A PROJECT REPORT

ON

“CUSTOMER SATISFACTION OF ICICI BANK”

SUBMITTED TO UNIVERSITY OF MUMBAI

MUMBAI UNIVERSITY

IN PARTIAL FULLFILMENT FOR THE DEGREE

OF

“BACHELORS OF MANAGEMENT STUDIES”

BY

GUPTA SUNAINA HARIKESH

ROLL NO: 25

UNDER THE GUIDANCE OF

ASST.PROF. KIRTI GUPTA

SWAYAM SIDDHI MITRA SANGH’S DEGREE COLLEGE

(Affiliated to University of Mumbai)

BHIWANDI-2024-2025

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 CERTIFICATE

This is to certify that Ms. GUPTA SUNAINA HARIKESH has worked and duly completed his Project
Work for the degree of “BACHELOR OF MANAGEMENT STUDIES” under the Faculty of Commerce
in the subject of Finance and his/her project is entitled,” CUSTOMER SATISFACTION OF ICICI
BANK” under my supervision. I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted previously for any Degree or Diploma of any University.
It is his own work and facts reported by her/his personal findings and investigations.

EXTERNAL EXAMINER PRINCIPAL

PROJECT GUIDE HEAD OF DEPARTMENT

2
 COLLEGE SEA L

DECLARATION BY LEARNER

I, the undersigned Ms. GUPTA SUNAINA HARIKESH here by, declare that the work embodied in this
project work titled “CUSTOMER SATISFACTION OF ICICI BANK “forms my own contribution to the
research work carried out under the guidance of ASST.PROF. KIRTI GUPTA is a result of my own
research work and has not been previously submitted to any other University for any other Degree/Diploma
to this or any other University. Wherever reference has been made to previous works of others, it has been
clearly indicated as such and included in the bibliography. I, hereby further declare that all information of
this document has been obtained and presented in accordance with academic rules and ethical conduct.

MS. GUPTA SUNAINA HARIKESH

Roll No.25

Certified by,

ASST.PROF. KIRTI GUPTA

Guiding Teacher

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 ACKNOWLEDGEMENT

I would like to acknowledge the following as being idealistic channels and fresh dimensions in the
completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do this project. I would
like to thank my Principal, DR SHAILESH BORKAR providing the necessary facilities required for
completion of this project.

I would also like to express my sincere gratitude to wards my project guide ASST. PROF. KIRTI GUPTA
Swhose guidance and care made the project successful.

Lastly, I would like to thank each and every person who directly or indirectly helped me in the completion
of the project especially my Parents and Peers who supported me throughout my project and helped me to
complete the project within the time frame.

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 INDEX

Sr. No Tittle Page no.

01 INTRODUCTION TO BANKING SECTOR

 INTRODUCTION: - CUSTOMER SATISFACTION OF ICIC

BANK

02 INTRODUCTION OF ICICI BANK

2.1 BORADS OF DIRECTOR/TOP MANAGEMENT

2.2 MISSION & VISSION

2.3 BUSINESS STRATEGY

2.4 HISTORY OF ICICI BANK

2.5 ACHIVEMENTS & AWARDS

2.6 MARKETING OF ICICI BANK

 Marketing Strategics & ( 4Ps)

2.7 CHALLENGES OF ICICI BANK

03 PRODUCT OF ICICI BANK

3.1 LOAN SERVICES

3.2 ACCOUNT SERVICES/DEPOSIT

3.3 CARD SRVICES

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 3.4 PAYMENT/SALARY SERVICES

3.5 INVESTMENT PRODUCT

04 SWOT ANALYSIS

05 INTRODUCTION TO FINANCE DEPARTMENT

06 RESEARCH & METHODOLOGY

07 DATA ANALYSIS

08 CONCLUSION

09 BIBLIOGRAPHY

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 CHAPTER NO: - 01

INTRODUCTION TO BANKING SECTOR

A bank is a financial institution authorized and licensed to receive deposits, store them, enable its customers
to withdraw money whenever required, and loan money. Additionally, banks also provide other financial
services such as wealth management, lockers, currency exchange, etc. In India, the country’s banking system
is regulated by the Reserve Bank of India (RBI), which is India’s central and regulatory body.

