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:
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.
Impact
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.
