Lecture 6 -IT Strategy- ICICI Bank
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Transcript of Lecture 6 -IT Strategy- ICICI Bank
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8/7/2019 Lecture 6 -IT Strategy- ICICI Bank
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IT Strategy ICICI bank
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Introduction New generation private sector bank
established in1994
Second largest retail bank in India
Business growth by addressing the more
lucrative and growing segment of
middle-class consumers
emerging corporates
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Strengths Clear management vision
Focus on providing enabling environment for
rapid growth
Free from governmental interference unlike in
the case of PSU Banks
No baggage of legacy processes and systems
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Weaknesses PSU banks have excellent presence across
India through well diversified network of
branches Many PSU banks have properties located at
strategic locations and locked at very low
rents They get assured customers in the form of
other PSUs.
PSU banks well established in Indian psyche
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Opportunities Creating a universal bank providing end-to-
end financial services
Change in demography has created a hugepool of new potential customers
Rapid urbanization creating untapped
opportunities ( Credit cards, consumer loans,housing loans, other financial products etc)
PSU banks notorious for their response time
and efficiency
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Threats New upcoming private sector banks equally
keen/capable to adopt new processes and
technology PSU banks adopting technology in an
aggressive manner in addition to leveraging
on their core strengths of market reach Economic downturn can seriously impact the
high growth plans
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Business Strategy Target middle class and corporate segment
High level customer service and efficiency
Emphasis on technology
Positioning Technology savvy and customer
friendly
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The Technology Solution Strategic adoption of technology to transforms
into a universal bank by offering whole gamut
of banking and financial services Use of technology to provide fast and efficient
customer service
Use of technology to offset challenges oflimited reach of the branch network
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IT Strategy Chose Infosys as the vendor
Selected Finacle as universal banking solution
ICICI Bank was automated from day one
Technology was used to
Streamline core banking processes
Bring in higher efficiency
More transaction throughput
Reduced per transaction cost
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Strategy implementation
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IT Strategy Adopted technologies such as
Internet banking
Automated teller machines (ATM)
Call centers
Mobile technology
kiosks and smart cards for rural areas Interactive banking channel through Dish TV
to deliver ANYTIME ANYWHERE services
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IT Strategy It has enabled them to negate the competitors
advantages of physical channels such as
number of branches, brokers etc. Integration of the mentioned channels enabled
Bank driven push
Customer driven pullTo sell and cross sell further financial products and
services.
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IT Strategy Back office processes fully automated using
feed from Finacle
Uses large shared processing hub whichenjoys economies of scale and faster cash
turn-around.
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Service offerings E-commerce services like
bill payments
funds transfers corporate banking over the Net
Core banking
Consumer e-banking
Corporate e-banking
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Visible difference
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Visible difference( in 2007)
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Thank you