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The banking sector is a system of financial institutions that provide financial services to individuals,
businesses, and governments. Banks are a key part of the economy, helping to create savings and
investments, and facilitating the flow of money.

Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of
finance) refers to an assessment of the viability, stability and profitability of a business, sub-business or
project. It is performed by professionals who prepare reports using ratios that make use of information taken
from financial statements and other reports. These reports are usually presented to top management as one of
their bases in making business decisionns.

Banking sector plays an important role in the economic development of a country. Banks are the catalyst in creation of
savings and investment. Economic growth of a country depends on volume of saving and investment. Higher the savings
higher will be the investment and therefore higher economic growth of the country. Indian companies act 1949 defines
bank as “the accepting for the purpose of lending or investment of deposits of money from the public repayable on
demand or otherwise and withdrawal by cheque draft order.” This definition implies that the main function of a bank is
acceptance of deposit from the public and advancement of loan to business and public. Commercial banks generally
provide short term credit to business to meet working capital needs commercial banks do not provide long term credit
because they depend on public deposits and their deposits can be withdrawn at any time. Therefore, commercial banks
cannot block public money for long time. Commercial banks are different from industrial banks and non-banking
financial institution. Industrial banks generally provide long term credit to industries for their fixed capital requirements
on the other hand non-banking financial institutions provide short term credit to industries but these institutions do not
acceptance deposit from the public.

ICICI banks play an important role in a developing economy as it is the backbone of any financial system.
ICICI banks constitute money market of an economy. ICICI banks contribute to an economy in a variety of
ways, these are

 Promote capital formation,

 Provide short term finance
 Promote monetization of an economy
 Implementation of monetary policy
 Encourage business innovation
 Provide project consultancy and guidance
 Development of agriculture
 Promote regional development
 Promote industrialization
 Helps in social development
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The banking sector plays a crucial role in the economic stability and growth of a country. At its core, the
banking industry is responsible for accepting deposits from customers, providing loans, and offering various
financial services. It serves as the backbone of the financial system, channeling funds from savers to
borrowers, thus facilitating investments and consumption. The banking sector also provides a secure
platform for individuals and businesses to store their money, thereby fostering a sense of financial security
and trust in the economy.

Historically, banks have evolved from simple money-lending institutions to complex organizations offering
a wide range of services. Traditional banking included activities such as savings and checking accounts,
personal and business loans, and safe deposit boxes. Over time, with technological advancements and
globalization, banks have expanded their services to include online banking, mobile banking, investment
banking, and wealth management. This evolution has made banking more accessible and convenient,
allowing customers to manage their finances with ease from anywhere in the world.

The structure of the banking sector can be broadly categorized into commercial banks, investment banks,
central banks, and cooperative banks. Commercial banks are the most common, dealing primarily with
deposits and loans for individuals and businesses. Investment banks specialize in large-scale financial
transactions, such as mergers and acquisitions, and offer advisory services. Central banks, such as the
Reserve Bank of India, oversee the monetary policy and regulate the banking system to ensure stability and
control inflation. Cooperative banks cater to the financial needs of specific communities or groups, often
focusing on rural and agricultural sectors.

In addition to traditional banking, the rise of fintech has significantly transformed the banking landscape.
Fintech, short for financial technology, refers to innovative technologies designed to enhance and automate
financial services. Companies in the fintech space have introduced digital wallets, peer-to-peer lending
platforms, and robo-advisors, challenging traditional banks to innovate and improve their services. This shift
has led to increased competition, pushing banks to adopt new technologies and improve customer
experience.

Despite its many advantages, the banking sector also faces numerous challenges. Regulatory compliance,
cybersecurity threats, and maintaining customer trust are some of the critical issues banks must navigate.
Additionally, the COVID-19 pandemic has accelerated the need for digital transformation, forcing banks to
rethink their operations and adapt to a rapidly changing environment. Nevertheless, the banking sector
remains a vital component of the global economy, continuously evolving to meet the needs of its customers
and stakeholders.

