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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.

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Source: ICICI Bank

The company revealed that its UPI market share in terms of value was 17 percent with a total value of Rs. 1.5 trillion in October 2021; it added that it witnessed 2x growth in value of UPI transactions in October 2021, over March 2021.

What was the share of digital in ICICI Bank’s core business?

The bank said that digital contribution in its savings accounts stood at 28 percent in October 2021, wherein video KYC witnessed a 3.6x jump in the last year.

The contribution of digital mediums to fixed deposits stood at 52 percent in terms of volume. Moreover, twenty-three percent of loans approved were made through digital channels, and digital played a role in 45 percent of cards sanctioned in October 2021.

The report also lays out digital channels for customers interested in DIY banking:

  • EasyPay
  • iMobile Pay
  • WhatsApp banking
  • UPI- Pay to Contact
  • InstaBiz (An app for small businesses to conduct all their transactions and look after their tax compliances.)
  • Trade Emerge (It is for importers and exporters who can avail requisite services under one platform.)
  • Connected banking (It is a platform for making payments to your vendors using the Corporate Internet Banking facility of the ICICI Bank and automates the reconciliation of your accounting entries.)

Building tech platforms for banking

The company also revealed its plan to transform itself into a bank of tech platforms instead of a garden-variety bank. It laid out plans for coming up with several platforms such as:

  • iCRM (One customer relationship management across the bank)
  • Master Data Management (One KYC for customers across products)
  • NxtGen services orchestration (Service orchestration is the execution of the operational and functional processes involved in designing, creating, and delivering an end-to-end service.)
  • Intelligent Automation platform
  • Unified customer onboarding platform
  • Digital Engagement Hub
  • Payment Hub
  • Cross-border Remittance platform
  • Neo Trade System

How does the bank ensure cybersecurity?

The report briefly touches upon the framework the bank has in place to deal with cyber risks and threats. The bank has two types of committees:

  • Board Sub-Committees which report to the Board of Directors
    • Risk Committee
    • Audit Committee
    • IT Strategy Committee
  • Executive Committees
    • IT Steering Committee
    • Information & Cybersecurity Committee
    • Business Continuity Management Steering Committee
  • Round-the-clock Security Operation Centre (SoC) for monitoring and surveillance of IT systems
  • Data Leakage/Loss Prevention (DLP) system in place with data protection rules for sensitive data exposure from the bank’s endpoints, emails, and web gateways.

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Written By

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.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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