Serving Customers with Innovative Solutions
ICICI Bank has focused consistently on ensuring world-class services for its customers through innovative solutions. It has been the Bank’s constant endeavour to harness the latest technologies to create next-generation digital platforms, products and services for improving customer’s convenience. The Bank has, over the past few years, scaled its efforts towards building a seamless banking proposition to give its customers the convenience of ‘anytime, anywhere’ transaction.
During fiscal 2022, ICICI Bank further accelerated its technology journey with a range of new digital offerings, taking banking closer to the individual, corporate as well as medium and small businesses.
iMobile Pay
During the year, ‘iMobile Pay’, the Bank’s super mobile application continued its path-breaking journey by adding new features. In December 2020, ‘iMobile Pay’ was made available to customers of other banks, a first-of-its-kind initiative. 630,000 customers of other banks have downloaded the app till the end of March 2022. As a testimony to the user-friendliness of the app, the value of these transactions by non-ICICI Bank account holders in the last quarter of fiscal 2022 was nearly five times the value of their transactions in the previous quarter.
We also offered an array of new features. We enabled millions of our savings account customers to pay and manage dues of credit cards of any bank instantly using ‘iMobile Pay’. With this, we provided our customers who typically use multiple credit cards with improved convenience of a one-stop solution for managing all their cards with ease. We also launched a contactless payment service, that enabled millions of debit and credit card customers to simply tap their smartphones to pay at POS (Point of Sale) machines of merchant outlets. It offers significant convenience, as customers no longer need to carry their cards for payments at retail stores. Additionally, we enabled our customers to send outward remittances using iMobile Pay. The feature has met with encouraging response with over half of the users of the platform being first-time users. A combination of these new efforts and features made average ticket size of transactions on iMobile Pay double that of the industry.
Open-for-All Digital Ecosystem for MSMEs
ICICI Bank has launched India’s first comprehensive digital ecosystem for all MSMEs in the country, including customers of other banks. The Bank offers host of benefits – both banking and value-added services – through the new version of InstaBIZ, the super app for business banking.
The benefits can be put into three categories: i) enhanced banking services for existing customers, ii) a bouquet of banking services to MSMEs, who are customers of other banks, iii) a whole range of value-added services for all.
With this, the new version of InstaBIZ brings forth a significant shift from the existing industry practice where banks offer services only to their customers.
Offers
Instant and paperless overdraft up to ₹ 2.5 million, instant opening of a Current Account digitally through video KYC, instant collection of payments for merchants through UPI and cards are offered. Merchants can apply for POS devices digitally.
ICICI STACK for Corporates
In a pioneering move, ICICI Bank has extended its ICICI STACK offering to corporates along with their entire ecosystem, including promoters, group companies, employees, dealers, vendors and all other stakeholders. The platform, with its many industry-first features, provides 360-degree digital banking solutions to corporates over 20 key industries. ICICI Bank opened 12 ecosystem branches in fiscal 2022, including seven in Mumbai and five in the National Capital Region (NCR). The ecosystem branches are full-service centres that house multi-functional teams with deep expertise required to nurture relationships. They bring the entire bouquet of the Bank’s services to corporate and their ecosystems.
Four Pillars of ICICI STACK for Corporates
Digital banking solutions for corporates
Digital supply chain management solutions
Banking for employees
Curated services for promoters and directors
Cardless EMI for Online Shopping
In fiscal 2022, ICICI Bank became the first in the industry to introduce convenient and instant cardless EMI facility for online shopping. The innovative online facility came a few months after it was introduced at retail stores. The service helped millions of pre-approved customers to convert their high value purchases into easy EMIs instantly, without having to use their cards.
Features of Cardless EMI Facility
2,500
E-commerce brands currently available under the Cardless EMI plan
Transaction limit
Ranges from
₹7,000 to ₹500,000
Flexible tenures
Of 3, 6, 9 and 12 months
Trade Emerge
ICICI Bank’s ‘Trade Emerge’ is an online platform for Indian exporters and importers, offering comprehensive digital banking as well as value-added services. This pioneering initiative is crafted to make cross-border trade hassle-free, expeditious and convenient. An array of services at one place eliminates the need for companies to coordinate with multiple touchpoints. The list of banking services includes comprehensive trade services (Letter of Credit / Bank Guarantee / Trade Credit), digital solutions like Corporate Internet Banking and Trade Online, state-of-the-art foreign exchange solutions, payment and collection solutions and credit cards. The list of value-added services includes incorporation of trade business, access to global trade database of nearly 15 million buyers and sellers across 181 countries, verification reports of potential customers through reputed credit bureaus, logistics solutions for shipment booking and last-mile tracking, and many more. The Bank offers these services through partners having expertise in their respective fields.
