It is now clear that the newly appointed I&M Bank CEO Robin Bairstow is a man on a mission, not only to grow I&M Bank Uganda into one of the leading financial entities, but also to transform the banking sector through strategic partnerships and well thought out digital innovations.
Formerly the CEO of I&M Bank Rwanda, Bairstow left a mark by playing an integral role in helping the bank achieve remarkable growth and success. This was accomplished by trebling the bank’s total assets to RWF 491.3 billion. His time in office also coincided with the bank’s growth in pre-tax profits to RWF13.4billion on top of getting the bank listed on the Rwanda Stock Exchange in 2017.
During Bairstow’s first engagement with the I&M Bank Uganda staff earlier in the month, he was quick to note that he is a result-oriented individual, braced for the task that awaits him in what he described as “a more sophisticated market.”
During an interactive session with the media held at the Kampala Serena Hotel, Bairstow pointed out that Uganda’s banking industry is more robust, with very good regulation and tremendous opportunities. Bairstow told the press that I&M Bank Uganda is making strategic and significant
investments aimed at improving systems and services that will improve the customers’ banking experience.
I&M Bank invested heavily in a new premium branch at Kingdom Kampala, where they are set to launch a first of a kind digital pod that offers full offsite banking. Bairstow also revealed that I&M Bank entered into a partnership with Mastercard, a global leader in digital payments and technology.
“Technology is a tool that has been used to improve banking operations for ages, and the acceleration spells good news. Our partnership with Mastercard is a viable example of digital transformation that recognizes the increasing importance of payment security. We are looking at about $2m spent on new updated I.T equipment, and the overall spend on new software is in the region of $7m,” he said.
According to Bairstow, the move will take the bank from its premises, right to the clients’ devices. It will also place the bank in markets where they have no physical presence.
“The collaboration has given birth to a new range of I&M cards that we shall introduce on the market very soon. They include the I&M Standard Debit Mastercard, I&M World Debit Mastercard, and the I&M World Elite Debit card that will drive financial inclusion, as well as provide secure and convenient banking experiences to customers,” Bairstow said.
Bairstow’s vision stretches beyond enhancing the I&M Bank brand, but influencing the banking sector in Uganda at large, for bigger returns.
“Digital transformation of bank services comes with streamlined operations and enhanced security. The latter is extremely vital because keeping a client’s money or assets safe is the primary goal of a bank. A fragile cyber security system can cause data breaches that could lead to serious losses. It is therefore up to banks to provide clients with secure banking experiences that enable them to access their financial data without fear, and conduct transactions with ease,” he added.
The new I&M Bank CEO also revealed that he is working on a plan to develop add-on parts, with products like a block chained mobile money wallet, which give free and easy access.