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Brand management ICICI Bank


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An attempt to study the brand management approach by ICICI Bank

Published in: Business, Economy & Finance

Brand management ICICI Bank

  1. 1. Group No. 10 Shailaja Menon Roll No. 24 Gautam Prabhukeluskar Roll No. 58 Komilla Harry Roll No. 10 Anish Patel Roll No. 34 Aparna Kanchugar Roll No. 14 Vinay Shriyan Roll No. 61 Project in Brand Management
  2. 2. Introduction 1955 : The Industrial Credit and Investment Corporation of India Limited incorporated at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. 1994 : ICICI Bank set up.
  3. 3. Introduction 1997 : The name The Industrial Credit and Investment Corporation of India Ltd changed to ICICI Ltd. 1998 : Introduced the new logo symbolizing a common corporate identity for the ICICI Group. 2000 : ICICI Bank became the first commercial bank from India to list its stock on NYSE. 2002 : ICICI Ltd merged with ICICI Bank Ltd to create India’s second largest bank in terms of assets. 2003 : ICICI Bank set up its first ever offshore branch in Singapore. : ICICI Bank became the market leader in retail credit in India. 2007 : ICICI Bank raised Rs 20,000 crore (approx $5 billion) from both domestic and international markets through a follow-on public offer.
  4. 4. <ul><li>ICICI Group offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised group companies, subsidiaries and affiliates in the areas of personal banking, investment banking, life and general insurance, venture capital and asset management. </li></ul>Corporate v/s Brand strategy Corporate strategy – To leverage the ICICI franchise to service all product portfolios in the financial sector
  5. 5. <ul><li>ICICI BANK is India's second-largest bank with total assets of US$ 100 billion at March 31, 2008. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries (as on March 2008). </li></ul><ul><li>ICICI Prudential Life Insurance Company is the largest private sector life insurance company offering a comprehensive suite of life, health and pensions products. </li></ul><ul><li>ICICI Lombard General Insurance is the largest private sector general insurance company. It has a comprehensive product portfolio catering to all corporate and retail insurance needs and covers Home / Motor / Overseas Travel Insurance etc. </li></ul>Corporate v/s Brand strategy Corporate strategy
  6. 6. <ul><li>ICICI Prudential Asset Management is the second largest mutual fund with asset under management of Rs. 547.74 billion and a market share of 10.2% as on March 31, 2008. </li></ul><ul><li>ICICI Venture is one of the largest and most successful private equity firms in India with funds under management in excess of USD 2 billion. Its investment focus areas span across private equity, buyouts, real estate and mezzanine financing. It has several &quot;firsts&quot; to its credit in the Indian Private Equity industry. </li></ul>Corporate v/s Brand strategy Corporate strategy
  7. 7. <ul><li>Shedding its image of an Financial institution ……. </li></ul><ul><li>2001 : Safer, Simpler, Smarter (making foray into retail) </li></ul><ul><li>2003 : Hum Hain Na (Beyond Just banking) </li></ul><ul><li>2005 : Opportunities Unlimited </li></ul><ul><li>2008 : Power of Belief (in wake of the Financial crisis ) </li></ul>Corporate v/s Brand strategy Brand Strategy
  8. 8. <ul><li>Trustworthy </li></ul><ul><li>Customer-centric </li></ul><ul><li>Friendly </li></ul><ul><li>Technologically driven </li></ul><ul><li>World Class </li></ul><ul><li>Modern </li></ul>ICICI Bank – Brand Values Corporate v/s Brand strategy Brand Strategy
  9. 9. <ul><li>The logo depicts a dynamic individual with drive and conviction and personifies the human capital of this company, which is indispensable to further progress. </li></ul><ul><li>The individual in the logo also symbolises the strong human focus of the group, whether it be in the form of reaching out to a shareholder or individual customers. </li></ul><ul><li>The “I” in the logo also stands for “numero uno”, a position that the Group has always strived to achieve. It also lends itself to representing the ‘ICICI’ name. </li></ul>The Corporate Identity of a company can truly be said to be a symbol of the values that the company stands for. Brand Identity – Corporate Identity I Man
  10. 10. Orange - The Colour of Dynamism An organisation, responsive to market conditions & customer needs. Breaking new ground in finance and banking solutions. Blue - The colour of Trust and Depth Trust brought about by the security of knowing that you are dealing with an organisation that brings to you expert knowledge, a high level of commitment, professionalism and ethics. Maroon - The colour of Warmth An organisation that goes beyond the basics to understand its customers and provide them with products and services with a view to building lasting relationships.. Brand Identity – Corporate Colours The Corporate colours reflect ICICI Group’s core values.