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The banking sector plays a critical role in the economic development and financial stability of any nation. It
acts as a conduit for funds from savers to borrowers, thereby facilitating capital formation, investment, and
economic growth. The evolution of the banking sector can be traced back to ancient civilizations where
traders and merchants extended credit to buyers and governments borrowed funds for various purposes.
Over time, the banking sector has undergone significant transformation, adapting to changes in the
economic, political, and technological landscape.

One of the primary functions of the banking sector is to accept deposits from individuals and businesses.
These deposits are then used to create loans for borrowers, generating interest income for the banks. This
process of intermediation not only provides a safe place for savings but also ensures that funds are available
for productive uses. In addition to traditional deposit and loan products, banks offer a range of financial
services including wealth management, foreign exchange, and payment processing.

The regulatory environment governing the banking sector has evolved significantly over the years. Central
banks and financial regulatory authorities impose various regulations to ensure the stability and integrity of
the financial system. These regulations include capital adequacy requirements, liquidity norms, and stress
testing, among others. The global financial crisis of 2008 underscored the importance of robust regulatory
frameworks, leading to the implementation of more stringent measures such as the Basel III guidelines.

Technological advancements have also had a profound impact on the banking sector. The advent of digital
banking, mobile payments, and fintech innovations has transformed the way banking services are delivered.
Customers can now access banking services from the comfort of their homes, make transactions in real-time,
and benefit from personalized financial advice powered by artificial intelligence. However, these
advancements also pose new challenges in terms of cybersecurity and data privacy, necessitating continuous
investment in safeguarding systems.

The competitive landscape of the banking sector has become increasingly complex with the entry of non-
traditional players such as fintech companies, tech giants, and peer-to-peer lending platforms. These new
entrants leverage cutting-edge technology to offer innovative financial products and services, often at lower
costs. Traditional banks are responding by embracing digital transformation, forming strategic partnerships,
and enhancing customer experience to stay relevant in this dynamic environment.

The banking sector is also playing a pivotal role in promoting financial inclusion and sustainable
development. By extending financial services to underserved and unbanked populations, banks contribute to
reducing poverty and enhancing economic opportunities. Moreover, many banks are incorporating
environmental, social, and governance (ESG) criteria into their lending and investment decisions, thereby
supporting projects that contribute to sustainable development goals.

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Risk management remains a critical aspect of banking operations. Banks face various types of risks
including credit risk, market risk, operational risk, and liquidity risk. Effective risk management practices
involve identifying, assessing, and mitigating these risks to ensure the bank's financial health and stability.
The use of advanced analytics, predictive modeling, and risk assessment tools has enhanced the ability of
banks to manage risks proactively.

In conclusion, the banking sector is an essential pillar of the global economy, facilitating the flow of funds,
fostering economic growth, and providing a wide array of financial services. As the sector continues to
evolve, it must navigate regulatory challenges, technological disruptions, and competitive pressures while
maintaining its core mission of serving the financial needs of individuals, businesses, and governments. The
future of banking will likely be shaped by further innovations, increased emphasis on sustainability, and a
continued focus on enhancing customer experience.

INTRODUCTION: -CUSTOMER SATISFACTION OF ICICI BANK

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 INDUSTRIAL CREDIT and INVESTMENT CORPORATION of INDA (ICICI). Is the second
largest bank.

 It was Incorporated in Baroda on 5th JAN 1994.

 The Chairman of the Company is Mr.K.V.Kamath and the MD & CEO is Chanda D. Kochhar.

 Headquarters: - ICICI BANK LTD., ICICI BANK Tower., Bandra Kurla, Mumbai, India.

 The Listed on BSE & NSE, NYSE.

 ICICI Bank is India's largest private sector bank. It has a network of branches, ATMs, and other
service points. ICICI Bank branches offer a range of banking services, including opening accounts,
paying taxes, and more.

 ICICI BANK was established in 1994 by the Industrial Credit and Investment Corporation of India,
an Indian Financial institution, as wholly owned subsidiary.

 The Parent Company was formed in 1995 as joint-venture of the World Bank, India’s Public-Sector
insurance companies to provide project financing to Indian industry.

