ICICI Bank is India's largest private sector bank that offers a wide range of banking products and services. It uses customer relationship management (CRM) strategies to better understand customers and build long-term relationships. ICICI Bank collects customer data through application forms and centralized software to customize offerings and cross-sell products. It faces challenges like poor customer service, high fees, and aggressive debt collection practices. Suggestions to improve customer service include reducing fees, establishing gentler debt recovery procedures, and addressing complaints about ATM availability and transactions.

1. Creating Customer Value
ICICI Bank

2. Table of Contents
S.No Topic
1 Introduction
i. ICICI Bank
ii. Customer Relationship Management (CRM)
2 Components of CRM at ICICI
3 Tools for delivering CRM
4 Clustering
4 ICICI Products and Services
5 Challenges faced by ICICI and Suggestions
6 Ways to improve customer services in Banks
7 References

3. INTRODUCTION
ICICI Bank
ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is India's largest
private sector bank having a network of 3,529 branches and 11,063 ATMs in India, and has a
presence in 19 countries, including India. ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery channels and
through its specialized subsidiaries in the areas of investment banking, life and non-life insurance,
venture capital and asset management. ICICI Bank was originally promoted in 1994 by ICICI
Limited, an Indian financial institution, and was its wholly owned subsidiary. ICICI was formed in
1955 at the initiative of the World Bank, the Government of India and representatives of Indian
industry. In 1999, ICICI Bank becomes the first Indian company and the first bank or financial
institution from non-Japan Asia to be listed on the NYSE. ICICI Bank is the only Indian brand to
figure in the Brand Top 100 Most Valuable Global Brands Report 2011, second year in a row. ICICI
Bank ranked 5th in the list of "57 Indian Companies", and 288th in World Rankings in Forbes
Global2000 list.

4. Customer Relationship Management
Customer Relationship Management has become inevitable for growth and profitability of Banks
in present scenario marked by rising competition, technological advancement and empowered
customers. The CRM practices are adopted to generate better understanding of the customer for
product development, segmentation, appropriate targeting, campaign management and
maintenance of long term profitable and mutually beneficial relationships with customers.
CRM is the strategy for building, managing and strengthening loyal and long-lasting customer
relationships. CRM is a customer centric approach based on customer insight. Its ultimate
objective is towards ‘Personalised’ handling of customers as distinct entities through the
identification and understanding of their differentiated needs, preferences and behaviours.
Customer Relationship Management is the integration of two cornerstones of Indian banking viz.
technology and relationship marketing. It has a potential to bring about dynamic changes in
marketing practices of banks in near future, with the objective of business growth through
managing customers as assets, systematically collecting, analysing and disseminating customer
information and use of this customer information for acquiring, retaining and better servicing
customers.

5. Components of CRM at ICICI
The CRM initiatives in India’s ICICI Bank hold together its compelling story of growth- Its growth
in customer base, channels and product and service offerings. The ICICI bank is one of the private
sector bank which is providing the customer value added services. They are not only able to
satisfy the customer but they are successful in building a never-ending relationship with the
customer. They are able to retain them and carry business with them to benefit both the
organization and the customer. Customer preferences and needs are very well understood by
this bank. With the help of technology they are able to develop brand equity in the market and
differentiate themselves from the competitors.
• Understand
and
Differentiate
• Develop and
Customize
• Acquire and
Retain
• Interact and
Deliver
1.Direct
Marketing
2. 12 hrs
banking
Opti-Q
queue
managemen
t system
VIP
Customers -
Card based
swipes
1. Dedicated
wealth
Manager
2.Priority
services

6. Tools and Processes for delivering CRM at ICICI
1. Customer application form
2. Centralized software where the whole data is collected.
3. Wide range of offering
4. Cross – selling and
5. Feedback forms
Customer application forms
Bank collects all the data from customer application form and gets the personalized information
to know which product to offer to which customer. This process helps in collecting the data and
knowing what the customer wants.
Centralized software where the whole data is collected
The data collected through customer application forms is available at one server and can be
accessed anytime, anywhere. So, this helps in the further process of customized offerings and
cross –selling.
Wide range of offering
After collecting the data from the customer, team decides what product to offer to which
customer. In case the bank recognizes you as a valuable customer then is offers a more
customized service.
Feedback forms
The bank distributes feedback forms at all its branches. The customer feedbacks on the service,
technology used, employee behavior and promptness in solving customer’s problems, are taken
and they are analyzed.

