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Icici Bank

ICICI Bank is an Indian public limited company founded in 1994. It is the second largest bank in India by assets and market capitalization. The bank provides various banking products and services for retail and corporate customers, including savings and checking accounts, loans, credit and debit cards, investments, corporate and investment banking, insurance, and wealth management. It has over 3,800 branches in India and operations in 19 other countries.

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258 views5 pages

Icici Bank

ICICI Bank is an Indian public limited company founded in 1994. It is the second largest bank in India by assets and market capitalization. The bank provides various banking products and services for retail and corporate customers, including savings and checking accounts, loans, credit and debit cards, investments, corporate and investment banking, insurance, and wealth management. It has over 3,800 branches in India and operations in 19 other countries.

Uploaded by

SAMBIT SAHOO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ICICI Bank is an Indian, Public ltd Company dealing with finance

and banking services. In India, this multinational bank boasts of being the
second largest in relation to market capitalization and its assets. This
banking institution was founded in the year 1994. The bank’s present
chairperson is Mr. K.V.Kamath and Ms. Chanda Kochhar are the CEO and
MD. ICICI Bank is determined to improve the understanding between the
employees and the customers for a long-lasting relationship.

The bank’s objectives include creation and expansion of private concerns


with modern facilities. It has also taken initiative to ‘Go Green’ in order to
create awareness about environment amongst the people. ICICI Bank has
created a platform that single-handedly gives an option of i-mobile banking,
internet banking and IVR banking under one roof to all its customers.

ICICI Bank has many competitors in the banking arena that motivates them
in giving their best possible services. Some of their chief business rivals are
as follows

• State Bank of India


• Bank of Baroda
• Axis Bank
• Bank of Punjab
• HDFC
• Central Bank of India

Page Contents

Product in the marketing mix of ICICI bank

ICICI Bank provides a variety of banking products for all its customers. The
major product of ICICI bank is its excellent customer service. The bank is
known for its 12 hours operation and for its out of the box customer service
initiatives. It has equal focus on retail customers as well as customers
belonging to the corporate world. Their banking products include:

• Consumer banking – It includes a number of deposits like Saving


account, Recurring account, Fixed deposit account, special accounts for
senior citizens and also teenagers.
• Cards – These cards include Credit card, Travel card and Debit card.
• Investment banking – Various options are provided to the customers like
Tax Saving Bonds, Mutual Funds, Foreign Exchange Services and Pure
Gold Investments.
• Loans – This include Personal Loans, Medical Equipment loans, Farm
Equipment Loans, Vehicle Loans and Loans against Securities.
• Finance – Channel finance is one of the strong products which ICICI bank
has in its kitty. Plus, there are numerous forms of Finance provided by the
bank.
• Corporate banking
• Insurance – ICICI bank is known for its large portfolio of Insurance
options.
• Wealth management
• Private banking
• Mortgage loans – Most banks make an amazing amount of revenue from
offering Loans. ICICI has many fail safes in place to ensure that it gives
loans to the better customers only.

In the month of September 2013, ICICI Bank introduced an extraordinary


app on Facebook. This exclusive app named ‘Pockets by ICICI Bank’
assisted its customers in carrying out a variety of financial transactions
through Facebook. Access to this app was possible by logging in the
Facebook account of the customer. After reaching the desired page,
the individual has to complete its online registration with the help of Debit
Card number and the Pin Number.

This app has proved to be a blessing in disguise for customers as it is helpful


and saves ample time. Payments, recharging mobile’s prepaid account,
booking tickets at cinema halls, accessing statements of demat accounts
and savings account, opening a recurring account and upgrading the debit
card are some of the possibilities through this app. This app also allows a
group to split and share expenses on Facebook. Transferring of funds to
friends without any bank details is possible over here.

ICICI Bank has added several new products to its portfolio like the ‘My
Savings Reward’ and ‘I Wish’ deposit program. This shows that ICICI bank
understand that for a bank, convenience is one of the major products which
they can offer to their customers. However, convenience comes at a security
risk and therefore, ICICI ensures that it has security fail safes in place to offer
these services to customers.

Place in the marketing mix of ICICI bank

ICICI Bank’s operation has spread all over the globe and it has subsidiaries
and branches in 19 countries like Russia, United Kingdom, Canada,
Singapore, US, Hong Kong and Qatar.
In India, ICICI Bank has a huge set-up of 11,162 ATM’s and 3,800 branches.
Suitable places to set up ATM and Branches are shortlisted and then
finalized so that services can be provided to maximum number of people.
While setting up such places the safety and security of both the bank
personnel’s and the users is kept in mind.

This places act as a distribution channel for the banking facilities where
services are provided anytime 24*7.The concept of Internet banking and
using of technology for any kind of services is encouraged. All its branches
are equipped with modern facilities. The bank has opened various
information centers where all the related queries can be answered.

ICICI Bank has started the concept of DSA &DST. The direct selling agents
and team of ICICI contacts the customer at his place rather than asking him
to come to the bank. This has helped them in garnering more customers.

Price in the Marketing mix of ICICI bank

ICICI Bank offers an assortment of financial services to its esteemed


customers. It has a very clear-cut pricing policy. It deals in a competitive
market and so it has a policy that involves improvisation at each level. The
bank’s value added strategies are made keeping in mind and analysing the
customer’s mindset and economic changes happening in the market.
However, when you compare it with PSU’s or even second tier banks like
Kotak Mahindra, then ICICI can clearly be seen as a Premium priced bank.

ICICI Bank is targeting a great part of the market share because its policy
comprises of revenue through volume. It has also started an aggressive
pricing policy that involves acquisition through low-cost funds. The bank’s
main aim is to eliminate competition in the banking field. The bank offers
loans and schemes to attract its customer. The rates are evaluated at regular
periods and changed to suit the needs and demands of both the bank and
the customer.

Under its Evaluating Policy, in 2012 ICICI Bank has introduced a new
program ‘My savings Reward’. In this program, customers are allotted points
as rewards for all the transactions, which are completed through the savings
account of the bank. Points are given automatically for multiple transactions
like Internet banking, shopping that is through online, payment of bills,
automatic debiting of saving account for any monthly instalments etc.

Promotions in the Marketing mix of ICICI bank


The promotion strategy of ICICI Bank comprises of direct and indirect
communication to the customers. Besides emphasizing on the
modernization of its banking facilities stress is also laid on the benefits one
gets on using the banks services. The benefit of each product is highlighted
so that the clients become impressed and they are forced to grasp the
services of this bank.

Under the promotional strategy, ads have been placed in the print media and
famous personalities have been roped in for visual media. It has been a
huge boost for ICICI Bank to hire Amitabh Bacchan, the famous actor, in the
advertisements. All the ads related to the bank denote ‘trust’ and this has
helped them immensely as trust is a rare commodity in today’s world.

Promotions are also done through films like Baghban. Technology has been
use to its maximum potential in tracking the customer’s wishes and
demands. ICICI and Amway have formed an alliance for a credit card that
can be used at international level. The bank has also patched with Indian
Railways and many services are provided for the benefit of the customer.

ICICI Bank’s tag line is very appropriate ‘Hum Hain Na’ because it promotes
credibility, trust and financial solutions to every customer. It has been
successful in its endeavour to project a sophisticated image with modern
concept.

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