A STUDY ON FINTECH APP OF ICICI BANK

Project Submitted in Partial Fulfilment & Requirement for the Award

of the degree of

MASTER OF BUSINESS ADMINISTRATION

OF

BENGALURU CITY UNIVERSITY

SUMBITTED BY
PRAVEEN KUMAR M S
REG. NO : P18AN21M0060

UNDER THE GUIDANCE OF

Prof. ARCHANA N

ADARSH INSTITUTE OF MANAGEMENT AND INFORMATION TECHNOLOGY

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 DECLARATION OF THE STUDENT

I hereby by declare that “A STUDY ON FINTECH APP OF ICICI BANK” is the result of the project work
Carried out by me under the guidance of “Prof ARCHANA N” in fulfilment for the award of degree in
“MASTER OF BUSINESS ADMINISTRATION” by Bangaluru city university.

I also declare that this project is the outcome of my own efforts and that it has not been submitted to any

Other university or institution for award of any other degree or diploma or certificate.

PLACE : Bangaluru NAME : PRAVEEN KUMAR M S

DATE : REG NO : P18AN21M0060

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 GUIDE CERTIFICATE

This is to certify that the project report title “A STUDY ON FINTECH APP OF ICICI BANK” submitted by
(PRAVEEN KUMAR M S , P18AN21M0060) to Bangaluru city university. Bangaluru for the award of degree of
‘MASTER OF BUSINESS ADMINISTRATION’ is a record of work carried out by he/her under my guidance.

PLACE : Bangaluru

DATE : SIGNATURE :

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 AKNOWLEDGEMENTS

Dedication, hard work and persistence are the foundation stones of success. I wish to express my sincere

gratitude to those individuals who have supported me throughout the project by direct and indirect ways.

I would like to express my deep and sincere gratitude to my guide Prof. ARCHANA N, for the encouragement ,

Valuable suggestions and guidance given to me during the time of project completion . I wish to express my

gratitude to our Director and Principal Dr.R. VENKATARAMAN, of ADARSH INSTITUTE OF MANAGEMENT

AND INFORMATION TECHNOLOGY , for providing the opportunity to execute this project . I also want to show

My gratitude to all who helped me to complete this project.

PLACE : Bangaluru NAME : PRAVEEN KUMAR M S

DATE : REG NO : P18AN21MOO60

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 TABLE OF CONTENTS

1) Executive summary ………………………………………………………………………………………………………………[6]

2) Introduction ………………………………………………………………………………………………………………………….[7-8]
3) Fintech and its impact on ICICI bank………………………………………………………………………………………..[9-12]
4) Fintech and its impact on ICICI bank financial services ……………………………………………………………[13-17]
5) Types of Fintech apps ……………………………………………………………………………………………………………[18-21]
6) Fintech trends used by ICICI bank…………………………………………………………………………………………..[22-25]
7) Growth level of ICICI bank in Fintech……………………………………………………………………………………….[26]
8)Financial applications of Fintech app ………………………………………………………………………………………..[27-29]
9) process of set up of Fintech app………………………………………………………………………………………………...[30]
10) Challenges of Fintech app………………………………………………………………………………………………………….[31]
11) Benefits of Fintech app……………………………………………………………………………………………………………[32-33]
12) Conclusion about Fintech app……………………………………………………………………………………………………[34]
13) Review of Literature………………………………………………………………………………………………………………….[35]

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 EXECUTIVE SUMMARY

The Fintech app a is new technology-enabled business models related to deposit-taking, credit
intermediation and capital-raising have emerged. These are digital banking, fintech balance sheet
lending and crowdfunding platforms (the latter two are referred to as fintech platform financing). In
this paper, we provide a cross-country overview of the regulatory requirements for these fintech
activities in 30 jurisdictions. The paper is based on an extensive desktop review of regulations and
related documents, complemented by responses to an FSI survey conducted in early 2019.

FINTECH applicants for a digital bank licence face requirements on the place of incorporation and
legal form, sustainability of business plan, minimum paid-up capital, fitness and propriety of
management, risk governance frameworks and documentation of the exit strategy. They also face
requirements on ownership and control, although these may be different to those applicable to other
banks. After obtaining a digital bank licence, licence holders are subject to the same ongoing
requirements as traditional banks on capital, leverage, liquidity, anti-money laundering/combating
the financing of terrorism (AML/CFT), market conduct, data protection and cyber security.

FINTECH application requirements tend to be more prescriptive in relation to board members

expertise in technology. A satisfactory track record in operating a technology business; and
assessments of technical infrastructure by independent third-party technical experts. In addition,
some jurisdictions require digital banks to demonstrate a commitment in driving financial inclusion,
particularly for underserved and hard-to-reach market segments.

FINTECH is broadly used to describe emerging technological innovations in the financial services
sectors with ever increasing reliance on information technology. Commencing as a term referring to
the back end technology used by large financial institution, it has expanded to include technological
innovation in the financial sector, including innovation in financial literacy and education, retail
banking, investments, etc.

FinTech or digital innovations have emerged as a potentially transformative force in the financial
markets. A recent FSB study highlighted some of the potential benefits of FinTech, including efficiency
improvements, risk reduction and greater financial inclusion. It also identified some of the key
challenges associated with FinTech, such as difficulty of regulating an evolving technology with
different use cases, monitoring activity outside the regulated sector, identifying and monitoring new
risks arising from the technology.

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 INTRODUCTION OF FITNECH APP

The term “FINTECH” is a contraction of the words “finance” and “technology”. It refers to the
technological start-ups that are emerging to challenge traditional banking and financial players and
covers an array of services, from crowd funding platforms and mobile payment solutions to online
portfolio management tools and international money transfers.

FINTECH are attracting interest both from users of banking services and investment funds, which see
them as the future of the financial sector. Even retail groups and telecom operators are looking for
ways to offer financial services via their existing networks. This flurry of activities raises questions
over what kind of financial landscape will emerge in the wake of the digital transformation.

FINTECH is a shortened name for financial technology, and is a large and growing part of the 21st
century’s new financial services market. Used as a catchall name encompassing small start-ups and
companies that provide financial technology infrastructure, a company can be a FinTech start-up if it
is bringing a financial technology solution to the market. Alternatively, a company can offer these
types of products, but not be a FinTech company, such as Apple, which is a technology and media
company that developed and now markets the solution, Apple Pay.