 The bank was initially knows as INDUSTRIAL CREDIT AND INVESTMENT CORPORATION
OF INDIAN BANK, before it changed its name to the abbreviated ICICI Bank. The parent company
was later merged into ICICI Bank.

 ICICI BANK acquired the Bank of Madura Limited in an all-stock deal in 2001, and sold additional
stakes to institutional investor during 2001-02.

 46%. Through a public offering of shares in Indain in 1998.

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ICICI Bank Limited is an Indian multinational bank and financial services company headquartered
in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for
corporate and retail customers through various delivery channels and specialized subsidiaries in the areas
of investment banking, life, non-life insurance, venture capital and asset management.

ICICI Bank has a network of 6,613 branches and 16,120 ATMs across India. It also has a presence in 11
countries. The bank has subsidiaries in the United Kingdom and Canada; branches in United
States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China and South
Africa;] as well as representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The
company's UK subsidiary has also established branches in Belgium and Germany. The Reserve Bank of
India (RBI) has identified the State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically
Important Banks (D-SIBs), which are often referred to as banks that are "too big to fail".

ICICI BANK Place a strong emphasie on Customer Satisfaction, implementing various initiatives to ensure
a positive banking experience. The bank has a robust complaint handling mechanism, providing multiple
Channels for customers to voice their grievances, including branches, call centres, and digital platforms,
They have a well-defined grievences, rearessal mechanism with clear turnaround times for resolving
complaints. In fiscal 2022, ICICI Bank resolved 98% of customer complaints and observed, a decline in the
number of complaints, received.

The bank also conducts detailed Root cause Analyses (RCAs) of issues highlighted in customer feedback to
improve service delivery. They have appointed senior retired bankers as internal Omsbudsmen and
established a customer communication & response committee (CCRC) to manage customer communication
during system incidents. ICICI bank’s ‘customer Rights policy enshrines the basic right of customer,
including fair treatment, transparency, and privacy,

Overall, ICICI Bank’s commitment to customer-centricity and continuous improvement has contributed to
higher levels, of customer satisfaction and long-term relationship with its customers.

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 CHAPTER: - 02

INTRODUCTION TO ICICI BANK

The Indian growth story has cast important implications on the capital market, which has grown sharply
with respect to several parameters ranging from number of stock exchanges, other intermediaries and listed
stocks to trading volumes, turnover, market instruments and investor population. The unprecedented growth
indicates that the securities markets would have a huge demand for professionals every year. However, the
roles in this area call for specialized knowledge and skills. There is, therefore, the need to build a resource
base of skilled professionals for the securities market.

ICICI Bank has partnered with National Institute of Securities Markets (NISM) to launch Post Graduate
Certificate in Securities Markets (PGCSM). The programme aims to create professionals such as Treasury
dealers, Fund Managers, Analysts, Institutional Sales Professionals, and Investment Advisors in the
securities markets. This partnership is part of ICICI Group's strategy to capacitise for growth.

ICICI Bank is India's largest private sector bank with total assets of ₹. 9,188 billion at March 31, 2016 and
profit after tax ₹ 97.26 billion or the year ended March 31, 2016 ICICI Bank currently has a network of
4,450 Branches and 13,766 ATM's across India.

ICICI Bank 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 subsidiaries in the areas of investment
banking, life and non-life insurance, venture capital and asset management.

The bank currently has subsidiaries in the United Kingdom and Canada; branches in United States,
Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China and
representative offices in United Arab Emirates, South Africa, Bangladesh, Malaysia and Indonesia. The
company's UK subsidiary has also established branches in Belgium and Germany

ICICI Bank, or the Industrial Credit and Investment Corporation of India, is one of the largest and most
prominent private sector banks in India. Established in 1994, it has its roots in the Industrial Credit and
Investment Corporation of India Limited, a financial institution founded in 1955 to facilitate industrial

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development in the country. Over the years, ICICI Bank has grown exponentially, both in terms of its assets
and customer base, and has established itself as a leader in the banking and financial services sector.

ICICI Bank Limited is an Indian multinational bank and financial services company headquartered
in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for
corporate and retail customers through various delivery channels and specialized subsidiaries in the areas
of investment banking, life, non-life insurance, venture capital and asset management.