  11. 11. Grey - The colour of Stability A stabilty brought about by an outstanding track record of over 50 years of banking and finance. White - The colour of Ethics An organisation which has set for itself high standards of corporate governance standards which guide its professionals who are committed to the highest levels of integrity and work ethics. Electric Orange - The colour of Dynamism - Brighter & Sharper. An organisation that is responsive to customer needs and provides value by delivering it. Brand Identity – Corporate Colours
  12. 12. <ul><li>All marketing communication from ICICI Group’s should conform to the guidelines laid down in the following Acts. </li></ul><ul><li>Trademarks Act 1999 </li></ul><ul><li>Copyright Technology Act 2000 </li></ul><ul><li>Information Technology Act 2000 </li></ul><ul><li>Emblems and Names (Prevention of Improper Use) </li></ul><ul><li>Prevention of Insults to National Honour Act 1971 </li></ul><ul><li>SEBI ( Disclosure and Investor Protection) Guidelines </li></ul><ul><li>The Indian Penal Code criminalizes speech that is defamatory. </li></ul><ul><li>The Indecent Representation of Women (Prohibition) Act, 1986. </li></ul><ul><li>Cable Television Networks (Regulation) Act, 1995. </li></ul><ul><li>ASCI Guidelines </li></ul>Brand Identity – Conformity to statutes
  13. 13. <ul><li>The ICICI brand should appear on all media – TV, Print, Online, Outdoor, etc. only after taking into consideration the editorial ambience of the same. </li></ul><ul><li>ICICI as a brand will not be featured on any editorial content that falls under any of the following categories: </li></ul><ul><li>Sexually explicit and can be deened to be vulgar in content </li></ul><ul><li>Horror and related genres. </li></ul><ul><li>High levels of violence in content </li></ul><ul><li>Anything which is in the nature of being sensational, controversial or speculative. </li></ul><ul><li>Anything which is denigrating to any religion or regional community. </li></ul><ul><li>Slapstick humor in content. </li></ul><ul><li>Anything which could be considered disrespectful or derogatory to the consumer. </li></ul>Brand Identity – Editorial Ambience
  14. 14. <ul><li>Core Benefit Level </li></ul><ul><li>The fundamental need / want that consumers satisfy by consuming the product or service. </li></ul><ul><li>Banking Facilitates - Commerce (Trade and Aids to Trade) </li></ul><ul><li> Banking is 1of the 6components of Aids to trade </li></ul><ul><li> - Savings in the Household sector </li></ul><ul><li>Bank providing - </li></ul><ul><li>- Commercial Banking (Trade and Industry) </li></ul><ul><li>- Current Account facility (Corporates and SME’s, Firms) </li></ul><ul><li>- Savings-bank Account facility (Retail Cusomers) </li></ul><ul><li>- Fixed deposit / Recurring deposit Account facility </li></ul><ul><li>- Loans & Advances </li></ul>5 Levels of Product v/s. Brand
  15. 15. <ul><li>Generic Product Level </li></ul><ul><li>A basic version of the product containing only those attributes or characteristics absolutely necessary for its functioning but with no distinguishing features. Basically a no-frill version of the product that adequately performs the product function. </li></ul><ul><li>Bank providing - </li></ul><ul><li>- Money Transfer (Outstation cheques / DD ) </li></ul><ul><li>- Locker Facilities </li></ul><ul><li>- Execution of Standing Instructions </li></ul><ul><li>- Cash credit / Overdraft </li></ul><ul><li>- Letters of Credit </li></ul><ul><li>- Foreign Exchange </li></ul>5 Levels of Product v/s. Brand
  16. 16. <ul><li>Expected Product Level </li></ul><ul><li>A set of attributes or characteristics that buyers normally expect and agree to when they purchase a product. </li></ul><ul><li>Bank providing - </li></ul><ul><li>- ATM Card / Debit Card / Credit Card. </li></ul><ul><li>- Home Loans / Car Loans / Personal Loans etc. </li></ul><ul><li>- Computerised Operations </li></ul><ul><li>- Dematerialisation Services (Demat) </li></ul><ul><li>Sufficient location and geographies where ATM’s are available or </li></ul><ul><li>a Tie-up with other banks for sharing such facilities. </li></ul><ul><li>- Core Banking (as against branch banking) </li></ul>5 Levels of Product v/s. Brand
