28 September 2016
Ketharaman Swaminathan

Talk of Many Things

Ketharaman Swaminathan - GTM360 Marketing Solutions

77Posts 381,425Views 2,427Comments
A post relating to this item from Finextra:

ICICI launches Facebook banking app

18 January 2012  |  19046 views  |  1
ICICI_bank.gif
India's ICICI has launched a Facebook app that lets customers carry out banking tasks without leaving the social network.

Pushing The Envelope On Technology - Part 1

30 January 2012  |  4147 views  |  0

Banks know that they can cut costs and enhance customer experience by adopting mobile, social media and other cutting edge technologies. However, most of them drag their feet on innovation, often citing security concerns, regulatory constraints, and so on. For example, statutory KYC requirements precluding banks from introducing 100% online and automated account opening by forcing them to collect printed proof of identity and address documents and account opening forms bearing wet-ink signature.

With the recent launch of a Facebook App and Online Account Opening, ICICI Bank, which is India's largest private sector bank, has pushed the envelope on adopting cutting edge technologies while staying compliant with the local laws.

The bank recently launched an FB app which offers a whole lot of features such as account balance, mini statement, cheque book request without leaving Facebook. GenXers - like me - who have been using Internet Banking well before Facebook came along might be viewing Facebook as an odd venue for conducting banking. However, from the speed at which my GenY nephew signed up for the FB app, I'm convinced that ICICI Bank has a winner on its hands with this initiative.

Coinciding with the launch of its FB app, the Bank also launched Online Account Opening functionality on its website. As I've mentioned in a couple of blog posts in the past (hyperlinks to personal blog posts removed), most "online applications" for financial products in India and elsewhere are glorified lead collection forms that fall way short of end-to-end account opening. ICICI Bank has got this customer pain area and has advertised its new offering by specifically committing issue of "Instant Account Number". Props to ICICI Bank for doing what, to the best of my knowledge, no other bank or financial institution in India has done so far.

By no means does ICICI Bank offer a complete account opening process online - that's simply not possible under the current laws. But, even with its partial solution, this bank has convincingly demonstrated that it is possible to use cutting edge technology to improve the status quo even under the current regulatory environment. ICICI Bank has also proved that, while doing so, it is possible to cut costs and enhance customer experience: By getting the customer to complete the application form online, it has saved the expense of printing paper forms and distributing them to its 2,500+ branches all over India as well as cut the cost of entering all that data manually; and by offering to collect paper documents from the applicant's doorstep instead of forcing the applicant to visit the branch, it has simultaneously enhanced the customer experience. And I think that's a big deal.

In Part-2 of this blog post, I will dig a little deeper into these new offerings from ICICI Bank and share some comments and concerns around the bank's Facebook behavior and communications around its online account opening offering. By tweaking these, ICICI Bank can serve as a lighthouse for the entire BFSI industry to adopt cutting edge technology.

Features of ICICI Bank's Facebook App TagsRetail banking

Comments: (0)

Comment on this story (membership required)

Latest posts from Ketharaman

Fintechs Need Guts More Than Lawyers

15 August 2016  |  3582 views  |  1 comments | recomends Recommends 0 TagsRisk & regulationStart ups

Fintechs Need Marketers And Lobbyists, Not Lawyers

31 July 2016  |  3164 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationStart ups

Enhanced Remittance Data Could Multiply Electronic Fund Transfer Volumes

05 July 2016  |  3238 views  |  0 comments | recomends Recommends 0 TagsPaymentsRetail banking

Five Ways For Banks To Boost Credit Card Use

26 May 2016  |  3368 views  |  0 comments | recomends Recommends 0 TagsCardsRetail banking

Banks Will Know Chipotle Is Going Bankrupt Before Chipotle

17 April 2016  |  3247 views  |  0 comments | recomends Recommends 0 TagsRetail bankingInnovation

Ketharaman's profile

job title Founder & CEO
location Pune
member since 2009
Summary profile See full profile »
As Founder and CEO, S. Ketharaman provides overall direction and leadership toward setting and achievement of GTM360's goals and objectives.

Ketharaman's expertise

What Ketharaman reads
Ketharaman writes about

Who's commenting on Ketharaman's posts

John Fitzgerald
Melvin Haskins
Balasubramaniam Gd