ICICI Bank - Product 2 Customer CRM

The Problem: Banking customers today have become more aware about their investments and are therefore opting for products that meet their requirements in the best possible manner. There's also growing competition among banks, making it essential for every bank to understand its customers' requirements better than others. ICICI therefore wanted a strategy to increase stickiness and loyalty of its customers to get higher value maximization.

The Solution: The solution was not treated as 'yet another technology' deployment. Rather, it was aimed at understanding the customer view point and bringing a cultural change by ensuring customer centricity in every action. For this, the company first created a customer view, involving customer segmentation by demographics, behavioral, and attitudinal attributes Next, the company had to bring structural changes across teams.

The Result: The implementation has resulted in reduced turnaround time for customer account opening by 50% for wealth and privilege banking customers. There's been a 242% increase in customer appreciation and 22% reduction in senior management escalations.