ICICI Bank Q1 results: Transactions on Mobile banking rise 45%; merchant UPI jump by 458%

During the COVID-19 pandemic, ICICI Bank undertook many digital initiatives to enable its customers to meet their banking requirements from home.

Launch of Video KYC
During Q1-2021, the Bank introduced Video Know Your Customer (KYC) facility to on board new savings account customers including salary accounts, personal loan account customers and for those customers availing Amazon Pay Credit Card. In Video KYC, the process of verification of a prospective customer’s KYC documents and signature is done via a video call, thus doing away with the need of a branch visit. This makes the whole process digital, frictionless and convenient for the customer.

ICICI Bank’s WhatsApp banking user tops one million
During Q1-2021, an online food delivery platform used ICICI Bank’s “insta wallet” offering to launch its digital wallet. Recently, the Bank crossed one million users on its WhatsApp banking platform launched three months ago to enable its retail customers to undertake a range of banking requirements from home during the lockdown.

The volume of mobile banking transactions increased by 45% year-on-year in Q1-2021. The value of merchant acquiring transactions on Unified Payments Interface (UPI) increased by 258% year-on-year in Q1-2021. Digital channels like internet, mobile banking, POS and others accounted for over 90% of the savings account transactions in Q1-2021.

Digital sourcing of products
59% SIPs initiated via digital medium
63% fixed deposits sourced via digital channels.

ICICI Stack
Recent launches like ICICI STACK and video KYC led to higher adoption of digital channels and increase in transactions.

ICICI STACK: A comprehensive digital banking platform, aggregating over five hundred banking services at one place for the customer. The platform is a sum of five sub stacks: Accounts, payments, investments, loans and care.

“We have been working on ‘ICICIStack’ in order to offer customers all digital banking services from one single platform for the past few years. In the wake of the coronavirus outbreak over the past few weeks, we have added a few new features and services to offer a bouquet of solutions to our customers so that they can experience the banking services uninterrupted,” Anup Bagchi, Executive Director of ICICI Bank said during the launch of the ICICI Stack in March 2020.