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Some of FINTECH’S most innovative applications are beyond the reach of typical, everyday consumer
banking and financial services products. Instead of focusing on those innovations, this guide will focus
on how FinTech’s innovations have changed consumer and small business interactions with money
and debt. This guide covers banking where FinTech’s products include mobile banking and
marketplace lending, mobile financial services and micro-investing services and crowdfunding, and
the mainstreaming of cryptocurrency and blockchain technology both of which have been around for
about ten years.

While some financial industry observers argue that FinTech has been around for decades and forms
the lifeblood of all financial institutions (think ATM), others posit that this time is different and that
FinTech represents a phenomenon distinct from earlier eras of innovation. Both camps agree that it is
the rapid evolution of FinTech over the past decades that has been transformational for the financial
sector.

Fintech has become an opportunity to The increase Many sales companies to create a profile It
undergoes profound change due to the increase Internet access and connection speed It allows people
to perform virtual activities such as Buy and sell products. This virtual scenario Business or product
marketing The provision of services. It was the financial industry In this hypothetical business model,
Which is called FinTech in financial terms.

Fintech products and services such as payments and loans, Personal Finance Management, Project
Finance (crowdfunding) and investment Management and insurance. In contrast to banking tradition,
FinTech Financial services that move faster and bigger Convenience and lower cost, plus Understand
the current importance of representation More like a tech company than a Finance. FinTech has a
promising future not only For easy access to the Internet, but also a lot more Countries are betting
on a smart economy.

Since the late eighties finance has been an industry based on the transmission and manipulation of
digital information. In fact, the ATM is often the only point for most customers today in which financial
transactions move from a purely digital experience to one that involves a physical product .

Specialized players have unbundled financial services, allowing consumers to find and assemble their
preferred suites of products. However, classic economic forces remain relevant even in an age of
digital production. Economies of scale and scope and network effects are present in many aspects of
financial services production, including customer acquisition, funding, compliance activities, data and
capital (including trust capital). Despite advances in technology, consumer search and assembly costs
remain significant.

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 FINTECH AND ITS IMPACT ON ICICI BANK AS WELL AS BANKING SAERVICE

1) FinTech innovations, products and technology

There is no commonly accepted taxonomy for FinTech innovations. In order to get a sense of the
broad nature of the ongoing developments in this area, the WG categorized some of the most
prominent FinTech innovations into five main groups through its scoping exercise. Though this does
not represent a comprehensive review of all FinTech innovations, it highlights those regarded as
potentially having the greatest effects on financial markets.

2) Payments, clearing and settlement service

Innovations in this category are targeted at improving the speed and efficiency of payments, clearing,
and settlement, reducing cost and changing the ways people access financial services and conduct
financial transactions. Some of the innovations in areas of payments, clearing and settlements in the
financial markets are as follows.

3) Mobile and web-based payment applications

The majority of developments in the areas of payments are based on mobile technology by providing
wrappers over existing payments infrastructure. Examples include Apple Pay, Samsung Pay, and
Android Pay, which sit on top of existing card payment infrastructure enabling the user’s mobile
devices to act as their credit/debit cards. There are also mobile payments built on new payment
infrastructure, for example mobile phone money services, such as M-Pesa in Kenya and IMPS in India,
which provide payment services. While such innovation facilitates the entrance of new users to the
financial system, it may also move the provision of some payment services to non-banking companies
that are not regulated as financial entities. There are a number of web-based and mobile-based
payment applications that primarily focus on the customer experience and often aim to better
integrate payment transactions within the commerce value chain.

4) Digital currencies (DCs)

Digital currencies (DCs) are digital representations of value, currently issued by private developers
and denominated in their own unit of account. They are obtained, stored, accessed, and transacted
electronically and neither denominated in any sovereign currency nor issued or backed by any
government or central bank Digital currencies are not necessarily attached to a fiat currency, but are
accepted by natural or legal persons as a means of exchange and can be transferred, stored or traded
electronically. DC schemes comprise two key elements: (i) the digital representation of value or
‘currency’ that can be transferred between parties; and (ii) the way in which value is transferred from
a payer to a payee.
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 5) Distributed ledgers Technology
Distributed ledger technologies (DLT) provide complete and secure transaction records, updated and
verified by users, removing the need for a central authority. These technologies allow for direct peer-
to-peer transactions, which might offer benefits, in terms of efficiency and security, over existing
technological solutions. The impetus behind the development and adoption of distributed ledger
technology are the potential benefits. The major benefits are reduced cost; faster settlement time;
reduction in counterparty risk; reduced need for third party intermediation; reduced collateral
demand and latency; better fraud prevention; greater resiliency; simplification of reporting, data
collection, and systemic risk monitoring; increased interconnectedness; and privacy.

6) Block chain Technology

Block chain is a distributed ledger in which transactions (e.g. involving digital currencies or securities)
are stored as blocks (groups of transactions that are performed around the same point in time) on
computers that are connected to the network. The ledger grows as the chain of blocks increases in size.
Each new block of transactions has to be verified by the network before it can be added to the chain.
This means that each computer connected to the network has full information about the transactions
in the network. Block chain potentially has far-reaching implications for the financial sector, and this
is prompting more and more banks, insurers and other financial institutions to invest in research into
potential applications of this technology.

7) Deposits, lending and capital raising service

Alternative models of lending and capital raising are gaining prominence, potentially changing the
market dynamics of traditional lenders and affecting the role of traditional intermediaries. A few
examples of the products offered by FinTechs are as under.

8) Peer-to-peer (P2P) lending

Peer-to-peer (P2P) lenders connect lenders and borrowers, using advanced technologies to speed up
loan acceptance. These technologies are designed to increase the efficiency and reduce the time
involved in access to credit. While P2P lending originally involved direct matching of individual
lenders and borrowers on a one-to-one basis, it has evolved into a form of marketplace lending where
institutional and high net worth individual investors lend into a pool that borrowers can access.