ICICI Bank has a network of 6,613 branches and 16,120 ATMs across India. It also has a presence in 11
countries. The bank has subsidiaries in the United Kingdom and Canada; branches in United
States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China and South
Africa; as well as representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The
company's UK subsidiary has also established branches in Belgium and Germany. The Reserve Bank of
India (RBI) has identified the State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically
Important Banks (D-SIBs), which are often referred to as banks that are "too big to fail".

ICICI Bank is one of India’s leading private-sector banks, known for its innovative approach to banking and
financial services. Established in 1994 as part of the Industrial Credit and Investment Corporation of India
(ICICI) initiative, the bank has grown to become a major player in the global financial landscape. With a
focus on customer-centric services, technological advancements, and a robust portfolio of products, ICICI
Bank has cemented its position as a key contributor to India’s economic growth.

ICICI Bank, officially known as Industrial Credit and Investment Corporation of India, is one of India’s
leading private sector banks. Founded on January 5, 1955, ICICI Bank initially aimed to provide medium-
term and long-term project financing to Indian businesses. Over time, it has evolved into a comprehensive
financial services provider, serving both individual and corporate clients.

ICICI Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI became the first Indian
company and the first bank or financial institution from non-Japan Asia to be listed on the New York Stock
Exchange.

ICICI Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI became the first Indian
company and the first bank or financial institution from non-Japan Asia to be listed on the New York Stock
Exchange.

ICICI Bank has partnered with National Institute of Securities Markets (NISM) to launch Post Graduate
Certificate in Securities Markets (PGCSM). The programme aims to create professionals such as Treasury
dealers, Fund Managers, Analysts, Institutional Sales Professionals, and Investment Advisors in the
securities markets. This partnership is part of ICICI Group's strategy to capacitise for growth.

15
 ICICI Bank is India's largest private sector bank with total assets of ₹. 9,188 billion at March 31, 2016 and
profit after tax ₹ 97.26 billion or the year ended March 31, 2016 ICICI Bank currently has a network of
4,450 Branches and 13,766 ATM's across India.

ICICI Bank 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 subsidiaries in the areas of
investment banking, life and non-life insurance, venture capital and asset management.

The bank currently has subsidiaries in the United Kingdom and Canada; branches in United States,
Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China and
representative offices in United Arab Emirates, South Africa, Bangladesh, Malaysia and Indonesia. The
company's UK subsidiary has also established branches in Belgium and Germany.

ICICI Bank, officially known as Industrial Credit and Investment Corporation of India, is a leading private
sector bank in India. Established on January 5, 1955, ICICI Bank was initially promoted by ICICI Limited to
provide medium-term and long-term project financing to Indian businesses.

Over the years, ICICI Bank has evolved into a comprehensive financial services provider, offering a wide
range of banking products and services to both individuals and corporate clients. The bank's services include
retail banking, corporate banking, insurance, investment management, and digital banking solutions.

With its headquarters in Mumbai and a registered office in Vadodara, ICICI Bank has established a
significant international presence, operating in 11 countries, including the United States, Singapore, Bahrain,
Hong Kong, and South Africa. The bank's commitment to innovation and technology has made it a pioneer
in digital banking, ensuring convenient and secure banking experiences for its customers.

ICICI Bank's financial performance and recognition as one of the Domestic Systemically Important Banks
(D-SIBs) by the Reserve Bank of India (RBI) highlight its critical role in the Indian banking sector. The
bank continues to empower individuals and businesses with its diverse range of services and strategic
initiatives.

