ICICI Bank Ltd. - Stairway to Heaven

The Problem: Maintaining profitability, limiting product complexity and increasing their access reach are the key challenges that any banks faces in sourcing credit cards in current complex environment. ICICI Bank initiated this project with an aim to offer the right product to the right customer at his own fingertips.

The Solution: For this the bank implemented a dynamic, user-intuitive product selection tool on their website that lets an applicant express his core needs, how much would he spend, what all benefits does he seek, to populate the most relevant card products for him along with the savings/reward value he can get on each of these. This system also display's all the fees, charges, terms and conditions for each of the card for a transparent cost-to-benefit analysis. The system helps the bank to identify an existing customer and offer him an abridged screening experience. Each applicant can apply, get the decision about approval or rejection instantly and track their application's status online.

The Result: The bank now gets 300-500 leads per month through this channel. ICICI now expect 2000 cards to be setup from this channel in next quarter, and also save Rs 600 per card against the traditional channel.