01 December, 2020

Big Bank Theory

An aggressive retail thrust has changed this dodgy FI into a smart, swift bank

Atul Loke
Big Bank Theory
A secretary browses the web to check the weather conditions in the countries his boss has to visit. He then hops onto another site to mark out the best routes she should take. Another one scans every visiting card to make the list available online to her. Though tea is still served by human waiters, technology has become the foundation of everything else that happens at ICICI Bank.

Within seven years of its launch and three years since it started its retail lending business, ICICI Bank enjoys an enviable position: it does twice as much business as the runner-up in car finance; it does the highest volume of two-wheeler and commercial vehicle lending; it claims to have touched hdfc's volumes in home-related lending; it has the largest card (credit, debit and smart) business with over five million users and continues to issue over three lakh cards a month; it claims a deposit gathering rate next to only the State Bank of India.

The retail thrust indicates how the bank foresaw the future. Until the 1990s, ICICI (a financial institution which later merged with ICICI Bank)...


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