I&M Bank Tops Consumer Sentiment Index for 2024, Demonstrating Industry Leadership

The financial institution has emerged as the leader in consumer sentiment among Kenya’s major banks for 2024. This accolade is captured in the Kenya Banking Consumer Sentiment on Social Media Index 2024, powered by Data EQ, a prominent authority on data-driven sentiment analysis. I&M Bank’s impressive performance underscores its commitment to customer satisfaction and digital innovation in the banking sector.

Unprecedented Achievement in Consumer Sentiment

I&M Bank achieved a remarkable score of over 72 percent in the Data EQ Index, a figure that surpasses the industry average by 56 percent. This rating is derived from a comprehensive analysis of over 502,000 public online consumer posts, reflecting the bank’s superior performance in meeting consumer expectations. The bank’s leadership in this index highlights its exceptional reputation in the banking industry, setting a new benchmark for customer sentiment.

The achievement follows another significant accolade for I&M Bank at this year’s Think Business Banking Awards, where the institution was honored as the Most Customer-Centric Bank. This recognition further solidifies I&M Bank’s position as a frontrunner in delivering outstanding customer service and enhancing consumer trust.

CEO Gul Khan’s Reflections on the Achievement

Gul Khan, CEO of I&M Bank Kenya, expressed his gratitude for the accolades, attributing the success to the bank’s dedication to customer engagement. Khan emphasized that the awards reflect I&M Bank’s ongoing efforts to align its services with the needs and preferences of its customers. “We continue to focus on providing products and services that are relevant for all Kenyans,” Khan stated. “For instance, we continue to save money for customers by providing free bank-to-M-PESA transfers for Personal and Solo Biz (Sole Proprietors) customers.”

Khan also highlighted the bank’s substantial investments in its digital platform, aiming to enhance customer experience. Innovations such as digital account opening, short-term unsecured loans, and the new Fikisha Goalz savings products are designed to provide customers with greater convenience and financial flexibility. Additionally, I&M Bank’s expanded branch network ensures that the bank is more accessible to customers across the country.

Comprehensive Analysis and Performance Metrics

The Data EQ Index evaluated consumer sentiment across three primary categories: public, operational, and reputational. I&M Bank’s performance was notably superior across all parameters in the operational category. This includes aspects such as products, digital experience, transactions, pricing or fees, customer service, account administration, and physical facilities.

I&M Bank was the only institution to achieve a positive Operational Net Sentiment score, reflecting its successful efforts in addressing operational challenges and exceeding customer expectations. Liska Kloppers, Head of Client Strategy at DataEQ, remarked on the bank’s exceptional performance, noting that I&M Bank’s overall sentiment was 56% higher than the industry average. This significant margin underscores the bank’s successful strategy in customer service and operational excellence.

Looking Forward

As I&M Bank celebrates its 50th anniversary, the recent accolades serve as a testament to its enduring commitment to customer satisfaction and innovation. The bank’s proactive approach in enhancing its digital offerings and expanding its physical presence reflects a strategic vision aimed at providing exceptional value to its customers.

With a focus on maintaining high standards of service and continually adapting to the evolving needs of the market, I&M Bank is well-positioned to sustain its leadership in consumer sentiment. The bank’s achievements in the Data EQ Index and the Think Business Banking Awards highlight its role as a trailblazer in the Kenyan banking sector, setting a high bar for customer-centric service and operational excellence.

In conclusion, I&M Bank’s top ranking in the Kenya Banking Consumer Sentiment on Social Media Index 2024 is a remarkable accomplishment that underscores its leadership in the industry. The bank’s continued focus on customer satisfaction, digital innovation, and operational efficiency positions it as a model of success in the competitive banking landscape.