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
- Technology adoption and its creative usage is not just for the biggest banks of US or Europe.
- 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.
- 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.