9) Market provisioning services

Advances in computing power are facilitating faster and cheaper provision of information and
services to the market. A few of these innovations are discussed below :

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 a) Smart contacts
Smart contracts are computer protocols that can self-execute, self-enforce, self-verify, and self-
constrain the performance of a contract. Development of smart contracts in relation to financial
services could have a large impact on the structure of trade finance or derivatives trading, especially
more bespoke contracts, and could also be integrated into Robo-advice wealth management services.
The widespread adoption of smart contracts in financial services could be facilitated by the
establishment of distributed ledger technology.

b) E-Aggregators
E-Aggregators provide internet-based venues for retail customers to compare the prices and features
of a range of financial (and non-financial) products such as standardised insurance, mortgages, and
deposit account products. They can also be firms that provide services that allow users to aggregate
and analyse their data on their payment patterns, across separate accounts and products (example-
Yodlee). E-Aggregators also provide an easy way to switch between providers and may become a
major distributor for a variety of financial products. Reserve Bank of India has issued directions
regarding Account Aggregators which requires that no entity other than a company can undertake the
business of an Account Aggregator, no company shall commence or carry on the business as an
Account Aggregator without obtaining a certificate of registration from the RBI and every company
seeking registration with the RBI as Non-Banking Financial Company - Account Aggregator shall have
a net owned fund of not less than ₹ two crore or such higher amount, as the RBI may specify.

c) Cloud computing
Cloud-based IT services can deliver internet-based access to a shared pool of computing resources
that can be quickly and easily deployed. Infrastructure, Platform, Service and Mobile backend as a
service are offered under cloud based services. The use of these services is an important enabler for
new entrants to the financial services arena to set up quickly and with low start-up cost, with easy
options to expand their capability as the firm grows. Depending on the type of services of the cloud
service 14 availed, it can potentially pose several challenges including the ability of jurisdictional
enforcement authorities to effectively ensure security of data.

D) Big data
As more business activity is digitised, new sources of information are becoming available. Combining
these data sources with the availability of increased computing power is delivering faster, cheaper,
and more comprehensive analysis for better informed decision-making. For example, wider use of
increasingly large datasets could deliver material improvements in credit risk assessments. Financial
institutions may desire to monetize aggregated data by selling them or bundling them with other
products and services offered.

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 e) Artificial Intelligence (AI) & Robotics
Companies looking to achieve a competitive edge through AI need to work through the implications of
machines that can learn, conduct human interactions, and engage in other high-level functions at an
unmatched scale and speed. They need to identify what machines do better than humans and vice
versa, develop complementary roles and responsibilities for each, and redesign processes accordingly.
AI often requires, for example, a new structure, of both centralized and decentralized activities, that
can be challenging to implement. Finally, companies need to embrace the adaptive and agile ways of
working and setting strategy that are common at startups and AI pioneers. All companies might
benefit from this approach, but it is mandatory for AI-enabled processes, which undergo constant
learning and adaptation for both man and machine.

10) Investment management services

Automated systems have the potential to transform the business of investment management. Few
commonly used applications in investment management services are discussed as under:

a) Robo advice
“Robo-advice” is the provision of financial advice by automated, money management providers,
thereby disintermediating human financial advisors and reducing costs. It can offer more investor
choice, especially for low and middle income investors who do not have access to the wealth
management divisions of the banks. Robo Advisors are said 15 to be currently handling assets under
management estimated at $20bn7 and such business is growing rapidly. They use client information
and algorithms to develop automated portfolio allocation and investment recommendations that are
meant to be tailored (to a greater or lesser degree) to the individual client. Robo advisors are
regulated just like independent advisors who set up offices and meet clients on a regular basis in USA.
They typically register with the U.S. Securities and Exchange Commission and are deemed
"fiduciaries" who must put their clients' interests above their own.

b) E-Trading
Electronic trading has become an increasingly important part of the market landscape, notably in
fixed income markets. It has enabled a pickup of automated trading in the most liquid market
segments. Innovative trading venues and protocols, reinforced by changes in the nature of
intermediation, have proliferated, and new market participants have emerged. This, in turn, has had
implications for the process of price discovery and for market liquidity. It could also lead market
structures to evolve from over-the-counter to a structure where all-to-all transactions can take place.
The development of e-trading platforms contributes to improving the efficiency of market orders and
to reducing average trading costs.

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 INDIAN FINTECH INDUSTRY

FinTech and its impact on ICICI Financial Services

1) Personal Finance or Retail Investment Services

Fintech companies are also growing around the need to provide customized financial information and
services to individuals, that is, how to save, manage, and invest one’s personal finances based on one’s
specific needs. Examples are FundsIndia.com, Scripbox, Policy Bazaar, and Bank Bazaar.

2) Miscellaneous Software Services

Companies are offering a range of cloud computing and technology solutions, which improve access to
financial products and in turn increase efficiency in day to day business operations. The scope of
FinTech is rapidly diversifying at both macro and micro levels, from providing online accounting
software to creating specialized digital platforms connecting buyers and sellers in specific industries.
Examples include Catalyst Labs in the agriculture sector, Airtime Up which provides village retailers
the ability to perform mobile top ups, ft cash that enables SMEs to offer payments and promotions to
customers through a mobile based platform, Profit books (online accounting software designed for
non-accountants), Store Key, and Humming Bill.

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 3) Equity Funding Services
This includes crowdfunding platforms that are gaining popularity as access to venture capital is often
difficult to secure. These services are particularly targeted at early stage business operations.
Examples include Ketto, Wish berry, and Start51.

4) Crypto currency
India being a more conservative market where cash transactions still dominate, usage of digital
financial currency such as ‘bitcoin’ has not seen much traction when compared to 19 international
markets. There are, however, a few bitcoin exchange startups present in India – Uno coin, Coin secure,
and Zeb pay.

5) Developments in Block chain Technology in India

Block chain, a seemingly unassuming data structure, and a suite of related protocols, has recently
caught the attention and spurred efforts of a number of domestic firms. IDRBT has taken the initiative
of exploring the applicability of BCT to the Indian Banking and Financial Industry by publishing a
White Paper detailing the technology, concerns, global experiences and possible areas of adoption in
the financial sector in India. In order to gain first-hand experience of the implementation, the Institute
has also attempted a Proof-of-Concept (PoC) on the applicability of BCT to a trade finance application
with active participation of NPCI, banks and solution provider, the details of which are presented in
the White Paper13. The results of the PoC have been quite encouraging, giving comfort and confidence
in the implement ability of BCT in the Indian financial sector. The PoC provided a good insight into the
workings of the Blockchain.

The IDRBT White paper has suggested a phased adoption of BCT by the Indian banking system, the
stages of which are as follows:

i. Intra-bank usage of BCT

Banks may setup a private Blockchain for their internal purposes. This not only helps them
to train human resources in the technology, but also benefits by enabling efficient asset
management, opportunities for cross-selling, etc.

ii. Inter-bank usage of BCT

proof-of-Concept implementation and testing may be carried out in the following order of
increasing application complexity – mainly because of the number of stakeholders involved
in the transaction.

