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Two out of three ICICI Bank customers are mobile first, analysts report

Here are the main data points that show ICICI’s rapid shift to digital, accelerated by DIY services.

Two out of three customers are mobile first, according to an Analyst Day report by ICICI Bank. The report revealed that retail internet banking has taken off in the last 12 months with 90 percent of savings account transactions taking place through digital channels, the report added. ICICI Bank’s native banking and payments app, iMobile Pay, witnessed a 45 percent jump in average ticket size from October 2020 to October 2021. The app registered 4.5 million users who are not customers of ICICI bank whereas the transaction value on the app has gone up by 34 percent since March 2021. The report seen by MediaNama also laid out the plan for transforming iMobile Pay into a super app containing: Payments Cards Personal finance Investments Taxes Loans ICICI Bank is one of the biggest private banks in India and the report offers a view of the inner workings of ICICI and its pivot to digital banking. ICICI Bank bets big on digital payments The report anticipates rapid growth in digital payments predicting that its overall transaction value will touch $1 trillion by 2023 in India. ICICI Bank registered an 89 percent growth in its average monthly transactions count compared to a 74 percent growth in the overall UPI market. Some of its key associations include GPay, PhonePe, MakeMyTrip, WhatsApp, among others. [caption id="attachment_152141" align="alignnone" width="880"] Source: ICICI Bank[/caption] The company revealed that its UPI market share in terms of value was 17 percent with a total value of Rs. 1.5 trillion…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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