For the second year in a row, I&M Bank has emerged as Kenya’s favourite bank, according to consumer sentiment on social media. The findings from the Kenyan Banking Sentiment Index, based on an analysis of over 500,000 posts on social media about nine leading Kenyan banks, show that I&M Bank topped both operational and reputational Net Sentiment.
I&M’s leading position reflects a combination of strategic initiatives and a strong commitment to customer satisfaction. Key areas contributing to this achievement are highlighted below.
Pricing and fees drive praise
I&M stood out as the only bank with a positive operational Net Sentiment score. Customers responded favourably to the bank's services, particularly regarding pricing and fees, with special reference made to the offer of zero fees on M-Pesa transactions. This not only provided financial relief to customers but also demonstrated the bank's responsiveness to market demands. The positive reception of this initiative was driven by influential social media authors.
Influencers help drive purchase interest
I&M had the highest proportion of purchase conversation, this was prompted by brand posts and influencer content where consumers expressed interest in the bank’s offerings and requested more details such as monthly fees, loan qualification criteria, and interest rates. I&M also saw the lowest volume of cancel conversation.
Improved customer responsiveness
I&M has made substantial improvements in social customer service responsiveness. The bank's response rate to customer queries increased by nearly 44 percentage points, moving it from last to third place in the latest report.
I&M top performance in the 2024 Kenya Banking Sentiment Index underscores its effective strategies in pricing and fees initiatives, influencer engagement, and customer service. By prioritising these areas, I&M Bank has successfully navigated the competitive landscape and emerged as a leader in Kenya's banking industry. Additionally, I&M Bank's ability to drive the most purchase intent and the least cancel conversation highlights its success in maintaining customer interest and satisfaction.