ICICI Bank: Technology accounts for 8.4% of operating expenses

ICICI Bank continues to invest in technology to enhance its offerings to customers and the scalability, flexibility & resilience of its technology architecture:

Sandeep Bakhshi points out that process decongestion across products and customer segments is a key element of the bank’s strategy

In December 2020, ICICI Bank had expanded its mobile banking app, iMobile, to iMobile Pay, which offers payment and banking services to customers of any bank. Sandeep Batra, Executive Director, updates: “There have been 5.3 million activations from non-ICICI Bank account holders as of end-December 2021. The value of transactions by non-ICICI Bank account holders increased by 73% sequentially in Q3-2022.” Batra was speaking at a recent media call.

Sandeep Bakhshi, Managing Director and CEO, explains: “Our digital platforms are continuously evolving with the objective of creating end-to-end seamless digital journeys, offering personalized solutions and value-added features to customers and enabling more effective data-driven cross-sell and up-sell. Our open architecture based mobile banking app, iMobile Pay, offers a wide variety of products, services and features and helps us to acquire new customers.” He was speaking at a recent analyst call.

Rakesh Jha, Group CFO, elaborates at the earnings conference on how digital is correlated with the profit: “Leveraging digital and technology across businesses is a key element of our strategy of growing the risk calibrated core operating profit. We have seen significant increase in the adoption of our mobile banking app, iMobile Pay.

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