ICICI Bank: Technology accounts for 8.4% of operating expenses
Banking Frontiers|February 2022
ICICI Bank continues to invest in technology to enhance its offerings to customers and the scalability, flexibility & resilience of its technology architecture:
ICICI Bank: Technology accounts for 8.4% of operating expenses

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.

SUPPLY CHAIN PLATFORMS

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BANKING FRONTIERSView all
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 mins  |
October 2024
Non-cash transactions can touch a phenomenal level by 2028
Banking Frontiers

Non-cash transactions can touch a phenomenal level by 2028

Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:

time-read
3 mins  |
October 2024
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
Banking Frontiers

The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer

In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).

time-read
3 mins  |
October 2024
A new trinity in digital lending space
Banking Frontiers

A new trinity in digital lending space

Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:

time-read
4 mins  |
October 2024
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 mins  |
October 2024
Small MFI, International Engagements
Banking Frontiers

Small MFI, International Engagements

Mitrata Inclusive Financial Services in the midst of transformation growth

time-read
3 mins  |
October 2024
MFIs: Big Impact Big Changes,
Banking Frontiers

MFIs: Big Impact Big Changes,

Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:

time-read
3 mins  |
October 2024
Climate Risk Forum for CROS
Banking Frontiers

Climate Risk Forum for CROS

Excerpts from a discussion on shaping the future of climate change resilience in India:

time-read
3 mins  |
October 2024
Seamless Supply Chain Finance
Banking Frontiers

Seamless Supply Chain Finance

Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.

time-read
6 mins  |
October 2024
Star Health sees strong demand from the IT sector
Banking Frontiers

Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

time-read
4 mins  |
October 2024