  17. 17. <ul><li>Augmented Product Level </li></ul><ul><li>Includes additional product attributes, benefits, or related services that distinguish the product from competitors. </li></ul><ul><li>ICICI Bank - </li></ul><ul><li>- Exhibiting Professionalism and Work-culture similar to a foreign bank </li></ul><ul><li>- Has harnessed Information Technology to its advantage </li></ul><ul><li>- Customer care / IVR Banking (24 X 7 helpline) </li></ul><ul><li>- Mobile Banking </li></ul><ul><li>- Internet Banking </li></ul><ul><li>- Corporate Net Banking </li></ul><ul><li>- NRI Services </li></ul>5 Levels of Product v/s. Brand
  18. 18. <ul><li>Augmented Product Level </li></ul><ul><li>ICICI Bank – </li></ul><ul><li>- Cross Selling of other financial Products / Asset Classes : </li></ul><ul><li>- Mutual Funds & Other Investment Products (Bonds) </li></ul><ul><li>- Insurance Plans </li></ul><ul><li>- Gold Bars / Coins </li></ul><ul><li>- Wealth Management </li></ul><ul><li>- Foreign Exchange Services </li></ul><ul><li>Online trading of stocks </li></ul><ul><li>Property Solutions (‘ Home Search’ aimed at NRI’s ) </li></ul><ul><li>Pre-Approved - Home Loans / Car Loans / Personal Loans etc. </li></ul><ul><li>Custodial Services </li></ul><ul><li>- Customer Education Series </li></ul>5 Levels of Product v/s. Brand
  19. 19. <ul><li>Potential Product Level </li></ul><ul><li>Augmentations / transformations that product might ultimately undergo in future. </li></ul><ul><li>ICICI Bank providing – </li></ul><ul><li>“ b2 ” – Branchfree Banking – India’s First Fully On-line Bank from ICICI </li></ul><ul><li>(No chequebook, zero minimum balance, zero hidden charges) </li></ul><ul><li>- Taking Tax Planning to the Customisation Level – </li></ul><ul><li>- Computation of Tax Liability of Individual Assessees and Tax Planning </li></ul><ul><li>(Hitherto an Income-Tax Practioners’ or C.A’s domain) </li></ul><ul><li>- Linking the Account to the Income Tax - P.A.N. No. / E-Returns </li></ul><ul><li>- Customised Reporting : for meeting client requirements </li></ul><ul><li>- Dedicated Client Relationship personnel to all customers </li></ul><ul><li>- Leveraging Technology to the maximum </li></ul>5 Levels of Product v/s. Brand
  20. 20. <ul><li>SBI - the Big Daddy of Indian banking </li></ul><ul><li>a bank which started nearly 200 years ago </li></ul><ul><li>continues to be more than 50 % owned by the RBI </li></ul><ul><li>known as the banker to the government. </li></ul><ul><li>assets of $ 126 billion (Dec 2005) </li></ul><ul><li>network of 13,813 branches </li></ul>Positioning Billion Dollar Question in 2006 - “ Which is India’s Largest Bank ?” ICICI – closest competition – a distant second – assets of $42 billion (Dec 2005) – network of 1400 branches.
  21. 21. Positioning Measuring Perception
  22. 22. - Losing their nerve and their confidence - Diffident or suffering from inferiority complex Positioning Surprisingly Insecure ‘ Surprisingly SBI’ campaign made India’s largest bank appear as if they are Instead of correcting the picture, it shows SBI in bad light. Why are SBI investors not suing the management, was the question which was being asked 
  23. 23. <ul><li>In 2001 – 03, SuperStar 'Amitabh Bachchan' as the </li></ul><ul><li>Brand ambassador , complimenting the brand values: </li></ul><ul><ul><li>Towering personality </li></ul></ul><ul><ul><li>Perceived as trustworthy </li></ul></ul><ul><ul><li>Impeccable lineage </li></ul></ul>To Dominate Retail Business & Customers’ Mindshare in India Mrs. Chanda Kochhar, the then Senior General Manager said, &quot;Mr. Bachchan's universal appeal will help us to effectively communicate our brand message -- that customers will find it safer, simpler and smarter to transact with ICICI -- to a very diverse customer base encompassing people from all sections and life-stages.&quot; Positioning
  24. 24. Reaching out to the Global Indian In 2006, ICICI Bank Limited, signed up Bollywood superstar ShahRukh Khan as its global brand ambassador . ICICI Bank Joint MD., Lalita D Gupte said that the bank's association with SRK, whose global popularity has been increasing, brings synergy to the bank's growing global presence. SRK’s image and popularity with the NRI segment will further reinforce ICICI Bank's global identity, the bank said in a statement. Positioning &quot;Having established our leadership in the retail business over the last five years, the bank is now poised to scale new heights in the global arena&quot; ICICI Bank MD & CEO KV Kamath said.