7. Cross - Selling
It refers to offering another product from the service offering of the bank to the customer which
he has not gone for. For example If customer has savings account with the bank then they offer
him a insurance, fixed deposits etc. This depends on the value of the customer to the bank. Cross
selling is not offered to every customer. It depends on how loyal the customer is to the bank. The
more business he gives us, the more are his chances of being special services offered.
Catalyzing Cross- Selling at ICICI

8. CLUSTERING
ICICI Bank is an example of industrial cluster-based client segmentation. By effectively dividing
its customers according to industry and business linkages, ICICI is able to customize its service
approach towards specific cluster needs. In the IT sector for instance, ICICI is known to take equity
stakes in start-ups, while to support exporters, it finances pre-shipment orders with no collateral.
Within this segmentation strategy ICICI recognizes a wide range of client needs and
offers more than strictly financial solutions. ICICI Bank developed a “beyond lending” approach
to serving SMEs. By offering SME clients within specific industrial clusters a wide range of services
such as checking accounts, transaction, banking services, cash management services, trade
services, ICICI Bank has been able to increase its total SME client base to nearly 1 million
enterprises, only 5 percent of which are lending clients.
ICICI BANK PRODUCT BUNDLING BASED ON SME SECTORS

9. ICICI PRODUCTS AND SERVICES
ICICI Bank offers wide variety of Deposit Products to suit customer’s requirements, coupled with
convenience of networked branches/ ATMs and facility of E-channels like Internet and Mobile
Banking, ICICI Bank brings banking at doorstep.
iWish
iWish is a fun and flexible way of saving online to fulfill customer’s wishes. It is a flexible Recurring
Deposit that lets one save for his goals as and when one has the funds and earn better interest
rates just like a Fixed Deposit.
eLocker
ICICIdirect.com's eLocker helps one with the convenience and flexibility to store and retrieve his
important documents when he needs them. One can store scanned copies of Passport, PAN,
Agreements or even medical reports securely under his ICICI direct account.
eLocker helps eliminate need to carry copies of important documents either as a physical photo
copy or in storage devices like Compact Disks, USB token etc.
iMobile
iMobile is a breakthrough innovation in banking where practically all internet banking
transactions can be simply done on mobiles phones. Customers can transfer funds to ICICI and
Non ICICI Bank accounts just with the click of their mobile. The application covers Savings bank,
Demat, Credit Card and Loan accounts. Customers can also pay their utility bills and insurance
premium through this facility. ICICI Bank offers this facility free of charge to customers.
SAVING ACCOUNTS
ICICI Bank offers a power packed Savings Account with a host of convenient features and banking
channels to transact through. So now customers can bank at convenience, without the stress of
waiting in queues
SENIOR CITIZEN SERVICES
ICICI understand that as one reach the age to retire, one do have certain concerns whether his
hard earned money is safe and secure, whether his investments give him the kind of returns that
he needs. That's why ICICI has an ideal Banking Service for those who are 60 years and above.
The Senior Citizen Services from ICICI Bank has several advantages that are tailored to bring more
convenience and enjoyment in life.

10. YOUNG STARS
It's really important to help children learn the value of finances and money management at an
early age. Banking is a serious business, but ICICI make banking a pleasure and at the same time
children learn how to manage their personal finances.
FIXED DEPOSITS
Safety, Flexibility, Liquidity and Returns! A combination of unbeatable features of the Fixed
Deposit from ICICI Bank.
RECURRING DEPOSITS
When expenses are high, one may not have adequate funds to make big investments. But simply
going ahead without saving for the future is not an option. Through ICICI Bank Recurring Deposit
one can invest small amounts of money every month that ends up with a large saving on maturity.
So one can enjoy twin advantages- affordability and higher earnings
HOME LOAN
The No. 1 Home Loans Provider in the country, ICICI Bank Home Loans offers some unbeatable
benefits to its customers - Doorstep Service, Simplified Documentation and Guidance throughout
the Process.
PERSONAL LOANS
ICICI Bank Personal Loans are easy to get and absolutely hassle free. With minimum
documentation one can secure a loan for an amount up to Rs. 15 lakhs
CAR LOAN
The no 1 financier for car loans in the country. Network of more than 1500 channel partners in
over 780 locations. Tie-ups with all leading automobile manufacturers to ensure the best deals.
Flexible schemes & quick processing. Hassle-free application process on the click of a mouse.
FARM EQUIPMENT LOANS
Flexible repayment options in tandem with the farmer's seasonal liquidity. Monthly, Quarterly
and Half-yearly repayment patterns to choose from. Comfortable repayment tenures from 1 year
to 9 year
CREDIT CARDS
ICICI Bank Credit Cards give you the facility of cash, convenience and a range of benefits,
anywhere in the world. These benefits range from life time free cards, Insurance benefits, global
emergency, assistance service, discounts, utility payments, travel discounts and much more.

