ICICI Bank spending on tech to improve customer experience and efficiency

ICICI Bank has revealed that the private bank is leveraging the latest technology to improve customer experience and efficiency of its operations.
ICICI Bank technology
The announcement from ICICI Bank assumes significance because HDFC Bank is facing criticism for its lack of strong digital infrastructure at present.

ICICI Bank is spending on Big Data analytics to offer instant loans—fresh loans, top ups and balance transfer– to millions of pre-approved customers, along-with offering instant loan approvals.

Home buyers, including those who are not customers of the Bank, can apply for home loan digitally, in a hassle-free manner through the Bank’s website and mobile banking platform called iMobile Pay. They can also experience a convenient digitised experience at their nearest ICICI Bank branch. They can also receive instant sanction of their loan digitally.

Additionally, ICICI Bank’s digital process allows anyone including customers of other banks to get a sanction letter immediately, via online.

During the pandemic, ICICI Bank launched the video KYC facility for customers so that they can onboard from their home, without visiting a branch.

“Thanks to all these initiatives, ICICI Bank now sources nearly one-third of new home loans digitally. The growth in the mortgage portfolio was also aided by the Bank’s expansion of footprint across the country including tier 2, 3 and 4 cities,” Ravi Narayanan, head – Secured Assets, ICICI Bank said.

ICICI Bank said its mortgage portfolio crossed the Rs 2-lakh-crore-mark in November 2020 and disbursements increased in Q3FY21 over Q2FY21. It now sources nearly one-third of new home loans digitally.

ICICI Bank recently announced the launch of a new mobile application called InstaFX for authorised money changers to help customers of any bank get ICICI Bank Forex Prepaid Card. InstaFX app enables the authorized money changers, who are partners of the Bank, to complete the KYC verification and validation of customers digitally and on a real-time basis.

ICICI Bank in December announced its partnership with Google for issuance of FASTag through Google Pay. This enables Google Pay users to order, track and recharge ICICI Bank FASTag digitally on the payments platform. This initiative comes amidst the COVID-19 pandemic and ensures safety of the applicants, as they don’t have to visit merchants or toll locations to buy a FASTag.