The ICICI Group is one of India’s most prominent financial services conglomerates, and has several companies who are leaders in their respective segments. The group is led by the leader, ICICI Bank, and has other prominent group companies such as ICICI Prudential Life Insurance Company, ICICI Securities, ICICI Lombard General Insurance Company, ICICI Prudential AMC & Trust and ICICI Venture.
The ICICI Group has a huge focus on digital, and has taken several initiatives to reimagine the customer experience. The group is looking at transforming every aspect to a digital mode. Understanding customer expectations and responding through appropriate products and services has been central to the group. This is best seen from the example of ICICI Bank, a leader in digital innovations with respect to the banking sector. The concept of customer satisfaction has now been replaced by ‘delight’ in banking experience. During fiscal 2020, mapping of customer journeys across products, processes and channels was undertaken and based on the insights, key customer service initiatives were implemented
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The ICICI Group is one of India’s most prominent financial services conglomerates, and has several companies who are leaders in their respective segments. The group is led by the leader, ICICI Bank, and has other prominent group companies such as ICICI Prudential Life Insurance Company, ICICI Securities, ICICI Lombard General Insurance Company, ICICI Prudential AMC & Trust and ICICI Venture.
The bank also has a dedicated Data Science and Analytics team that works across business areas on projects relating to business analytics, decision strategies, forecasting models, machine learning, rule engines and performance monitoring. The bank employs statistical and modelling tools for leading edge analytics. The bank uses the power of analytics to measure performance of its branches. It also has invested in a comprehensive CXO dashboard to analyze and drill down each metric.
In driving an innovation and startup mindset, the bank has set up an Innovation Centre to collaborate with and invest in fintech startups and co-develop products aligned with the ICICI Group’s digital roadmap. The engagements with the startups are focused on digital lending, revenue growth, digital platforms and process efficiencies. While the Bank is focused on growing its own digital channels, it is also creating an ecosystem through partnerships which cover all broad segments of customer and merchant payments. The bank is offering a host of APIs and SDKs (software developer kits) which facilitate third-party apps to offer payment solutions for their retail customers. The bank has launched an API Banking portal which consists of 250 APIs and enables partner companies to co-create innovative solutions in a frictionless manner and in a fraction of the time usually taken for such integration.
For its employees, ICICI Bank has created an app called Universe on the move (UOTM). This mobile app allows ICICI Bank's employees to complete work-place related transactions like muster update, applying for leave, viewing salary slip, having access to important policy information etc., while they are on the move. ICICI also uses insights from data extensively to drive business insights and ensure risk and regulatory compliance. ICICI Bank also leverages the concept of integrated finance and leverages this for business insights and to react to rapid changes in the regulatory environment.
The ICICI Group has a huge focus on digital, and has taken several initiatives to reimagine the customer experience. The group is looking at transforming every aspect to a digital mode. Understanding customer expectations and responding through appropriate products and services has been central to the group. This is best seen from the example of ICICI Bank, a leader in digital innovations with respect to the banking sector. The concept of customer satisfaction has now been replaced by ‘delight’ in banking experience. During fiscal 2020, mapping of customer journeys across products, processes and channels was undertaken and based on the insights, key customer service initiatives were implemented
The key initiatives during the year were in the areas of account opening, servicing, NRI customer experience, process simplification, and technology platform and system upgradation. For example, the account opening process was simplified for savings and current accounts. The NRI account opening experience was enhanced through simplification of the account opening form During the year, there was sustained improvement in the Net Promoter Score (NPS), a key metric for measuring customer advocacy for onboarding, branch and digital channels. The bank also ensures continuous engagement with its customers through multiple channels including branch employees, surveys, social media and channels for raising queries and grievances.
The group has an ‘ICICIStack’ that helps it to curate and offer hyper-personalised solutions to its customers suiting their lifecycle or business needs. This enables the group to offer bespoke digital solutions for corporate and institutional customers which enable it to tap into their ecosystems. The steady increase in adoption and fund flows through its digital financial supply chain and trade platforms has contributed to the growth of the group’s deposit franchise.
The group has leveraged the immense power of mobility to its benefits. It has expanded its state-of-the-art mobile banking app, iMobile, to iMobile Pay which offers payment and banking services to customers of any bank. ICICI Bank has seen about 5 lakh activations of iMobile Pay from non-ICICI Bank customers in a period of just two months since the launch. Today, digital channels like Internet, mobile banking, POS and others account for over 90% of the savings account transactions. More than 30% of the term life insurance policies are sold online and more than 50% of fixed deposits and mutual fund SIPs are sourced digitally. The bank is the market leader in electronic toll collections through FASTag.
The bank’s technology initiatives are aimed at enhancing value and offering customers greater convenience and improved service levels while optimizing costs. The bank continues to invest in key technological areas like mobility, cognitive intelligence, blockchain, natural language processing, machine learning, API banking, micro-services, cloud, ecosystem synergies, Robotics Process Automation (RPA) and other new-age technologies that provide an edge to the bank’s offerings to its customers and deliver its strategic objectives.
