ICICI Bank Reimagines Banking For The Digital World

The bank, while continuing to undertake transformational steps in the current scheme of operations, and introducing instant banking products and services, has also ensured adoption of new age digital technologies to serve the current banking products and services at a fraction of the cost. Express Computer’s Srikanth R P, Abhishek Raval and Mohit Rathod report on how the bank is using emerging technologies to significantly alter the way banking services are consumed and delivered

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Technology has been in the DNA of ICICI bank since its inception. Be it one of the first banks to offer ATMs or banking using social media, ICICI Bank has been a pioneer in identifying market trends much more earlier than its competitors. Today, the market has completely changed, with bornin-the-cloud startups competing with traditional banks.

The first impact of digital has been on the payments business - from cash to cards, to mobile payments. Anything that can be converted from physical mechanism to a completely digital mechanism is digital transformation. The way employees interact with the systems is different, the same is the case with how employees interact with the customers.

“This digital transformation is forcing us to do a lot of rethinking on three bases. Our existing business is very critical; for incumbents like us, the traditional business model is important. Within our existing businesses, we are making the processes much more efficient. This includes things like robotic process automation covering 950 processes,” states B Madhivanan, CTDO, ICICI Bank. Another important element has been the ability to service customers, both existing and new. In terms of existing customers, it’s about cross-selling; whereas it’s about creating bases in terms of new customers. For instance, providing tablets to the front-end for the sales teams or digital forms for SMB retail customers.

Transforming and reimagining banking