Two months before Covid-19 crippled the world, the top 100 executives from ICICI Bank were at an offsite. The theme was #2025. New MD & CEO Sandeep Bakhshi had been in the corner office for only 15 months and there was a lot of uncertainty around ICICI Bank—India’s second-largest private lender in terms of assets—back then; yet, the brief from the top management of the Mumbai-headquartered bank was clear: What do you think your customers would demand from the bank in the year 2025?
The retreat emphasised the bank’s digital chops—its channels and analytics backbone was fully digital, employees used digital tools extensively and its customers were tech-savvy—but a big question loomed. How do you satisfy customers’ fast-changing needs of instant gratification, contactless banking and zero wait times? The answer was, of course, technology. The Covid-19 lockdown provided a fillip to the bank’s resolve to develop a new architecture for future-proof banking. Today, ICICI Bank uses interoperable digital infrastructure for digital sourcing and accepting documents digitally. Plus, it takes the entire bank to customers via curated products and services, front-end apps, ecosystem hubs, and branches and managers fully equipped with analytics and pre-approved loan limits. There are also digitally available relationship managers—both humans and bots—working together to service customers 24x7. “Technology should not be seen in isolation. It is here to support the bank’s strategy and help the bank to drive business,” says Executive Director Sandeep Batra.
This story is from the February 05, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 05, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Picking Up The Paytm Pieces
Paytm Founder Vijay Shekhar Sharma Is Back In The Trenches After Rbi's Recent Action Left Him Without A Banking Platform. There Are Still Some Opportunities, But He Will Have To Move Swiftly To Grab Them
PMS Vs MF The Big Fight
How do mutual funds and portfolio management services match up? Know the score on structure, rules, entry fees, charges, and tax perks to pick the right path for your financial journey
Four Levers Of Enterprise AI Strategy
Wide-scale private sector AI deployment and new AI-based business opportunities and ecosystems can truly supercharge the Indian economy
"Don't let a unique chance slip by"
JEFF MAGGIONCALDA | CHIEF EXECUTIVE OFFICER | COURSERA
THE INCOMING DISRUPTION
The disruption in the industrial sector is still unknown, but inevitable. Companies need to wake up
THE WHEEL WHISPERER
For Manan Shah, Managing Director of MICL Group, luxury cars are not about showcasing one's wealth or status. It is about personal well-being
TRIPPING WITH TECH
A road trip is an adventure like no other. While you take in the experience, get some peace of mind with these nifty gadgets
Transforming Spaces
WHETHER YOU WANT TO REDECORATE YOUR BEDROOM OR HALLWAY, A GORGEOUS WALLPAPER ADDS FLAIR TO YOUR HOME AND ALLOWS YOU TO STAMP YOUR STYLE IN YOUR NEW ABODE
ALPHATALE
MONEY MANAGERS TO THE AFFLUENT DELIVERED ROBUST RETURNS TO INVESTORS IN THE PAST YEAR, THANKS TO THE BUOYANCY IN THE MARKETS. BUSINESS TODAY DECODES THEIR STRATEGY
"THE ALTERNATIVES SPACE CAN GROW 3X IN FIVE YEARS"
Vikaas M. Sachdeva, MD of Sundaram Alternates, talks about where India's alternative investment industry is headed