11. DEBIT CARDS
The ICICI Bank Debit Card is a revolutionary form of cash that allows customers to access their
bank account around the clock, around the world. The ICICI Bank Debit Card can be used for
shopping at more than 100,000 merchants in India and 13 million merchants worldwide.
TRAVEL CARD
Traveling with US Dollar, Euro, Pound Sterling or Swiss Francs; Looking for security and
convenience; take ICICI Bank Travel Card. Issued in duplicate. Offers the Pin based security. Has
the convenience of usage of Credit or Debit card.
PRE PAID CARDS
ICICI Bank brings a complete bouquet of pre-paid cards providing payment solutions at fingertips.
ICICI Bank pre-paid cards are a safe & convenient way for associate payments, disbursements,
gifting & small ticket transactions. Pre-paid cards are available on a VISA platform thus providing
accessibility to over one lakh merchant establishments & cash withdrawal from all VISA ATMs in
India.
Mutual Funds
Mutual Funds pool money of various investors to purchase a wide variety of securities while
pursuing a specific goal. Selection of Securities for the purpose is done by specialists from the
field. Returns generated are distributed to the Investors. Mutual Fund Companies offer various
schemes. Investors can choose any particular Fund/Scheme or mix of Funds/Schemes depending
upon their perception towards risk. Investment is done on the basis of prevailing Net Asset Values
of various schemes. Mutual Funds Investments are subject to Market Risks.
ICICI Bank Pure Gold
ICICI Bank with its `Pure Gold' offer attempts to bridge the gap between the need of the
customers for buying gold and availability of an organized avenue to satisfy that need, by taking
care of the two key components - Reliability and Convenience. Reliability 24 Carat ICICI Bank Pure
Gold is imported from Switzerland. This Gold carries a 99.99% Assay Certification, signifying
highest level of purity, as per international standards.

12. CHALLENGES FACED BY ICICI
And
SUGGESTIONS
1. Poor customer services
2. Higher service charges
3. Primarily targets middle class and upper class of society
4. Lower Retention of Experienced Staff and Potential customers
5. Less professional and inefficient customer-care people
6. Inhuman debt recovery methods
7. No proper facility for uneducated customers – mostly online
1. POOR CUSTOMER SERVICES
ICICI bank is degrading/limiting their online features when other banks are expanding the
same. Earlier they used to provide home loan account statement and payment schedule
online but from Sept 01, 2013 they have stopped doing the same and has made the
process cumbersome for the customers by forcing them to approach asset serving
branches, that are very few in numbers. Frauds regarding the gift vouchers were another
case where ICICI was considered shameless. Another case of travel card, where a
customer was informed in the booklet and customer care executive that it can be
accessed in any VISA ATM but it’s not like that. Only the ICICI bank ATM is accepting the
Card., It now became difficult to find that bank ATM when required. Even ICICI Customer
Care @ 33667777 was another issue where the call is either disconnected or placed on
hold for a very long time or transferred to main menu. The customer has to go through
the IVR Process again and again to get the request or an issue sorted.
SUGGESTION:
ICICI bank must look into the services it is providing to the customer. Especially in case
of travel cards, customer care service, interest rate of premium customers. If the poor
service of ICICI Bank continues, even loyal customers of this organization will shift to
other better banks.

13. 2. HIGHER SERVICE CHARGES
Average monthly balance
Bank Rural Semi urban Urban Metro
SBI 500 500 500 1000
Union Bank of India 250 500 1000 1000
ICICI Bank 5000 5000 10000 10000
Other savings bank account related charges
Bank Stop Payments Acc Clos <6
Months
Acc Clos
Wc<1
Year
Acc clos Woc<1
year
SBI 50 100 100 100
Union Bank of India 89.89 113.48 113.48 76.4
ICICI Bank 50 500 500 500
ATM and DEBIT card charge
Bank ATM
Annual
ATM
Renewal
ATM
Replacement
Debit
Card
SBI 50 50 100 50
Union Bank of India 112.36 0 112.36 112.36
ICICI Bank 99 99 200 99
SUGGESTION:
Due to comparative higher service charges of ICICI bank with respect to other banks, its
customers are restricted to affluent class and middle class people. They can come up with
various cheaper schemes for the rural people so that they can enroll the rural people as
their customers and build a steady relation with them over the years and then later on
the bank can cross sell or upsell their products to these rural customers. And even the
existing customers aren’t happy with the exorbitant service charges because they feel
that the customer services aren’t upto mark. So ICICI bank should think on reducing the
service charges while maintaining the profits at sustainable rate.

