ICICI Bank Rolls Out New Tech Initiatives

ICICI Bank Limited, India’s largest private sector bank, has announced the launch of new technology-based initiatives to make banking simple and convenient for customers.

ICICI Bank has launched 24x7 electronic branches which are one-stop shops for all banking transactions where customers can transact on their own, at a time of their convenience, with the help of various automated devices and kiosks. Currently, there are 25 such electronic branches across 18 locations. ICICI Bank has launched Tab Banking, which gives a potential customer the convenience of opening his bank account at his or her home or office. Using a tablet equipped with mobile connectivity, the bank executive can scan the relevant KYC documents and click a picture of the customer, thereby doing away with the need for the customer to visit a branch. Tab Banking has been successfully rolled out in nine locations.

Another new tool, Bank-on-the-Move will be a POS terminal with an in-built GPRS and Wi-Fi connectivity to carry out various banking transactions in remote locations. This will allow customers to avail various services like instant deposit and withdrawal of cash along with receipts for the same, print out of account summary, opening a fixed deposit, issuing a demand draft and a host of other services. Thus Bank-on-the-Move can be used to reach out to potential customers in semi-urban and rural areas where there are no physical bank branches.

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ICICI Bank has also introduced E-Locker for its wealth customers. E-Locker is a virtual online locker, which is available on the ICICI Bank internet banking platform. The E-Locker can be used to safely store electronically scanned copies of important documents like legal agreements, policy documents, degree certificates and bank statements in various formats. The facility serves as a backup and retrieval tool for important documents and offers a storage space of 1 GB per customer.

ICICI Bank has also announced Help-on-Tab that will allow its branch staff to pre-process customers’ transactions while the customers are waiting to get serviced in the branch. It will create a ‘Self-Service’ ecosystem that will reduce the servicing time for customers. The tablet will be enabled with in-built Wi-Fi connectivity, which will make it mobile and easy to operate.

Chanda Kochhar, Managing Director and CEO, said, “We have always leveraged technology to make banking convenient and enhance the customer experience. Our continuing adoption of innovative technology reinforces our commitment towards improving and developing our relationship with our customers. The new initiatives are in line with our “Khayaal Aapka” philosophy of keeping the customer’s needs as the focal point of our business.”