The ICICI Bank Story

Empowering Corporate Customers With a Self-Service Banking Platform

ICICI Bank is one of India’s leading private-sector banks and its business reaches across the globe. It offers a diverse portfolio of financial services from banking to insurance, investment banking, venture capital, and wealth management. ICICI Bank reported more than 20B in income and 190B in assets, winning numerous prestigious awards such as the IBA Banking Technology Awards, Infosys Finacle Client Innovation Awards under many categories including “Corporate Banking Digitization”, and ‘Best Bank in Innovation’ at Business Today-Money Today Financial Awards.

In India’s highly competitive finance industry, banks are compelled to differentiate themselves not only by financial products – but by the quality and extent of their services. ICICI has a singular focus on servicing its customers and leveraging the most innovative technology has always been a large part of that strategy.

ICICI Bank’s Corporate Internet Banking (CIB) platform enabled corporate customers with the power to instantly execute critical transactions with a self-service banking portal.

Each day, there are new CIB customers eager to learn how to use their new banking platform. However, these corporate customers aren’t profitable until they reach a certain level of engagement.

Like many banks, an email newsletter was one of the primary methods used to educate new customers on how to use the self-service banking platform. But the newsletter alone wasn’t enough. CIB knew they needed to transition to a more effective self-service banking model, but they weren’t prepared to compromise its commitment to excellence in customer service.

The Challenge

The Need to Accelerate Onboarding & Provide Contextual Support to Its Customers

To grow market share in the highly competitive banking sector, ICICI Bank needed to accelerate customer onboarding and drive a higher level of engagement so new customers could become profitable faster than ever before – all empowered by its CIB platform.

The Solution

Contexual, Guided Onboarding and Real-Time Customer Assistance With Whatfix’s DAP

The Whatfix Digital Adoption Platform (DAP) presented a solution to provide contextual help to CIB users across several contextual scenarios.

At the login page, an interactive Flow appeared to guide customers step-by-step across common activities like how to change a password and manage user accounts. Once logged in, the help content was contextualized to the specific type of customer, such as a proprietor, small and medium businesses, a large corporation, or a banking partner.

Self Help, Task List, and Smart Tips are used to present training content in a wide range of formats from videos to text.

This in-app assistance ranged from how to add beneficiaries to making a wide variety of payments. Because security, minimized system latencies, and control were paramount considerations, CIB implemented the Whatfix DAP using an on-premise deployment model.

By deploying the application within its private domain and using its own privately managed facility and hardware, ICICI could design and enforce the security borders to its specifications. This provided them the highest degree of control and flexibility over system uptime and other performance parameters.

ICICI Bank chose Whatfix not only for the platform’s technical features but also because the company took the time to understand both ICICI Bank’s immediate needs and its long-term strategy for creating opportunities for customer engagement.

ICICI Bank’s drove customer and end-user adoption of its self-service banking platform with Whatfix and built a robust infrastructure for continuous improvement, enabling the bank to maintain a relationship with every customer at scale.

As part of its commitment to constant improvement, the enterprise plans to integrate its AI-based virtual financial assistant with Whatfix to deliver in-app walkthroughs as a chatbot response to its users. Other planned improvements include showing upsell and cross-sell offers to customers and end-users based on their activity directly inside its CIB banking portal.