  25. 25. <ul><li>Complete banking solution, providing </li></ul><ul><li>Accounts and deposits </li></ul><ul><li>Loans (Housing, Personal, Car, Business, Term loans) </li></ul><ul><li>Cards (Credit / Debit) </li></ul><ul><li>ATMs </li></ul><ul><li>Forex and trade services </li></ul><ul><li>Wholesale banking (corporates, SME’s) </li></ul><ul><li>Cross selling of financial products </li></ul><ul><li>NRI Banking </li></ul><ul><li>Computerized operations & Core banking </li></ul>Points of Parity & Points of Difference Points of Parity
  26. 26. <ul><li>Technology: Right from the beginning the bank has harnessed technology to its advantage.The branches are fully computerized with state-of-the-art technology and systems, fully networked through V-SAT (Satellite) technology. The Bank is connected to the international SWIFT network since March 1995. </li></ul><ul><li>ICICI Bank's Infinity was the first Internet banking service in the country, and a prelude to banking in the next millennium. </li></ul><ul><li>Professionalism and Foreign bank-like look & feel </li></ul><ul><li>All encompassing: For the Classes as well as the Masses </li></ul>Points of Parity & Points of Difference Points of Difference
  27. 27. <ul><li>Size : It has a huge balance sheet which it can leverage. </li></ul><ul><li>Reach : 1308 branches, 3950 ATMs (March 2008) </li></ul><ul><li>Customer focused : Customer education & awareness drive </li></ul><ul><li> for Safe Banking </li></ul><ul><li>Gaining global presence </li></ul><ul><li>Green products and services : GO GREEN initiative </li></ul>Points of Parity & Points of Difference Points of Difference (continued)
  28. 28. Apart from the regular Television Commercials and Newspaper Advertisements, ICICI Bank has also used the following communication lines : - Impeccable Placement - In-film placement / promotion - Direct Mailers - Customer Education Series - Awards and Recognition - Management Speak Brand Communication
  29. 29. Impeccable Placement Placement of ICICI Bank in Kaun Banega Crorepati ICICI found the right opportunity at the right time, that too at Prime Time Brand Communication KBC's celebrity anchor Amitabh Bachchan hands over an ICICI cheque of Rs 1 crore to winner Harshvardhan Nawathe
  30. 30. Impeccable Placement End result : One of its kind leverage that draws the maximum attention subtly without being in your face. The bank enjoyed a never before leverage every time Bachchan fished out a cheque to sign it and then hand it over to the eager KBC participant. Brand Communication ICICI Bank brand name and logo on clear display all through while you get none other than Amitabh Bachchan to put his graphologically perfect signature in the viewers' full and unhindered view! Perhaps, Bachchan signing the same cheque in a regular TVC would not have carried the same subconscious effect that it did in KBC.
  31. 31. In-film placement / promotion Brand Communication In-film placement / promotion of ICICI Bank in the Hindi movie Baghban, where Amitabh Bachchan,(also the then Brand Ambassador )plays the role of an ICICI Bank manager.
  32. 32. Direct Mailers Brand Communication A Special Business unit in ICICI Bank effectively scrutinizes its MIS and database. It works out offers and sends these DMs to only to those who are eligible and are most likely to go for such an offer
  33. 33. Awards and Recognition Brand Communication In Dec 2004 ICICI Bank had announced the launch of Emerging India Awards The awards have been instituted to recognise the best sustainable value creators among Small and Medium Enterprises - SMEs.
  34. 34. Customer Education Series Brand Communication First of its kind initiative in the area of customer education Focus on peoples financial rights and needs Ensures that consumers make prudent financial decisions and are aware of the options, capabilities and rights
  35. 35. Management Speak Brand Communication Certain occassions have demanded that the Senior Management of ICICI Bank address the media to put to rest certain rumours that were floating around so that the confidence of all stakeholders would be restored.
  36. 36. Thank You