0
0
Home » Hedging Services

ICICI Bank, 2022 Update – Enterprise Tech Ecosystem Series

ICICI Bank offers personal and corporate banking, investment banking, private banking, venture capital, life and non-life insurance, securities broking, and asset management services to corporate and retail clients, high net worth individuals, and SMEs. Key financial products include deposit accounts, investment products, and consumer and commercial cards. The bank also provides lending for commercial business requirements, automobiles, home purchases, and agricultural needs. Services offered by the bank also include foreign exchange, remittance, import and export financing, advisory, trade services, personal financial management, cash management, and wealth management. Based out of India, the bank has an operational presence in Europe, the Middle East, Africa, the Americas, and Asia.

The ICICI Bank enterprise tech ecosystem report provides insight into ICICI Bank’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, and its estimated ICT budget.

What are the key innovations and strategies of ICICI Bank?

ICICI introduced digital and technology solutions to strengthen its services while ensuring the safety of its customers and workforce amid the pandemic. It has digitized account opening, Know Your Customer (KYC), cash withdrawal, and customer service processes for retail and business customers. It has introduced various digital banking platforms and services for retailers and businesses. The bank is growing its internal capabilities while building the technical expertise of its employees. Moreover, the bank launched the 12×12 Ignite series to keep its employees up to date on emerging technologies.

The bank has adopted an integrated IT strategy to achieve its business objectives, cost-effectiveness, efficient banking operations, and enhanced customer experiences. It is focusing on operating systems to streamline process efficiency, re-engineer business processes, and deliver products and services as per the real-time demands of customers. The bank launched its API banking portal to foster innovation, while its IT Strategy Committee provides strategic guidance and direction on new IT initiatives for implementation. The business intelligence and analytics team of the bank works across business operations dedicated to analytics, forecasting models, machine learning, and performance monitoring.

What are the key areas of technological focus of ICICI Bank?

Some of the key areas of technological focus of ICICI Bank are AI & machine learning, augmented reality, automated home, behavioral analytics, big data, biometrics, blockchain, cloud, contextual awareness, social media, cryptocurrencies, cybersecurity, fintech, internet of things, mobile, online & mobile payments, digital media, predictive APIs, PSD2 & open banking, voice recognition, robo-advice, robotic process automation, digital assistants, and wearable tech.

ICICI Bank enterprise tech, by technological focus

ICICI Bank enterprise tech, by technological focus

For more technological focus insights, download a free report sample

What are the major technology partnerships of ICICI Bank?

Some of the major technology partnerships of ICICI Bank are as follows:

2017: Partnered with Paytm to launch an interest-free digital credit service for its customers

The bank teamed up with payment services provider Paytm to introduce a Paytm-ICICI postpaid digital service, enabling customers to receive instant credits for bill payments and purchase movie tickets without transaction or administration fees. The solution is powered by big data algorithms that help the bank identify customer credit scores in real-time by analyzing their financial and digital behavioral patterns.

2018: Joined the SWIFT gpi program

 The bank joined the SWIFT gpi initiative, enabling ICICI to provide faster payment services to corporations and other remitters in India, along with payment tracking capabilities.

2019: Launched blockchain-based funding for SMEs

The bank joined a consortium of 11 banks (including HDFC, Kotak Mahindra, and Axis Bank) to introduce a blockchain platform for SME funding. This initiative helps change the way the industry lends to default-prone businesses by removing communication barriers among different banks.

2020: Launched banking services through WhatsApp

ICICI started offering banking solutions and services through WhatsApp to help minimize the impact of COVID-19. Retail customers can access their savings account information, credit card limits, details of their last three transactions, and more. They can also block and unblock debit and credit cards and check the location of the nearest ICICI branch

What are the major investments of ICICI Bank in online payments?

The major investments of ICICI Bank in online payments are ePayLater, BTI Payments, and True Balance.

ePayLater

ICICI invested in ePayLater, a lending platform that offers buy now pay later solutions. Users can get instant access to credit to make online and offline purchases faster.

BTI Payments

ICICI’s venture arm invested in india1atm (now known as BTI Payments), a payment gateway platform that manages a chain of ATMs and POS terminals globally.

True Balance

ICICI invested in True Balance, a digital payment app that helps prepaid customers check their mobile calls and data balances and recharge their mobile phones. It also provides mobile recharging loans, handsets, and the True Pay Later payment feature.

Market report scope

Key technological focus AI & Machine Learning, Augmented Reality, Automated Home, Behavioral Analytics, Big Data, Biometrics, Blockchain, Cloud, Contextual Awareness, Social Media, Cryptocurrencies, Cybersecurity, Fintech, Internet of Things, Mobile, Online & Mobile Payments, Digital Media, Predictive APIs, PSD2 & Open Banking, Voice Recognition, Robo-Advice, Robotic Process Automation, Digital Assistants, and Wearable Tech
Major investments ePayLater, BTI Payments, and True Balance

 Scope 

  • To support its digital transformation, the bank has adopted a 4D framework to enhance its goods, processes, and channels. This covers delivery with speed and accuracy; decongestion; digitization; and delivery with empathy.
  • ICICI has introduced digital and technology solutions to strengthen its services while ensuring the safety of its customers and workforce amid the COVID-19 pandemic.
  • ICICI is collaborating with fintech companies and eCommerce platforms to boost fintech capabilities. The bank has set up a startup investment and partnerships team that collaborates with startups and develops products aligned with its digital roadmap.

Reasons to Buy

  • Gain insight into ICICI Bank’s fintech operations.
  • Discover its fintech strategies and innovation initiatives.
  • Learn about its product launches, partnerships, and investments.

Key Players

Infosys

Experian

TCS

Moneythor

Fingpay

Incremint

GyanDhan

TAQBit

Nanobi

Heckyl Technologies

iProov

Algofox

Idos

Credochain

Hylo Challenger Private Limited

Jarvis Invest

Gimbooks

Wealth Easy

Paymatrix

Zimyo

Phi Commerce Pvt Ltd

Paytm

HDFC

Kotak Mahindra

Axis Bank

JP Morgan

Infosys Finacle

Stellar

Westpac

Pine Labs

Open Financial Technologies

Marg ERP

WhatsApp

Truecaller

Signzy

Apple

Shivaami Cloud Services

Terainium

Zoho

ODRways

First Hive

ePayLater

BTI Payments

Fino Paytech

True Balance

SLO Technologies

Tapits Technologies

Avenues Payments

Arteria Technologies

MyClassboard Educational Solutions

CityCash

Thillais Analytical Solutions

IBBIC

Wipro

Table of Contents

Table of Contents

Overview

Digital Transformation Strategy

Accelerators, Incubators, and Other Innovation Programs

Technology Focus

Technology Initiatives

Investments

Acquisitions

Partnership, Investment, and Acquisition Network Map

ICT Budget and Contracts

Key Executives

About GlobalData

Frequently Asked Questions

Some of the key areas of technological focus of ICICI Bank are AI & machine learning, augmented reality, automated home, behavioral analytics, big data, biometrics, blockchain, cloud, contextual awareness, social media, cryptocurrencies, cybersecurity, fintech, internet of things, mobile, online & mobile payments, digital media, predictive APIs, PSD2 & open banking, voice recognition, robo-advice, robotic process automation, digital assistants, and wearable tech.

The major investments of ICICI Bank in online payments are ePayLater, BTI Payments, and True Balance.

    Pricing

Discounts available for multiple purchases.

reportstore@globaldata.com
+44 20 7947 2960

Join our mailing list

Saved reports