ICICI Bank - The undisputed technology leader from India

How many banks with retail operations in India and around the globe are as innovative as ICICI Bank? - Perhaps none or very few? ICICI Bank has always been at forefront of technology adoption giving customers new choices, new products, a new way of banking while simultaneously reducing the costs of operations and improving business process efficiencies.

There are two latest examples that prove that ICICI is leading the industry and is miles ahead from its competitors with its usage of new technologies and commitment that senior leadership has for usage of new information technologies.

Some time back, ICICI launched ICICI bank application on Facebook. A customer can register with debit card and password and can do few banking transactions in a convenient and secure manner right from Facebook platform. With average user spending more time on Facebook, it is a significant step in direction in extending the reach to customers.

 

With young population forming majority of its customers, it directly means that ICICI wants to position itself as a young brand catering to needs to millions of youngsters whose working careers are many years ahead. “Catch them young” has always been mantra at ICICI which is clearly orchestrated in its strategies for many years. The second example is this year’s annual report which is creatively designed and clearly shows how ICICI uses technology for competitive advantage, how technology is at the core of its strategy and how senior management including CEO, CIO and CTO are truly focused on leveraging best of technologies for keeping competitors distance apart. There has to be a strong learning lesson for all retail banks in India and around the world

 

1. Technology adoption and its creative usage is not just for the biggest banks of US or Europe.  
2. Many Indian banks that implemented Core Banking solutions in last decade are slowly becoming smug about their achievements but if they don’t act agile, the technology divide created by banks such as ICICI will leave them exactly in same disadvantaged positions as they were few years back. 
3. Banks need to learn from ICICI and make “Information Technology” - a Board agenda and give senior technology executives a platform to form and shape the corporate strategy of their banks.

An Idea whose time has come

In the above interview, Manmohan Singh clearly mentions, Left parties as source of opposition to India-US Nuclear Cooperation. He would have never imagined the kind of tussle that has existed between Congress and Left since last two months at the time of the interview.He shares his dreams and vision about India in this interview. India has been blessed with very few prime ministers who have such depth of knowledge and understanding about World's affairs. He shares his views on china and Iran impresssively.Very few politicians can express any kind of insight on such countries. It's remarkable to hear from prime minister about India's desperate need for Infrastructure. He is also critical about Government's role as Ma-Baap. Beaureucrats and politicians should take lessons from his vision about Government’s role as helper and facilitator.
Hear this interview to get insight on his thoughts and dreams for India.