ICICI Bank embarks on a journey from Bank to BankTech, says Sandeep Batra

At ICICI Bank we aim to create holistic value propositions for our customers through our 360-degree customer-centric approach and focus on opportunities across client and segment ecosystem” said Sandeep Batra.

ICICI Bank reported profit after tax of Rs 6,194 for the quarter ending December 2021, an increase of 25% as compared to the year-ago period.

Mumbai: ICICI Bank, one of India’s leading private lender, reported profit after tax of Rs 6,194 for the quarter ending December 2021, an increase of 25% as compared to the year-ago period. This remarkable growth can be attributed largely to the journey that ICICI Bank has embarked upon – from Bank to BankTech.

Sandeep Batra, Executive Director, ICICI Bank addressing the media post announcing the stellar quarter numbers said, “We are embarking on a journey from Bank to BankTech. Our digital platforms are continuously evolving with the objective of enabling customer acquisition and end-to-end seamless digital journeys, offering personalized solutions and value added features to customers and enabling more effective data driven cross sell and upsell.”

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“At ICICI Bank we aim to create holistic value propositions for our customers through our 360-degree customer-centric approach and focus on opportunities across client and segment ecosystem” said Sandeep Batra. “Our cross-functional teams seek to tap into key customer and market segments, enabling 360- degree coverage of customers and increase in wallet share.”

iMobilePay: The value of mobile banking transactions increased 50% year-on-year in Q3. Digital channels like internet mobile banking, POS and other accounted for over 90% of the savings account transactions in 9M 2022.

In December 2020, the Bank had expanded its mobile banking app, iMobile, to iMobile Pay which offers payment and banking services to customers of any bank. There have been 53 lakh activations from non ICICI Bank account holders as of end-December. The value of transactions by non-ICICI Bank account holders increased by 73% sequentially in Q3-2022.

FASTag: The Bank is the market leader in electronic toll collection through FASTag, the Bank had a market share of 39% by value in electronic toll collection through FASTag in Q3 with a 42% year-on-year growth in collections.

InstaBiz: The business banking and SME franchise continues to grow on the back of digital offerings and platforms like InstaBIZ. The value of financial transactions on InstaBIZ grew by about 68% year-on-year in Q3-2022. The Bank’s supply chain platforms enable corporates to seamlessly manage their supply chain financing and payments, collection and reconciliation requirements of their dealers and vendors in a convenient and paperless manner.

“We are investing in analytics capabilities and technology to enhance our offerings to customers and to build a robust future-ready architecture. We aim to steadily grow our business within our strategic framework and strengthen our franchise delivery and servicing capabilities backed by a range of digital initiatives”, Batra added.

Digital sourcing: Digital sourcing for retail products grew extensively over in 9 months of 2022. Credit card saw 26% growth, 43% growth in digitalized personal loan disbursement with 85% of customers using digital sourcing and processing for new car loan. Bank has also been expanding its digital reach across corporate ecosystems by launching platforms like e-DS India’s first blockchain based solution end to end digitization of Inland trade and Trade emerge which is one stop platform for complete trade lifecycle which has over 9,000 users in Q3 – 2022.

ICICI STACK: The Bank had launched ICICI STACK for corporates and has created more than 20 industry specific STACKs which provide bespoke and purpose-based digital solutions to corporate clients and their ecosystems. The volume of transactions through these solutions in Q3- 2022 was 3.7 times the volume of transactions in Q3-2021. These solutions along with the Bank’s extensive client coverage have supported the growth in average current account deposits.

TradeEmerge: The Bank recently launched TradeEmerge for importers and exporters across India, offering banking as well as value-added services. This initiative makes cross border trade hassle-free, quick and convenient, as it offers an array of services in one place.

API: API enables to co-create innovative customer solutions frictionless manner within weeks compared months an era. Futuristic API solution give ICICI Bank a complete view the banking ecosystem, including the upstream and downstream relationships of the customer, helping them seamlessly link supply chain, dealers vendors for instant financing solutions and collection payables. These APIs also enabled bank to collaborate with leading ecommerce firms issuing cards, powering instant refunds in digital and partnering loans, among others.

API integrations with corporate for payments and collections has seen 2.3x growth in y-o-y which has led to 3.7x growth in the volume of API growth.

“We continue to be guided by the twin principles of “One Bank, One RoE”, emphasising the goal of maximizing our share of target market across all products and services and “Fair to Customer, Fair to Bank”, emphasising the need to deliver fair value to customers while creating value for shareholders. We remain focused on delivering consistent and predictable returns to our shareholders,” said Batra.

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