14. 3. INHUMAN DEBT RECOVERY METHODS
The debt recovery methods of ICICI bank are very stringent. If a customer defaults on his
installments only once, they pester him or her with constant reminders through text
messages, emails etc which annoys them. A case had happened last year that appeared
on the front page of Times Of India which stated that a person had taken a loan of
Rs.1,00,000 from ICICI bank. He defaulted just once and the officials of ICICI bank sent
bouncers at his place to recover the loan. The person filed a suit against the bank for the
mental trauma he suffered. The court ordered the judgment in favour of the person ICICI
bank had to give a compensation of 50 lakhs to that person. Such cases have happened
several times.
SUGGESTION
ICICI Bank should lay some proper rules for recovery methods and that should be applied
in all the branches of ICICI bank. Because if the customers get annoyed over this issue
then there may be instances that they would stop doing business with the bank. In this
way the bank may lose out on many customers. The bank should give some extended
period to the defaulters and carry out proper investigations as to why they are defaulting
before resorting to stringent measures.
4. Complaint regarding discrepancy in cash withdrawal from ICICI bank ATM
There were various issues regarding the withdrawal of cash from ICICI ATM, which
includes the improper working of ATM machine, insufficient cash available in the
machine. Apart from that complaints regarding the same by the customer, was not taken
into account rather asked to follow a stringent procedure of visiting the authority, writing
a mail regarding the same and wait for the solution. There are also power backup
problems associated with the ATMs and theirlocations.
SUGGESTION:
As most of the customers of ICICI bank use ATMs for withdrawal of money,the bank
should give minimum possible chance of complaints to the customers.

15. Complaint analysis 2013 shows the following major areas of concern:
WAYS TO IMPROVE CUSTOMER SERVICE IN BANKS
1. Under promise and over deliver
Keep customers happy by under promising and over delivering. For example, if a customer
applies for a credit card that normally takes some days (say 10 days) to deliver, you might
quote 15 -days delivery, but tell the customer that you will contact them if the credit card
arrives sooner. This is far better than the all too common practice of exceeding the original
deadline or estimate that most customers find annoying and unacceptable.
2. Keep customers informed
Make sure that staff keep customers informed if promises can't be met. For example, if some
mishap has delayed an order, ring up the customer as soon as you know of this. Try to
compensate in some way for the lateness. Think of something exceptional that will delight
the customer. If there is a small cost involved, weigh this against the customer's lifetime value.

16. The most important way to know if the customer is satisfied or not,
is to take feedback in various ways
3. Encourage staff to be thoughtful
Ask your staff to perform at least one act of kindness a day, such as opening the door for a
customer, or offering water to the customers waiting in the que. Being prepared to 'walk the
extra mile' can pay real dividends.
4. Do the unexpected
Give unexpected gifts or rewards to customers. For example, categorize the customers as
premium customers and regular customers. Send a bouquet to the premium customers on

17. their birthdays and email birthday wish to the regular customers expressing gratitude saying
thank you for doing business with us. These 'out of the blue' rewards can have a powerful
impact on building customer loyalty and goodwill.
5. Thank-you letter
Send a thank-you letter within two days of the customer doing business from you. If at all
possible, send a note the next day. It only has to be a hand written note on a standard card.
Other variations include sending a cartoon with your caricature to say thank you, or even a
cartoon card (depending on the customer and how much they have done business with you).
6. Send out a newsletter
Try to keep in contact with customers at least once every 90 days. Send a regular newsletter
(either by conventional post or email) to your customers. Add value to the newsletter by
including tips that will help them improve their businesses or their lives, as well as ideas
relating to your industry. You can also direct them to free reports they can download off your
website. This will encourage them to visit your website again and be exposed to the new
products or specials it might feature.

18. REFERENCES
Bibliography
1. Marketing Management: A South Asian Perspective;
By Philip Kotler, Kevin Lane Keller, Mithileshwar Jha Abraham Koshy
2. Customer Relationship Management: Emerging Concepts, Tools, and Applications;
By Atul Parvatiyar, G. Shainesh
Webliography
1. www.icicibank.com
2. www.citibank.co.jp/en/voc/flow
3. www.searchbusinessintelligence.techtarget.in
4. www.icicibank.com/aboutus/pdf/2013_05_Q4_FY2013_Investor_presentation.pdf
5. http://smefinanceforum.org/post/customer-management-in-sme-banking-guide