Private sector lender ICICI Bank is betting big on technological innovations and digital banking to boost its franchise.
The lender in an analyst day highlighted initiatives in digital banking.
“ICICI Bank in its analyst day highlighted how the strengthening of its digital capabilities is helping transform the bank and increase throughput rates, while offering customers a superior experience,” said Motilal Oswal in a research note.
The bank is capable of building and scaling digital capabilities like the best of the FinTechs, though agility, constant innovation, and customer focus remains the key to success, it further said.
“ICICI Bank has been reporting strong growth in Retail advances, supported by an impressive share of digital originations, while SME/Business Banking growth has been robust, aided by various digital applications, it further noted.
The report highlighted that ICICI Bank’s mobile app is showing robust acceptance, with about 45 lakh activations from non-bank customers, 34x growth in transaction value, and 18x growth in users.
Around 10 per cent of these customers have bought at least one product from it.
More than 75 per cent of the lender’s customers are digitally active, with 90 per cent of the transactions happening through its digital platforms.
The bank has witnessed 114 per cent year-on-year growth in digital logins, while disbursements grew 93 per cent.