The Client

ICICI Bank is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs.12.50 trillion at June 30, 2019. ICICI Bank currently has a network of 4,882 branches and 15,101 ATMs across India.
In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank.
  • When: Year
  • Investor: International
  • Practice: Digital
  • Value: 300% increase

Business Challenge

ICICI Bank was looking for a better way to attract and retain foreign investment from Non-Resident Indians. They were finding minimal response to increased rates and service differentiation. Government restrictions on repatriation of interest and taxation rules for foreign investments continued to be a barrier to shifting deposits. Through our Diagnostic process we identified three barriers to increasing deposits:
Difficulty in depositing funds in India
Lack of knowledge (and perceived risk) of deposits subject to taxation or restrictions for removal
Requirements of physical travel to India to open an account

Actions Taken

Our team helped ICICI Bank to redesign and implement a new online banking platform that addressed key concerns identified with largest growth demographics. The platform allowed “paypal like” ease of use from a mobile device and made it simple to transfer funds (linkage), open an account (remotely) and provide a clear audit trail for source of funds and distinguishing between NRE (foreign earned funds deposited in India under the Non-Indian Resident’s name and NRO (Income earned in India by the Non-Resident Indian to be deposited in India) accounts.


ICICI Bank saw a 300% increase in new accounts driven primarily from its Mobile Platform. Average deposits for these accounts were 15% higher and the average days between deposits went from 140 days to 23 days.