Private sector lender ICICI Bank on Wednesday announced the launch of a comprehensive set of digital banking solutions for corporates and their entire ecosystem, including promoters, group companies, employees, dealers, vendors and all other stakeholders.
Called ICICI STACK for Corporates, it provides customised digital banking services to companies in over 15 sectors such as financial services, IT/ITES, pharmaceuticals, steel and their entire ecosystem, the lender said.
“Armed with the bank’s state-of-the art digital platforms, these services can further be tailor-made for companies within an industry. The four main pillars of the ‘ICICI STACK for Corporates’ are digital banking solutions for companies, digital banking services for channel partners, dealers and vendors, digital banking services for employees and curated services for promoters, directors and signatories,” ICICI Bank further said.
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It has also opened eight ecosystem branches --- five in Mumbai and three in the National Capital Region (NCR) to supplement these efforts. It plans to launch another four such branches in this financial year.
Vishakha Mulye, Executive Director, ICICI Bank said that apart from generating loan demand, the facility will also help get the entire ecosystem of corporates to the bank, start salary account relationships, and result in other banking relationships on trade finance and transaction banking.
Nearly 90 per cent of ICICI Bank’s retail transactions have moved away from paper-based systems like cheques, and Mulye termed the adoption of digital alternatives among corporates as “low”.
Corporates have doubled up on digital transactions but have a long way to go on it, she further said.
She also expressed hope that the country will grow post the pandemic, and both investment and consumption will support it.
She exuded confidence that in such a scenario, the corporate loan demand will also fire up and added that its corporate loan book is a function of the opportunities in the market.