ICICI, CRM complete review, How to use online CRM in ICICI Bank?

What is CRM in ICICI Bank?

Customer Relationship Management (CRM) in banking is different from other industries. In this article, we will examine this using the example of CRM and ICICI Bank Limited. CRM for Indian banking is an integration of marketing and communication technologies. Actively uses the Bank's business methods to promote business development through effective management of clients' financial assets, systematic client aggregation, analysis, and distribution, and uses client data to attract clients. Maintain and deliver a better and more personalized customer experience. Hence, in the current scenario of technological developments, competition, and changing customer needs, CRM has become an important factor for the banking sector.

ICICI Bank is one of the largest private banks in India with a strong asset base. As of June 2019, the bank's total assets were 12.50 trillion lei. ICICI Bank currently has 5,275 branches and 15,589 ATMs across India. ICICI Bank, together with its subsidiaries, offers a wide range of banking and financial services including retail banking, commercial banking, and corporate and project finance. , insurance, indemnity, operational finance, private equity, products and services, and brokerage services. ICICI Bank operates in 17 countries including India. You can buy or sell banks on the Bombay Stock Exchange. American Bank Depository Receipts (ADRs) are traded on the New York Stock Exchange. It was the first Indian bank to be listed on the New York Stock Exchange.

CRM at ICICI Bank Ltd.

1. Know the difference between client and client

ICICI Bank understands the importance of understanding in building strong customer relationships. Therefore, customer profiling is necessary to understand customer buying patterns, demographics, and channel preferences. In addition, CRM enabled ICICI Bank to assess the profitability of its customers and determine their customer lifetime value (CLV).

2. Development and Maintenance of Services

ICICI Bank has always known that the company's business environment is customer-centric, which means that its products and services must be tailored to the needs and desires of its customers. For this reason, the bank has focused on understanding the ever-changing needs of customers to meet their service expectations.

3. Effective customer communication

To strengthen communication with customers, the bank provided access to relevant customer information to all employees. In addition, bank employees are trained to use this information effectively in their interactions with different types of customers to assess the needs and potential of CLV.

4. Methodology and Tools for CRM in ICICI Bank

Customer Application Form

To open an account with ICICI Bank, individuals have to fill out an application form that includes their monthly income, lifestyle, their address, and other contact information. This allows the bank to decide which products to offer. It also informs the bank about the services offered to customers such as credit cards, personal loans, investment opportunities, and insurance.

B- Centralized data management software

Information collected on customer records and feedback forms is stored on a central server and can be accessed by ICICI Bank employees from any branch. After carefully analyzing this information, the team can decide which products to offer to specific customers. More specialized services are available to affluent customers such as select banks.

C- Feedback Form ICICI Bank distributes various feedback forms in each branch. This form collects feedback from customers about various services offered by the bank, technology management (internet banking, mobile applications, etc.), attitude and skills of its employees. 

D- Cross-selling Banks offer other products or services to customers that are not chosen by the customer based on their customer data. credit history financial situation and other information collected from customers, for example, if the customer has a savings account with the bank. depending on the value of the customer Banks may offer fixed deposits. Long-term deposits, insurance, etc. will encourage the attraction of other services. However, the bank does not sell to all customers. Sell ​​other services only to loyal and high-quality customers.

The ICICI Bank cluster is the best example of customer segmentation by industry cluster. Banks customize their services by segmenting their customers according to their sectors and activities. This makes it easier for banks to offer personalized services to specific cluster needs. For example, ICICI Bank offers unsecured pre-order financing to exporting companies. Banks are also known for buying back shares in IT startups. "Exceeding lending" to support various SMEs' money management Trading services, banking services, auditing, etc. provide a wide range of services such as: for SMEs in various industries. As a result, the Bank benefits from an SME customer base of approximately 1 million people.

F- ICICI Bank offers its customers a unique product package. In addition to standard banking services such as savings accounts Payment accounts, fixed deposits, debit and credit cards, insurance, and the like. In addition to a wide range of products Stated below:.

i. iWish is a flexible Recurring Deposit (RD) system that allows users to save the fun for specific purposes. Users can set financial/savings goals and add funds to their iWish RD account as needed. Unlike traditional RDs that require specific instructions, this KB can be redeemed at any time and offers attractive interest rates.

ii- lockers which is a service of ICICIdirect.com Let users keep scanned copies of important documents for easy retrieval. User's PAN Card, Aadhaar Card, and Passport. Medical reports, deeds, etc. help them get a scanned copy. It is securely stored in an ICICI Direct account, which includes physical copies of these documents or software copies on USB drives, etc., eliminating the need for transfers.

iii- mobile It is a mobile banking application provided by ICICI Bank that allows customers to perform almost all banking transactions over the Internet. These include transfers to ICICI bank accounts or non-ICCII bank accounts, and credit card payments. online shopping transactions Fixed Deposit Management Opening new fixed and permanent deposits Converting these deposits into cash and paying bills premium insurance, etc. This app allows ICICI bank customers to complete almost all savings account transactions with just one click! This way customers do not have to wait in long queues at the bank. It has a very easy-to-use interface. It also allows customers to access their bank's customer service via AI-powered chatbots and a team of customer service managers if needed.

iv- Senior Services IICICI Bank provides special services to seniors regarding money security and appropriate investment concerns to maximize returns. These services are aimed at providing more entertainment and convenience for bank customers aged 60 and over.

v- Young Stars Savings Account is designed to teach children Know the value of money management. Children ages 1 to 18 can use this account. and parents/guardians can manage accounts on their behalf. There is also a debit card with daily withdrawal/transaction limits on this account.

What are the benefits of bank CRM?

ICICI Bank CRM sales process is an important factor in banking. Excellent customer experience interface with logical communication. Continuously improve customer business from demand to satisfaction. Improving Customer Engagement Every communication message focuses on continuous management communication with all customers. To increase the effectiveness and visibility of transparent sales activities.

What is a CRM solution?

ICICI Bank is one of the largest private banks in India in terms of total assets and its CRM features have also enhanced its sales of ICICI Bank. Provides complete customer profile data. A simple attendance process using the organization system, SMS, email, etc. It provides a single integration platform to align various information functions such as calendar management functionality, and sales, and marketing processes.

What are the CRM processes and tools at ICICI Bank?

To open an account with ICICI Bank, individuals have to fill out an application form containing not only their address and other contact information but also information about their average monthly income and lifestyle.

Central Data Management Software - ICICI Bank Sales CRM Information collected from customer inquiries and feedback forms are stored on a central server. For this reason, ICICI Bank staff provide services from all branches.