ICICI BANK

ICICI was set up as a development

bank to provide products and services
for the corporate segment.
It diversified into the retail segment
of the financial markets in the early
1990s while transforming itself into a
technology intensive financial service
group.
In the mid-nineties, ICICI raised debt
from the retail market.

Since then it has been trying to

increase its reach to this segment by
mobilizing
resources
and
offering
quality investor service through ICICI
Infotech Services, a subsidiary of ICICI.
In 1994, it established ICICI Bank as a
commercial bank that is flexible,
innovative and prompt in meeting
customer requirements.
It also offers other retail initiatives
such as personal services, capital
services, Web trade, life insurance and
other services.

ICICI- RETAIL STRATEGY

ICICIs retail strategy was centred

around
intensive
deployment
of
technology to help reduce cost of
service, increase customer retention,
help in cross selling and up-selling
while improving process efficiencies.
The bank looked towards allowing
the
customers
use
multiple
electronic
channels
including
internet, ATMs, call centers, contact
centers, desktops, kiosks, mobiles
and other hand held devices for
conducting financial transactions.

CRM- THE ICICI

EXPERIENCE

CRM at ICICI involves increased

communication between the virtual
universal bank and its customers and
prospects as well as within the group
itself.
The underlying idea is to enhance every
instance of contact with the customer.
ICICI believes that a true customercentric
relationship
can
only
be
accomplished
by
considering
the
unique perspectives of every single
customer of the organization.

CRM ROAD MAP OF

ICICI
CRM is viewed as a discipline as well as a set of
discrete software technologies, which will focus
on automating and improving the business
processes associated with managing customer
relationships in the areas of sales, marketing,
customer service and support.
The organizations aims to achieve the end goal
of one-to-one marketing.
The CRM Software applications will facilitate
the coordination of multiple business functions .

Coordinate multiple channels of communication

with the customer to carry out customer
management more efficiently.

It should allow ICICI to engage in

one-to-one marketing by tracking
complete customer life-cycle history.
To begin with, it will automate
process-flow tracking in the product
sales process, and be able to generate
customized reports and promote cross
selling.
It will also enable efficient campaign
management by providing a software
interface for definition, tracking,
execution and analysis of campaigns.

IMPLEMENTING CRM

There are five interrelated areas:

Business Focus.

Organizational Structure.

Business Metrics.

Marketing Focus.

Technology.
The key to building the CRM action plan was
in understanding with the organization that
stood relative to each of the five aspects of
change.
Interviews with key individuals throughout the
organization helped identify different
initiatives that have been launched, all focused
on CRM.

The next step in the process was a

Gap
Analysis,
this
analysis
helped
identify
the
CRM
organizational holes:

Marketing,
sales
and
service
practices.
Collection, capture, processing and
deployment of customer information.
Distribution
and
operations
effectiveness at customer touch
points.

THE CRM BUSINESS

CYCLE

Understand and
Differentiate

Organizations need to understand their

customers in order to have a relationship
with them.
Profiling
to
understand
demographics,
purchase patterns and channel preference.
Primary research to capture needs and
attitude.
Customer
valuation
to
understand
profitability, as well as lifetime value or longterm potential.
The ICICI Groups customers need to see
that the firm is differentiating service and
communications, based on their learning
independently
and
on
the
customer
expectation
and
the
expected
values
expected.

Develop and Customise

In a customer-focused world, product and

channel development has to follow the
customers lead, identify customers
wants, determine the value and desire of
the customer, etc.
Organizations
are
increasingly
developing products and services, and
even new channels based on customer
needs and service expectations.
ICICI believes that the extent of
customization should be based on the
potential value delivered by the customer
segment.

Interact and Deliver

To foster relationships, organizations need to

insure that:
All areas of the organization have easy access
to relevant, actionable customer information.
All areas are trained how to use customer
information to tailor interactions based on
both customer needs potential customer value.

ICICI is strongly of the opinion that value is not

just based on the price of the product or the
discounts offered but are based on a number of
factors including the quality of products and
services, convenience, speed, ease of use,
responsiveness, and service excellence.

Acquire and Retain

The more ICICI learns about customers,

the easier it is to pinpoint those that are
producing the greatest value for the
organization.
They aim to continue to learn more about
each customer segment and use it for
successful customer retention.
As ICICI moves step further in CRM they
hopes to gain insight and understanding
that enhance the subsequent efforts. The
organization shall become increasingly
sophisticated in the implementation of
CRM processes, and over a period of time
shall become increasingly profitable by
doing so.

Successful customer retention is based on

the organization's ability to constantly
deliver, based on three principles:
Maintain interaction; never stop
listening.
Continue to deliver on the customers
definition of value.
Customers change as they move
through differing stages of their lives,
which implies that the firm needs to be
alert for changes and to modify its
services and value propositions as they
change.

Implementation

Implementation was divided into

following stages:
Analysis
Mapping Design
Customization
Integration
User Acceptance Testing