ICICI Bank : Selling Framework Compliance

ICICI Bank's International Private Banking serves High Net Worth Individual

clients globally through dedicated teams for Relationship management & Research

and Operations. The challenge is in complying with the myriad of complex rules

followed by different countries. To complicate it more, lets say the customer is

living in US and he is a citizen of India and his two nominees (lets say his kid

and wife) are staying in Hong Kong and London. Then while selling a product to

the customer the laws of all the countries namely US, India, Hong Kong and

London will be applicable to him. This used to make the whole process very

complicated for the RMs in the past.

The conflicting objectives of compliance within acceptable TATs have to be

met. In the earlier process, Excel (file based) toolkits were used, which were

not scalable for frequent changes and there was 100% reliance on human

verification of all compliance requirements. Due to this Human compliance, a lot

of misspellings from the end of the Relationship manager used to happen. Then it

used to go to the verification team who would find those miss-sellings and

inform the RMs and customers. But with so many miss-sellings at the level of the

RM happening there was a constant risk of reputation loss and penalty. Hence

ICICI deployed this application called IntelliRadar from Herald Logic to provide

a very agile workflow and decision support system that can be easily updated by

business users regularly without the need of any developer intervention.

This project, which has been deployed, can change compliance rules and grids

on the fly by business users with ZERO involvement from IT. Plus, it has reduced

the number of human touch points required for servicing clients, thereby

improving TAT and improving client satisfaction with near zero risk of

noncompliance consequent penalties. In the future, the bank is planning to

extend the project to front -end order management processes and other front-end

modules to improve its client servicing.

Vivekanand Sharma, Chief Manager