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Centralized KYC:
Secure, distributed databases of client information shared between institutions helps reduce
duplicative efforts in customer onboarding. Secure codification of account details could enable greater
transparency, efficiency in transaction surveillance and simplify audit procedures.

Cross-Border Payments:
BCT enables real-time settlement while reducing liquidity and operational costs. Transparent and
immutable data on BCT reduces fraudulent transactions. Smart contracts eliminate operational errors
by capturing obligations among FIs to ensure that appropriate funds are exchanged. BCT allows direct
interaction between sender and beneficiary banks, and enables low value transactions due to
reduction in overall costs.

Syndication of loans
Underwriting activities can be automated, leveraging financial details stored on the distributed ledger.
KYC requirements can also be automatically enforced in real-time. BCT can provide a global cost
reduction opportunity within the process execution and settlement sub-processes of syndicated loans.

Trade Finance:
BCT usage for Trade finance enables automation of LC creation, payment against documents,
development of real-time tools for enforcing AML and customs activities, and associated cost savings.
Capital markets:

Use cases of BCT banking operations in India

BCT brings the following advantages in the clearing and settlement processes: reducing or eliminating
trade errors, streamlining back office functions, and shortening settlement times. Further areas where
BCT can be applied advantageously in BFSI sector would be Supply-chain finance, Bill discounting,
Monitoring of consortium accounts, Servicing of securities and Mandate management system.

A few banks in India in the recent past have reported successful use of BCT in their operations,
especially in the areas of trade finance, international remittances, etc. and reported that this has
potential to be used in larger scale in many operations of their bank. Unlike regular trade transactions
where documents are authorized and physically transferred, in a block chain transaction all parties
can view the authorization live. A key feature is that the records cannot be tampered and any changes
can be introduced only by creating a fresh entry. Besides eliminating the need for moving paper
across countries, the transaction eliminates the need for financial messaging between banks 21 and
introduces the convenience of instant cross-border remittances for retail customers. Examples- SBI,
Axis Bank, ICICI Bank, etc.
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Developments in Payments landscape in India
Fintech enablement in India has been seen primarily across payments, lending, security/biometrics
and wealth management. The modes of payments in India have leapfrogged from cash to alternate
modes of payments registering phenomenal growth. The innovations have happened in all spheres -
from common USSD channel access through NUUP, Immediate Payment Service (IMPS) – initiation of
transactions through various options for real-time payments to end customer, with the latest being
the Unified Payments Interface (UPI). Some of the developments in this regard are discussed below.

Fast Payments
Leveraging on the high mobile density in India, with a population of more than one billion, many PSPs
utilize mobile payment apps to link underlying payment instruments with mobile phone numbers for
fast payments via the Immediate Payment Service (IMPS) or for issuance of m-wallets. The Unified
Payment Interface (UPI) developed by NPCI provides complete interoperability for merchant
payments as well as P2P payments. The UPI enables users to link their bank accounts with their
mobile phone numbers through an application provided by the payment service providers (PSPs) and
obtain a virtual address which can be used for making and receiving payments. Introduction of UPI
has the potential to revolutionize digital payments and take India closer towards being a “Less Cash”
society.

Process Innovation
With the nation-wide implementation of Aadhaar, providing a unique identification number to all
residents of India, NPCI has launched an Aadhar Enabled Payment System (AEPS) that is a safe and
convenient channel enabling micropayments with every transaction validated by biometric
authentication. In a further impetus to digital innovations, Unique Identification Authority of India
(UIDAI) in collaboration with TCS plans to roll out an Android-based Aadhaar-Enabled Payment
System (AEPS). The application can be downloaded by merchants on a smartphone and would require
a fingerprint scanner to use it. The application is intended to facilitate undertaking transactions
without any Card or PIN.

Wallets
The traditional modes to make payments include cheque, electronic payment modes viz., NEFT, RTGS,
etc. and card (debit and credit) payments. The need for prepaid payment instruments in the form of
physical card or e-wallet was felt to give non-bank customers the facility to use electronic modes of
payments and give existing bank customers a safeguard measure that limits the extent to which they
are exposed. The emergence of bank (State Bank Buddy, Citi Master Pass, ICICI Pockets) and non-bank
(Paytm, Mobi Kwik, Oxygen, Citrus Pay, etc.) payment wallets in India has changed the landscape of
payments. Many start-ups have entered the space to simplify mobile money transfer, such as Chill
application, which provides peer-to-peer money transfer without using bank account details. Several
leading banks have launched their own digital wallets leveraging NPCI’s IMPS platform. These digital

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wallets are integrated with social media features as well. Digital Innovators are also promoting the
Online to Offline (O2O) model to facilitate digital payments at local stores.

BHIM (Bharat Interface for Money)

BHIM is a mobile app developed by NPCI, based on the Unified Payment Interface (UPI) and was
launched on 30 December 2016. It is intended to facilitate e-payments directly through banks and as
part of the drive towards cashless transactions. BHIM allow users to send or receive money to other
UPI payment addresses or scanning QR code or account number with IFSC code or MMID (Mobile
Money Identifier) Code to users who do not have a UPI-based bank account. BHIM allows users to
check current balance in their bank accounts and to choose which bank account to use for conducting
transactions, although only one can be active at any time. Users can create their own QR code for a
fixed amount of money, which is helpful in merchant transactions.

Innovation in retail financial services

The form of Retail Financial Services is completely dictated by consumers and as they evolve so will
retail financial services. Hence innovation is not a luxury anymore, it's a necessity. More importantly
we are also seeing the advent of nimble startups, which are slowly and steadily changing how retail
financial services are delivered to the consumers and hence putting pressure on traditional banks to
take notice and align their functioning accordingly. It is therefore extremely important for banks to
innovate in the retail financial 23 services space in tune with the changing times or else there is a
grave risk of their becoming less relevant to existing customers.

Innovation in Mobile Banking Services

Mobile banking companies have come a long way. Innovation in mobile banking has grown in
sophistication, using advanced technologies such as touch and voice capabilities and machine learning
algorithms. Mobile banking innovators focus on enabling customers to bank the way they want to
with minimum limitations, using mobile banking apps.

