital Banking at I&M Bank
I&M Bank’s AI-powered Buy Now Pay Later service is a bold step toward redefining how customers access credit. With its flexible installment plans, instant credit availability, and wide range of participating merchants, the service caters to the modern consumer’s needs for convenience, speed, and control.
Through continued innovation and strategic partnerships, I&M Bank remains at the forefront of digital transformation in the financial sector.
