I&M Bank has rolled out an AI-powered 'Buy Now, Pay Later' facility as its latest unsecured lending portfolio. The new product is a convenient and flexible financing arrangement for its customers through partnership with Craft Silicon's platform called the Spotit. The service allows customers to purchase across multiple merchants and e-commerce platforms and pay by installments in view.
Flexible Financing with AI Integration
The new BNPL is set to be available for current customers using the I&M Bank's on the Go Mobile App and Web Channels. This digital solution would be used to shop from accredited retailers including but not limited to Hotpoint Appliances, Jumia, and Furniture Palace. Customers will be allowed to finance purchases to a tune of up to KES 350,000 with the ability to pay it back monthly over 12 months, hence convenient and affordable.
Credit Assessment using AI
The other main feature in the differentiation of this service is its AI-powered platform for credit assessment automation. By analyzing the customer's credit history and financial behaviors, the platform gives loan approvals faster and more personalized. Through the OTG app, customers can apply for and receive loans within ten minutes.
"Our AI technology allows for faster, more accurate credit scoring, automating the process and making access to credit far easier for customers," said Eunice Gatama, I&M Bank's Executive General Manager of Digital Business. "This innovation is particularly pertinent given today's challenging financial landscape."
Partnering with Craft Silicon's Spotit Platform
Kamal Budhabhatti, Group Chief Executive Officer at Craft Silicon: "We are pleased to see one of our valued clients, I&M Bank, bringing Spotit into their digital lending ecosystem. This just goes to show how technology is poised to change the banking sector in terms of real-time and reliable services."
A Milestone in Digital Transformation
The rollout of the AI-powered BNPL service demonstrates I&M Bank's pledge to adopting such advanced technologies that cater to evolving customer needs. By embedding AI at the core of its loan-issuance process, it seeks to provide a seamless, customer-friendly solution befitting modern banking.
This service is not only a milestone in the digital transformation journey of I&M Bank but also a game-changing differentiator for customers who want to manage their purchases and finances in a flexible and efficient way.