Innovation in Financial Services though Digital Banking

Customers are rapidly adopting technology in their daily lives driven by the growth in internet and
mobile penetration, availability of low cost data plans and shift from offline to online commerce.
Banks are keeping abreast of their evolving needs and behaviour and have enabled access to a wide
range of banking and financial services through different digital platforms. Banks in India are putting
in place robust foundations for digital infrastructure and are innovating using digital technologies
across all channels to deliver the power of speed and convenience to all customer segments across
urban and rural markets. Some incumbents, in order to defend market share, have encouraged the
development of a whole ecosystem of digital banking products and services built upon their
infrastructure. To cater to the fast changing expectations of customers, constant development of new
products and services and enhancements, a dedicated focus on digital innovation is of prime
importance. Innovation objectives to be identified early on and well-articulated by banks aspiring for
a leadership position in the entire value chain. There was a time when cost leadership and service
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range leadership offered differentiation; however, the way to maintain sustainable leadership going
forward will be 'experience leadership' through customer-driven Innovation.

TYPES OF FINTECH APPS USED BY ICICI BANK

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 1) Block chain

Blockchain technology has become increasingly popular in fintech applications due to its ability to
create a secure, decentralized database of transactions that cannot be easily manipulated or hacked.
Here are some examples of how blockchain is being used in fintech:
1) Cryptocurrencies: Blockchain is the underlying technology behind cryptocurrencies such as
Bitcoin and Ethereum. These digital currencies use blockchain to record and verify
transactions, providing a secure and transparent way to transfer value without the need for
intermediaries like banks.

2) Smart contracts: Blockchain technology can be used to create "smart contracts" that
automatically execute when certain conditions are met. This can be useful in areas such as
insurance, where claims can be automatically paid out based on predefined conditions.

3) Biometric ID

Biometric identification is becoming an increasingly popular security feature in fintech applications.

Biometric identification involves using unique biological characteristics of an individual, such as their
fingerprint, face, or voice, to authenticate their identity. Here are some ways biometric identification
is being used in fintech:
1) Mobile banking: Many mobile banking apps now allow customers to log in using biometric
authentication rather than a password. This can help prevent fraud and increase security, as
biometric data is much harder to replicate than a password.

2) Payments: Some fintech apps are using biometric identification to authorize payments,
eliminating the need for passwords or PIN numbers.

4) Cloud

Cloud technology is becoming increasingly important in fintech applications due to its ability to
provide scalable, cost-effective, and secure infrastructure for data storage and processing. Here are
some ways cloud technology is being used in fintech:
1) Data storage: Cloud technology provides secure and scalable storage solutions for financial
data, which can be accessed from anywhere with an internet connection.

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 2) Data processing: Cloud technology can be used to process large volumes of financial data
quickly and efficiently, allowing fintech companies to make more informed decisions and
provide better services to their customers.

5) Mobile money and E-wallets

Mobile money and e-wallets are becoming increasingly popular in fintech applications due to their
convenience and accessibility. Mobile money refers to a payment system that allows users to send and
receive money using their mobile devices, while e-wallets are digital wallets that allow users to store
and manage their funds electronically. Here are some ways mobile money and e-wallets are being
used in fintech:
1) P2P payments: Mobile money and e-wallets allow users to send and receive money quickly and
easily, even across borders, without the need for a traditional bank account.

2) Bill payments: Mobile money and e-wallets can be used to pay bills, such as utility bills and rent,
making it more convenient for users to manage their finances.

6) Crowd funding
Crowdfunding is a process in which individuals or companies raise funds for their projects, products,
or services from a large number of people, usually through an online platform. Fintech applications
have made crowdfunding more accessible and efficient by providing a platform for individuals or
companies to connect with potential investors. Here are some ways crowdfunding is being used in
fintech:
1) Start-up funding: Crowdfunding is becoming an increasingly popular way for start-ups to raise
funds for their projects, products, or services, without relying on traditional investors.

2) Real estate: Crowdfunding is being used in real estate investment, allowing individuals to
invest in properties and earn returns on their investment.

7) Alternative credit scoring

Alternative credit scoring is a process of evaluating an individual's creditworthiness using non-
traditional data sources, such as social media activity, online behaviour, and other alternative data
sources, instead of relying solely on traditional credit reports. Fintech applications are leveraging
alternative credit scoring to provide more accurate and inclusive credit assessments for individuals
who may not have a traditional credit history. Here are some ways alternative credit scoring is being
used in fintech:

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1) Financial inclusion: Alternative credit scoring is being used to provide financial services to
individuals who are traditionally underserved by traditional banking institutions, such as those with
limited credit history or low income.
2) Real-time credit decisions: Alternative credit scoring allows for faster and more accurate credit
decisions, which can be made in real-time, providing more efficient and convenient lending options
for borrowers.

8) Cross border remittances

Cross-border remittances refer to the process of sending money across international borders. Fintech
applications have revolutionized cross-border remittances by providing faster, cheaper, and more
accessible payment solutions. Here are some ways cross-border remittances are being used in fintech:
1) Speed: Fintech applications allow for near-instant cross-border remittances, making it faster
and more convenient for users to send and receive money.

2) Cost-effectiveness: Fintech applications are disrupting the traditional remittance industry by

providing more affordable cross-border payment solutions, with lower fees and better
exchange rates.

9) Digital KYC process

KYC (Know Your Customer) is a process of verifying the identity of customers to comply with
regulatory requirements and prevent fraud. Fintech applications are leveraging technology to make
the KYC process more efficient and convenient, by using digital identity verification methods. Here are
some ways digital KYC is being used in fintech:
1) Biometric authentication: Fintech applications are using biometric authentication methods,
such as facial recognition and fingerprint scans, to verify the identity of customers, making the
KYC process faster and more convenient.

2) Digital identity verification: Fintech applications are using digital identity verification methods,
such as government-issued IDs and utility bills, to verify the identity of customers remotely,
reducing the need for physical infrastructure and enhancing accessibility.

10) Regtech
Regtech (Regulatory Technology) refers to the use of technology to help financial institutions comply
with regulatory requirements. Fintech applications are leveraging regtech to automate regulatory
compliance, reduce costs, and improve the efficiency of regulatory processes. Here are some ways
regtech is being used in fintech:

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1) Automated compliance: Regtech is being used to automate compliance processes, such as
reporting and monitoring, reducing the need for manual intervention and enhancing the
efficiency of regulatory compliance.

2) Risk management: Regtech is being used to manage risks associated with regulatory
compliance, by providing real-time risk assessment and monitoring, reducing the risk of non-
compliance.

Fintech Trends Used By ICICI Bank

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 1) Processing , optimization and automation
ICICI Bank has been leveraging fintech apps to improve processing, optimization, and automation of
its services. Here are some examples:
1) Processing: ICICI Bank has implemented fintech apps to streamline its back-end processes and
improve the speed and efficiency of its services. For instance, the bank has implemented a
cloud-based core banking system to process transactions in real-time, reducing the processing
time and improving the accuracy of transactions.

2) Optimization: ICICI Bank has implemented fintech apps to optimize its services and provide a
personalized experience to its customers. For instance, the bank has implemented AI and

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 machine learning algorithms to analyse customer data and provide personalized product
recommendations, such as loans and credit cards, based on their spending patterns and
financial goals.

3) Automation: ICICI Bank has implemented fintech apps to automate its services and reduce
manual intervention. For instance, the bank has implemented a robotic process automation
(RPA) system to automate repetitive tasks, such as account opening and data entry, reducing
errors and improving efficiency.

2) Secure and seamless quandary

ICICI Bank has been using fintech apps to provide a secure and seamless experience to its customers.
Here are some examples:
1) Authentication: ICICI Bank has implemented fintech apps to ensure secure authentication of its
customers. For instance, the bank has implemented multi-factor authentication (MFA) using
biometric technologies, such as facial recognition and fingerprint scanning, to ensure secure
access to its services.

2) Encryption: ICICI Bank has implemented fintech apps to encrypt customer data and ensure its
secure transmission over the internet. For instance, the bank has implemented SSL (Secure
Sockets Layer) encryption for its web and mobile apps, ensuring that customer data is
protected from cyber threats.

3) Fraud detection: ICICI Bank has implemented fintech apps to detect and prevent fraud in its
services. For instance, the bank has implemented machine learning algorithms to analyse
customer data and detect fraudulent transactions in real-time, reducing the risk of financial
losses to customers.

3) Future of digital money

The future of digital money in fintech app at ICICI Bank is expected to see continued growth and
innovation. Here are some potential developments that could shape the future of digital money at
ICICI Bank:
1) Cryptocurrency: Cryptocurrency, such as Bitcoin and Ethereum, has gained popularity in
recent years and is likely to continue growing in the future. ICICI Bank may start exploring
ways to integrate cryptocurrency into its services, such as allowing customers to buy and sell
cryptocurrency through their bank accounts.

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 2) Open banking: Open banking is a concept that allows third-party developers to access bank
data and create new services for customers. ICICI Bank may start exploring ways to implement
open banking, such as through the use of APIs, to enable the development of new digital money
services and improve the customer experience.

3) Central bank digital currency (CBDC): Some central banks are exploring the possibility of
issuing digital versions of their fiat currency, known as CBDCs. ICICI Bank may start exploring
ways to integrate CBDCs into its services, such as allowing customers to use digital versions of
Indian rupees to make transactions.

4) Merchant’ s POV is centrepiece

In order to provide a seamless and efficient payment experience for merchants, ICICI Bank has
implemented various fintech apps that prioritize the merchant's point of view. Here are some
examples:
1) Payment gateway: ICICI Bank has implemented a payment gateway that allows merchants to
accept payments through various channels, such as credit cards, debit cards, and net banking.
The payment gateway is designed to be user-friendly and easy to integrate into a merchant's
website or app, making it easier for them to accept payments from customers.

2) QR code payments: ICICI Bank has implemented a QR code-based payment system that allows
merchants to accept payments from customers using their mobile phones. This system is
designed to be simple and convenient for both the merchant and the customer, reducing the
time and effort required to complete a transaction.

3) Analytics: ICICI Bank has implemented fintech apps that provide merchants with real-time
analytics and insights into their payment transactions. This helps merchants to understand
their customer behaviour, identify trends, and optimize their payment processes to improve
efficiency and profitability.

5) Time to market for forking apps

ICICI Bank has been able to reduce the time to market for its fintech apps through a number of
strategies and initiatives. Here are some examples:

1) Agile methodology: ICICI Bank has adopted agile methodology for software development,
which allows for faster development and deployment of new features and updates. This
methodology involves breaking down the development process into smaller iterations, each
of which delivers a working feature or product. This approach enables the bank to quickly

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 respond to changing market needs and customer requirements, reducing the time to
market for new fintech apps.

6) Super apps controlled by PSD2

PSD2 (Revised Payment Services Directive) is a regulation in the European Union that mandates
banks to open up their payment infrastructure to third-party service providers. This has led to the rise
of "super apps" that offer multiple financial services in a single platform. ICICI Bank, although not
based in the EU, has also embraced the concept of super apps and has integrated its financial services
into a single platform. Here are some examples:
1) immobile: immobile is ICICI Bank's mobile banking app, which offers a range of financial
services such as account management, bill payments, fund transfers, and more. The app also
allows customers to apply for loans, credit cards, and insurance policies, all from within the
same platform.

2) Pockets: Pockets is a digital wallet app offered by ICICI Bank, which enables customers to make
payments, recharge their mobile phones, and even book movie tickets and travel tickets.

7) Incumbent payment providers

ICICI Bank, as an incumbent player in the Indian banking industry, has been providing payment
services for many years. However, with the rise of fintech and digital payments, the bank has also
been expanding its offerings to compete with newer players in the market. Here are some examples:
1) ICICI Merchant Services: ICICI Merchant Services is a joint venture between ICICI Bank and
First Data Corporation that offers a range of payment solutions to merchants. The service
includes point-of-sale terminals, online payment gateways, and mobile payment solutions.

2) Bharat QR: ICICI Bank has been a major contributor to the development of Bharat QR, a unified
QR code-based payment solution in India. The bank has integrated Bharat QR into its mobile
banking app, allowing customers to make payments by scanning QR codes at merchant outlets.

Growth level of ICICI bank IN fintech

ICICI Bank has been making significant investments in fintech and digital capabilities over the past
few years to grow its business in this space. The bank has been focusing on developing its own digital
platforms and services, as well as partnering with fintech startups and companies to expand its
offerings.

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In recent years, ICICI Bank has seen strong growth in its digital channels, with a significant increase in
the number of customers using its mobile banking app and internet banking platforms. The bank has
also seen strong growth in its digital lending business, with a focus on offering loans through its
mobile banking app and website.
Furthermore, ICICI Bank has been expanding its payment offerings, such as Bharat QR and UPI, and
has been actively promoting these services to merchants and consumers alike. This has helped the
bank to increase its market share in the digital payments space
Overall, ICICI Bank has been able to leverage its existing customer base and infrastructure to expand
its fintech offerings and grow its business in this space. The bank's continued investment in digital and
fintech capabilities is expected to drive further growth in the coming years.

ICICI Bank has been investing heavily in fintech and digital capabilities in recent years and has
integrated various fintech applications into its operations. The bank has been using fintech
applications in various areas, including digital payments, lending, wealth management, and customer
service.
For example, ICICI Bank has integrated its mobile banking app with various fintech applications, such
as UPI, Bharat QR, and mobile wallets, allowing customers to make digital payments easily and
securely. The bank has also developed its own digital lending platform, which uses machine learning
and data analytics to offer personalized loan products to customers.
In addition, ICICI Bank has partnered with various fintech startups and companies to offer innovative
products and services to its customers. The bank has collaborated with startups such as Paytm,
PhonePe, and Swiggy to offer various digital payment and lending solutions. ICICI Bank has also
partnered with fintech companies such as ZestMoney and NiYO to offer innovative savings and
investment solutions.
Overall, ICICI Bank has been using fintech applications extensively to enhance its customer experience,
improve operational efficiency, and drive growth. The bank's continued investment in fintech and
digital capabilities is expected to further increase the adoption of fintech applications in its operations.

FINANCIAL APPLICATION OF FINTECH APP USED BY ICICI BANK

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 1) Financial lending apps
ICICI Bank has been leveraging fintech applications in its lending operations, both in developing its
own digital lending platform and collaborating with other fintech companies to offer innovative
lending solutions to its customers. Some of the financial lending apps of fintech used by ICICI Bank are:

1) ICICI Bank’s digital lending platform: ICICI Bank has developed its own digital lending platform
that uses machine learning and data analytics to offer personalized loan products to customers.
The platform offers various types of loans, such as personal loans, business loans, and car loans,
and provides a seamless digital application process.

2) Banking apps
ICICI Bank has been using various banking apps of fintech to offer convenient and seamless banking
services to its customers. Some of the banking apps of fintech used by ICICI Bank are:
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 1) iMobile: iMobile is ICICI Bank's mobile banking app that offers a range of banking services such
as fund transfers, bill payments, account statements, and online shopping. The app also offers
features such as biometric authentication and secure access to customer information.

2) Pockets: Pockets is ICICI Bank's digital wallet app that allows customers to make payments,
send and receive money, and recharge their mobile phones. The app also offers features such
as request money and split bills, making it a convenient solution for group payments.

3) InstaBIZ: InstaBIZ is ICICI Bank's app for small business owners that offers a range of banking
services such as fund transfers, invoicing, and expense management. The app also offers
features such as virtual credit cards and trade finance solutions.

3) Insure tech apps

ICICI Bank offers various insurance products and services through its partnership with insurtech
companies. Some of the insurtech apps that ICICI Bank uses to offer insurance products and services
to its customers include:

1) Policy Bazaar: ICICI Bank has partnered with Policy Bazaar, an online insurance aggregator, to
offer a range of insurance products to its customers. Policy Bazaar offers a wide range of
insurance products such as health insurance, term life insurance, and motor insurance.

2) Acko: ICICI Bank has partnered with Acko, a digital insurance company, to offer insurance
products such as motor insurance, travel insurance, and mobile protection insurance. Acko
uses artificial intelligence and machine learning to provide customized insurance products to
its customers.

3) Bajaj Allianz General Insurance: ICICI Bank has partnered with Bajaj Allianz General Insurance
to offer insurance products such as health insurance, travel insurance, and home insurance.
Bajaj Allianz General Insurance is one of the leading insurance companies in India and offers a
wide range of insurance products and services.

4) Payment apps
ICICI Bank offers various payment apps through its fintech offerings to provide its customers with a
seamless and convenient payment experience. Some of the payment apps used by ICICI Bank are:

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 1) Bharat QR: ICICI Bank has partnered with Bharat QR to offer a QR code-based payment
solution to its customers. Bharat QR is a payment system that enables customers to make
payments using a QR code. The app is accepted at various merchants across India.

2) Eazypay: Eazypay is a payment app offered by ICICI Bank. It allows customers to make
payments using their mobile number or QR code. The app is accepted at various merchants
across India and offers various cashback and reward programs.

5) Investment apps
ICICI Bank offers various investment apps through its fintech offerings to provide its customers with
easy and convenient investment options. Some of the investment apps used by ICICI Bank are:

1) ICICI Direct: ICICI Direct is an investment app offered by ICICI Bank. It allows customers to
invest in various financial products such as stocks, mutual funds, and bonds. The app also
provides research reports and recommendations to help customers make informed investment
decisions.

2) MyMoney by ICICI Prudential: MyMoney is a mutual fund investment app offered by ICICI
Prudential, which is a subsidiary of ICICI Bank. The app allows customers to invest in various
mutual fund schemes offered by ICICI Prudential. It also offers features such as SIP (Systematic
Investment Plan) and STP (Systematic Transfer Plan).

3) Money Coach by ICICI Bank: Money Coach is a personal finance management app offered by
ICICI Bank. It allows customers to track their expenses and investments, set financial goals, and
get investment recommendations based on their financial profile.

PROCESS OF SET – UP OF FINTECH APP BY ICICI BANK

The process of setting up a fintech app by ICICI Bank would typically involve the following steps:

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Identifying the need: The first step in setting up a fintech app would be to identify the need for the app.
This would involve understanding the market demand for the app and the potential benefits that the
app could offer to customers.
Conceptualization: Once the need has been identified, the bank would need to conceptualize the app
and define its features and functionality. This would involve working with developers and designers
to create a blueprint for the app.
Development: Once the concept has been finalized, the bank would need to develop the app. This
would involve coding and testing the app to ensure that it works as intended.
Launch: Once the app has been developed and tested, it would be launched. This would involve
making the app available for download on app stores and promoting it to customers.
Maintenance: Once the app has been launched, the bank would need to maintain it. This would involve
fixing bugs, adding new features, and updating the app to ensure that it remains relevant and useful to
customers.
Throughout the process, the bank would need to ensure that the app is compliant with relevant
regulations and standards and that customer data is kept secure. Additionally, the bank would need to
invest in marketing and customer education to ensure that customers are aware of the app and its
benefits.
1) Ideation: The first step in setting up a fintech app is to identify a need or a problem in the
market that the app can solve. This involves conducting market research and analysing
customer behaviour and preferences.
2) Design: Once the need has been identified, the next step is to design the app. This involves
creating wireframes and prototypes, determining the user interface and user experience, and
developing a minimum viable product (MVP).
3) Development: The next step is to develop the app. This involves coding the app, integrating
APIs, and testing the app to ensure that it is functional and user-friendly.
4) Launch: After the app has been developed, it is ready to be launched. This involves publishing
the app on app stores and promoting it through marketing and advertising campaigns.

Maintenance and updates: Once the app has been launched, it is important to maintain and update it
regularly. This involves fixing bugs, adding new features, and ensuring that the app is compatible with
new operating systems and devices.

CHALLENGES OF FINTECH APP FACING BY ICICI BANK

Some of the challenges faced by ICICI Bank in its fintech app initiatives may include:
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1) Security: With the increasing reliance on digital technology, security threats such as cyber-
attacks and data breaches have become a major concern for banks. ICICI Bank needs to ensure
that its fintech apps have robust security measures in place to protect customers' sensitive
financial data.

2) Competition: The fintech industry is highly competitive, with new startups and established
players constantly emerging with innovative solutions. ICICI Bank needs to keep up with the
latest trends and technology to stay ahead of the competition.

3) Regulation: The fintech industry is heavily regulated, with various compliance requirements
that banks need to adhere to. ICICI Bank needs to ensure that its fintech apps comply with all
the relevant regulations and standards.

4) Customer adoption: Despite the benefits offered by fintech apps, some customers may be
hesitant to adopt them due to concerns about security and privacy. ICICI Bank needs to educate
customers about the benefits of its fintech apps and address any concerns they may have.

5) Integration with legacy systems: ICICI Bank has a large and complex IT infrastructure, which
can make it challenging to integrate new fintech apps with legacy systems. The bank needs to
ensure that its fintech apps can seamlessly integrate with its existing systems to avoid any
disruption to its operations.

6) Regulatory compliance: Fintech apps must adhere to various regulations and compliance
requirements set by government bodies, such as KYC (Know Your Customer) and AML (Anti-
Money Laundering) regulations.

7) Integration with legacy systems: Fintech apps need to integrate with existing legacy systems of
financial institutions, which can be complex and time-consuming.

BENEFITS OF FINTECH APP FOR ICICI BANK

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There are several benefits of fintech apps for ICICI Bank, including:

1) Improved customer experience: Fintech apps allow ICICI Bank to provide a more personalized
and convenient banking experience to its customers. Customers can access their accounts,
make transactions, and manage their finances on-the-go through their smartphones.

2) Increased efficiency and productivity: Fintech apps automate various banking processes,
reducing the need for manual intervention and improving the speed and accuracy of
transactions. This results in increased efficiency and productivity for ICICI Bank.

3) Better data analysis: Fintech apps enable ICICI Bank to collect and analyse customer data,
which can be used to gain insights into customer behaviour and preferences. This data can be
used to improve the bank's products and services and offer personalized recommendations to
customers.

4) Cost savings: Fintech apps help ICICI Bank to reduce operational costs by automating various
processes and reducing the need for physical branches and staff.

5) Increased revenue opportunities: Fintech apps provide new revenue opportunities for ICICI
Bank, such as through the sale of value-added services and the provision of financial advice and
recommendations to customers.

6) Improved accessibility: Fintech apps make financial services more accessible to customers who
may not have access to traditional banking services.

7) Enhanced security: Fintech apps use advanced security features such as biometric
authentication and encryption to ensure the safety of customer data and transactions.

8) Convenience: Fintech apps provide customers with the convenience of accessing financial
services anytime and anywhere, using their mobile devices or computers.

9) Lower Costs: Fintech companies operate with lower overhead costs compared to traditional
financial institutions. This often translates to lower fees and better rates for customers.

10)Personalization: Fintech apps use advanced algorithms and machine learning to analyze
customer data and provide personalized financial services and investment advice.

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 11)Speed: Fintech apps allow for faster transactions and account opening processes, reducing the
time and paperwork traditionally associated with financial transactions.

12)Innovation: Fintech companies are known for their innovative and disruptive solutions to
longstanding problems in the financial industry. This has led to new financial products and
services that were previously unavailable to customers.

13)Financial Inclusion: Fintech companies have the potential to provide financial services to
unbanked and underbanked populations, increasing financial inclusion and promoting
economic growth.

The importance of fintech app lies in the numerous benefits it offers to both the customers and the
financial institutions.

For customers, fintech app provides convenient and accessible financial services, which can be
accessed anytime, anywhere, using their mobile devices. It eliminates the need to visit a physical bank
branch, reducing the time and effort required for financial transactions. Fintech app also offers
personalized financial advice, helps in managing finances, and provides quick access to loans and
other financial products.

For financial institutions, fintech app helps in reducing operational costs and increasing efficiency. It
allows them to reach a wider customer base, offer personalized financial services, and reduce the time
required for financial transactions. Fintech app also helps in collecting and analysing customer data,
which can be used to improve the financial products and services offered by the institution.

In summary, fintech app is important as it provides customers with convenient and accessible
financial services, helps financial institutions in reducing costs and increasing efficiency, and
contributes to the overall growth of the financial industry.

CONCLUSION

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In conclusion, the adoption of fintech applications has brought about significant benefits to ICICI Bank,
including enhanced customer experience, improved efficiency, cost savings, and increased revenue.
The bank has integrated various fintech solutions into its operations, including mobile banking, digital
KYC, alternative credit scoring, cross-border remittances, and regtech. The adoption of fintech has
also presented some challenges, including cybersecurity risks, operational and regulatory compliance,
and data privacy concerns. Nonetheless, the bank continues to leverage fintech to drive innovation
and improve its overall performance in the financial services industry.

REVIEW OF LITERATURE OF FINTECH APP IN ICICI BANK

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There have been several studies and articles published on the use of fintech apps in ICICI Bank. Some
of the key findings and insights from these sources are:

According to a report by KPMG, ICICI Bank is among the top three banks in India that have leveraged
fintech innovations to provide enhanced customer experience and improve operational efficiency.

ICICI Bank's use of digital technology and fintech apps has helped the bank to significantly reduce its
turnaround time for loan processing, thereby improving customer satisfaction.

The implementation of digital KYC (Know Your Customer) processes through fintech apps has helped
ICICI Bank to simplify and expedite the account opening process for customers.

ICICI Bank's investment in fintech startups and its own fintech innovations has helped the bank to
diversify its revenue streams and improve its competitiveness in the market.

The use of fintech apps has helped ICICI Bank to improve its risk management practices and reduce
the incidence of fraud and money laundering.

Overall, the literature suggests that the use of fintech apps has been a key driver of ICICI Bank's
success in improving customer experience, operational efficiency, and revenue diversification.

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