India’s ICICI collected the award for best digital strategy at the RBI global annual awards sponsored by Fiserv, one of the most competitively fought of the 25 categories. The bank’s strategy of 360-degree digitisation of banking is transforming ICICI reports Douglas Blakey and producing impressive digital banking metrics
ICICI has blazed a trail in Indian banking when it comes to online, mobile and social banking: its digital success is now in the world class category.
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At the core of ICICI’s strategy is leveraging technology to provide innovative and advanced digital solutions to customers.
Recent highlights include the introduction of biometric authentication on its flagship mobile banking app – iMobile.
ICICI is also the first bank to launch Artificial Intelligence infused chat- bots and the first in India and amongst the few globally to execute a pilot transaction using Blockchain.
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By GlobalDataICICI’s website hosts over 250 services with a customisable dashboard with a relationship view where customers can personalise widgets and set up favourites for single click transactions.
The bank has also launched a first of its kind search feature functionality enabling customers to search and initiate transactions from within the search. It is also the first bank to offer a comprehensive personal finance management tool in India.
Regular users of ICICI’s online banking now exceed 16 million, up a whopping 30% for the year to end 2016.
Mobile
ICICI’s iMobile offering hosts more than 170 features. Innovations in the past year include biometric authentication and AI infused chat-bots.”
ICICI is also the first bank in India to build a mobile friendly payment gateway to facilitate the shopping experience via mobile.
The bank’s m-banking investment resulted in the value of its customers mobile banking transactions soaring by 454% in 2016.
Wallet
ICICI’s mobile wallet, Pocket, launched has been an instant success. In its first year of operation, Pocket has been downloaded 5.5 million times with 80% of users net new customers for the bank.
Pocket is he first app in India to offer UPI, NFC and QR code based payments.
Other digital highlights include:
- ICICI is the first bank in Asia and amongst very few globally to offer banking and transaction features such as peer to peer transfers via social platforms including Facebook and Twitter. ICICI was the first bank in India to partner with Twitter for digital customer service;
- ICICI was the first Indian bank and one of the first globally to deploy artificial intelligence that emulate human actions to automate and perform repetitive, high volume and time consuming business tasks. The bots robots have reduced response time to customers by up to 60%; already the bank has automated over 200 processes using AI.
- ICICI was the first bank in India to offer mobile remittances and also the first bank to provide a remittances service via Facebook; it also the only bank to offer online paperless account opening for NRI customers in the US.
ICICI’s channel statistics in the first half of 2017 highlight consumer appetite to adopt digital with internet and mobile accounting for 66% (and growing) of all transactions. ATM transactions account for 23% of all transactions with branch transactions accounting for only 5.7%.
ICICI has also enjoyed success with growing customer use of its 110 fully automated Touch Banking Centres.
Digitisation of account opening has resulted in 80% of all new accounts being opened digitally.
