ICICI Bank awarded Best Retail Bank in India at The International Excellence in Retail Financial Services Awards 2020
- ICICI sustained its leadership position with a strong retail banking franchise and financial performance in 2019
- Its accelerated digital transformation helped improve customer experience
- The bank has been proactively helping customers during the COVID-19 pandemic
Singapore, 5 June 2020 — ICICI Bank won Best Retail Bank in India at The Asian Banker International Excellence in Retail Financial Awards 2020.
ICICI sustained its leadership position with a strong retail banking franchise and financial performance in 2019
ICICI Bank generated another year of high revenues, showcasing consistent profitability and growth over the past three years. The bank has one of the largest franchises among private sector banks in India through a balance of its wide physical network and digital channels. More than half of its branches are located in rural and semi-urban areas to service the unbanked. In 2019, the bank saw a high-teen growth in retail deposits from the previous year. As a result, the retail business has been a key driver of growth for the bank.
Its accelerated digital transformation helped improve customer experience
With customer service as a pillar of its banking, ICICI Bank made strides in improving customer experience and operational efficiency through technological investments. It continued to expand its digital presence with the deployment of 1,720 cash recycler machines, which now contribute to majority of the bank’s overall cash deposit. Enhanced customer onboarding through a more simplified application and digital data capture accelerated the number of account opening in a day from 45% to 70% in just a few months. Its app iMobile was also upgraded to include first software robotics algorithm-led investment advisory application on mobile, ‘Money Coach’ and an intuitive interface called ‘Discover’ for personal finance management. Among its milestones for 2019 include its partnership with Amazon Pay and developing Common City Payments Solution (CCPS) for promoting cashless and digital transactions.
The bank has been proactively helping customers during the COVID-19 pandemic
Amid the COVID-19 pandemic and lockdown, ICICI Bank deployed mobile ATM vans in selected areas to make cash withdrawals safe and accessible for residents. ICICI Bank also leveraged on ICICI Stack, a set of digital banking services and APIs, to help customers conduct banking transactions from their homes. More than providing banking solutions such as a three-month moratorium on personal loan payments, the bank also donated personal protective gear and medical equipment to frontliners who are battling the virus.
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi