2. ICICI BANK
ICICI was set up as a development bank to provide
products and services for the corporate segment.
It diversified into the retail segment of the financial
markets in the early 1990s while transforming itself
into a technology intensive financial service group.
In the mid-nineties, ICICI raised debt from the
retail market.
3. Since then it has been trying to increase its reach to
this segment by mobilizing resources and offering
quality investor service through ICICI Infotech
Services, a subsidiary of ICICI.
In 1994, it established ICICI Bank as a commercial
bank that is flexible, innovative and prompt in
meeting customer requirements.
It also offers other retail initiatives such as personal
services, capital services, Web trade, life insurance
and other services.
4. ICICI- RETAIL STRATEGY
ICICI’s retail strategy was centred around
intensive deployment of technology to help
reduce cost of service, increase customer
retention, help in cross selling and up-
selling while improving process efficiencies.
The bank looked towards allowing the
customers use multiple electronic channels
including internet, ATMs, call centers,
contact centers, desktops, kiosks, mobiles
and other hand held devices for conducting
financial transactions.
5. CRM- THE ICICI
EXPERIENCE
CRM at ICICI involves increased
communication between the virtual
universal bank and its customers and
prospects as well as within the group itself.
The underlying idea is to enhance every
instance of contact with the customer.
ICICI believes that a true customer-centric
relationship can only be accomplished by
considering the unique perspectives of every
single customer of the organization.
6. CRM ROAD MAP OF ICICI
CRM is viewed as a discipline as well as a set of discrete
software technologies, which will focus on automating and
improving the business processes associated with
managing customer relationships in the areas of sales,
marketing, customer service and support.
The organizations aims to achieve the end goal of one-to-
one marketing.
The CRM Software applications will facilitate the
coordination of multiple business functions.
Coordinate multiple channels of communication with the
customer to carry out customer management more
efficiently.
7. It should allow ICICI to engage in one-to-one
marketing by tracking complete customer life-
cycle history.
To begin with, it will automate process-flow
tracking in the product sales process, and be able
to generate customized reports and promote cross
selling.
It will also enable efficient campaign management
by providing a software interface for definition,
tracking, execution and analysis of campaigns.
8. IMPLEMENTING CRM
There are five interrelated areas:
Business Focus.
Organizational Structure.
Business Metrics.
Marketing Focus.
Technology.
The key to building the CRM action plan was in
understanding with the organization that stood relative to
each of the five aspects of change.
Interviews with key individuals throughout the
organization helped identify different initiatives that have
been launched, all focused on CRM.
9. The next step in the process was a ‘Gap
Analysis’, this analysis helped identify the
CRM organizational holes:
Marketing, sales and service practices.
Collection, capture, processing and deployment
of customer information.
Distribution and operations effectiveness at
customer touch points.
11. Understand and Differentiate
Organizations need to understand their customers
in order to have a relationship with them.
Profiling to understand demographics, purchase
patterns and channel preference.
Primary research to capture needs and attitude.
Customer valuation to understand profitability, as
well as lifetime value or long-term potential.
The ICICI Group’s customers need to see that the
firm is differentiating service and communications,
based on their learning independently and on the
customer expectation and the expected values
expected.
12. Develop and Customise
In a customer-focused world, product and channel
development has to follow the customer’s lead,
identify customer’s wants, determine the value and
desire of the customer, etc.
Organizations are increasingly developing
products and services, and even new channels
based on customer needs and service expectations.
ICICI believes that the extent of customization
should be based on the potential value delivered by
the customer segment.
13. Interact and Deliver
To foster relationships, organizations need to insure that:
All areas of the organization have easy access to
relevant, actionable customer information.
All areas are trained how to use customer information to
tailor interactions based on both customer needs
potential customer value.
ICICI is strongly of the opinion that value is not just based
on the price of the product or the discounts offered but are
based on a number of factors including the quality of
products and services, convenience, speed, ease of use,
responsiveness, and service excellence.
14. Acquire and Retain
The more ICICI learns about customers, the easier
it is to pinpoint those that are producing the
greatest value for the organization.
They aim to continue to learn more about each
customer segment and use it for successful
customer retention.
As ICICI moves step further in CRM they hopes to
gain insight and understanding that enhance the
subsequent efforts. The organization shall become
increasingly sophisticated in the implementation
of CRM processes, and over a period of time shall
become increasingly profitable by doing so.
15. Successful customer retention is based on the
organization's ability to constantly deliver, based
on three principles:
Maintain interaction; never stop listening.
Continue to deliver on the customer’s definition
of value.
Customers change as they move through
differing stages of their lives, which implies that
the firm needs to be alert for changes and to
modify its services and value propositions as
they change.
16. Implementation
Implementation was divided into following stages:
Analysis
Mapping Design
Customization
Integration
User Acceptance Testing
