29-11-2012, 01:09 PM
Analysis of customer perception towards services provided by ICICI Bank ltd in Jaipur
Analysis of customer perception.doc (Size: 461 KB / Downloads: 29)
Changing Trends in Indian banking :
Adjust, adapt, and change. That's the message that technology has sent across to modern day banking. As technology ingrains itself in all aspects of a bank's functioning, the challenge lies in exploiting the potential for profiting from investments made in technology (See Technological Ability). The transition of technology from a historical operational and back-office role to a strategic role complementing the business direction. Banks that have adapted this mindset have realized benefits from:
• Customer management-focused investments where integrated informational views and transactional capabilities across products, services, and channels have enabled the banks to obtain a better picture of customer preferences, risk, and profitability.
• Investments aimed at managing risk and regulation issues with banks gaining the ability to identify, manage, and allocate risk exposures on across the enterprise to priorities business decisions.
• Developing a portfolio of shared service alliances focused on providing integrated cross-channel access and new range of services.
• Implementing best-of-breed workflow around the core e-Enabled business systems to provide the right linkages to yield business benefits.
Outsourcing
The challenge of managing the diverse services in a networked environment has caused the banks to introspect on what should be considered as their core skills and primary roles. Many of them have already started outsourcing functions and processes like data entry of account opening forms and cash management data, and call centre functions.
Managing the complexity of the multiple technical components is becoming a challenge to most banks. If banks do invest in creating these skill sets, the value that can be unlocked by spinning off the technology unit is much greater than the advantage of keeping it in-house. This could be in two forms-the products developed like s1 (the Internet banking solution created by Security First National Bank) or the services company that produces applications themselves, like ICICI InfoTech and IDBI Intech.
Payment systems
In recent years, alternate money transmission avenues, especially the development of electronic money schemes, have been gaining currency. While electronic money has the potential to take over from cash for making small-value payments, making such transactions are becoming easier and cheaper for both consumers and merchants. This raises policy issues for central banks in its role as the guardian of the payment network and implementer of the monetary policy. The emergence of peer-to-peer money transmission mechanisms poses a challenge to current role of banks as gatekeepers to traditional payment systems. Robust payment systems, therefore, are a key requirement in maintaining and promoting financial stability with technology playing both a facilitating and disruptive role in them.
COMPANY PROFILE
ICICI Bank Ltd. (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) is India's second largest financial services company headquartered in Mumbai, India. It 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.
The Bank has a network of 2,533 branches and 6,800 ATMs in India, and has a presence in 19 countries, including India.
The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
Corporate history
ICICI Bank was established in 1994 by the Industrial Credit and Investment Corporation of India, an Indian financial institution, as a wholly owned subsidiary. The parent company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry. The bank was initially known as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank. The parent company was later merged into ICICI Bank.
ICICI Bank launched internet banking operations in 1994.
ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form of American Depositary Receipts on the NYSEin 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001, and sold additional stakes to institutional investors during 2001-02.
Green products and services
Instabanking
It is the platform that brings together all alternate channels under one umbrella and gives customers the option of banking through Internet banking, i-Mobile banking, IVR Banking. This reduces the carbon footprint of the customers by ensuring they do not have to resort to physical statements or travel to their branches. But you will be charged Rs 110 if you discontinue paper statements and go to branch to get a paper statement for loan etc.
Vehicle Finance
As an initiative towards more environment friendly way of life, Auto loans offer 50% waiver on processing fee on car models which uses alternate mode of energy. The models identified for the purpose are, Maruti's LPG version of Maruti 800, Omni and Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva electric cars, Tata Indica CNG and Mahindra Logan CNG versions.
Carbon Footprint Calculator
Inputs include region, user input of the distance traveled in a particular medium of transport daily, electricity consumed per month and LPG cylinder/piped natural gas used per month. It calculates the net carbon footprint to create awareness and sensitize people about the environment. It also shows the world's and India's average carbon footprint.