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 2.1 BOARDS OF DIRECTOR/ TOP MANAGEMENT

Here Mentioned the BOARD OF DIRECTORS & TOP MANAGEMENT TEAM OF ICICI BANK

NAME DESIGNATION

Mr. AJAY Kumar GUPTA EXECUTIVE DIRECTOR

Mr. SANDEEP BATRA EXECUTIVE DIRECTOR

Mr. RAKESH JHA EXECUTIVE DIRECTOR

Ms. NEELAM DHAWAN INDEPENDENT DIRECTOR

Mr. HARI L. MUNDRA INDEPENDENT DIRECTOR

Mr. S MADHAVAN INDEPENDENT DIRECTOR

Mr. RADHAKRISHNAN NAIR INDEPENDENT DIRECTOR

Mr. B SRIRAM INDEPENDENT DIRECTOR

Mr. UDAY CHITALE INDEPENDENT DIRECTOR

Mr. ROHIT BHASIN INDEPENDENT DIRECTOR

Ms. VIBHA PAUL RISHI INDEPENDENT DIRECTOR

Mr. SANDEEP BAKHSHI MANAGING DIRECTOR &CEO

Mr. PRADEEP KUMAR SINHA NON EXECUTIVE PART TIME CHAIRMAN

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 KEY EXECUTIVES

NAME DESIGNATION

Mr. RAJENDAR KHANDELWAL CHIEF ACCOUNTANT

Ms. PRACHITI LALINGKAR CO. SECRETARY & COMPL. OFFICER

Mr. ANINDYA BANERJEE GROUP CHIEF FINANCIAL OFFICER

2.2 MISSION AND VISSION

The mission of ICICI Bank on customer satisfaction emphasizes providing high-quality financial services
and building lasting relationships with customers. Here are the key points of their mission related to
customer satisfaction:

 Customer-Centric Approach: Focus on delivering tailored financial solutions to meet diverse

customer needs.
 Innovation: Leverage technology to provide seamless, convenient, and secure banking experiences.
 Service Excellence: Strive for excellence in every interaction, ensuring customer queries and
concerns are addressed promptly and effectively.
 Trust and Transparency: Maintain high standards of ethics and transparency in all dealings.
 Long-Term Relationships: Build enduring relationships through consistent and reliable services.
 Accessibility: Enhance financial inclusion by making banking accessible to a wider customer base.
 Continuous Improvement: Regularly upgrade services based on customer feedback to ensure
satisfaction and loyalty.
ICICI Bank's mission is to be a customer's first choice for banking services by offering high-quality
products and services. The bank aims to achieve this by using its people, technology, financial
capital, and speed.
Explanation

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 Customer satisfaction is the difference between a customer's perception of a service and their
expectations for that service.
 When a customer's perception of a service is better than their expectations, they are satisfied with the
service.
 ICICI Bank is considered a top private-sector bank in India. It is known for its dedication to
innovation and customer satisfaction

A bank is a place that will lend you money only if you can prove that you don’t really need it. This famous
quote by Bob Hope explores the funny side of banking. Above all, there’s one statement about banks that
don’t need any validation which is- Banks are the money pumping factories of an economy, the pillars of an
economy. On that note, we will dig deeper into the vaults of one major banks of our country: ICICI Bank.

Mission: ICICI will leverage our people, technology, speed and financial capital to:

 be the banker of the first choice for our customers by delivering high quality, world-class products, and
services.

 expand the frontiers of our business globally.

 play a proactive role in the full realization of India’s potential.

 maintain a healthy financial profile and diversify our earnings across businesses and geographies.

 maintain high standards of governance and ethics.

 contribute positively to the various countries and markets in which we operate.

 create value for our stakeholders.

VISION

The vision of ICICI Bank on customer satisfaction revolves around being the most trusted and preferred
financial partner for individuals and businesses by consistently exceeding customer expectations. Below are
key points highlighting their vision:

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  Customer Delight: Aspire to provide exceptional experiences that go beyond customer satisfaction.
 Leadership in Financial Services: Strive to be a global leader in offering innovative and
comprehensive financial solutions.
 Technology-Driven Convenience: Utilize cutting-edge technology to ensure secure, quick, and
convenient banking for customers.
 Financial Empowerment: Promote financial literacy and inclusion to empower customers to achieve
their financial goals.
 Sustainable Growth: Build long-term relationships by maintaining trust, reliability, and integrity in
all interactions.
 Inclusive Banking: Make financial services accessible and affordable to every segment of society.
 Customer-Centric Values: Embed customer satisfaction as a core value in all processes and
strategies.

To be the trusted financial services provider of choice for our customers,thereby creating sustainable
value for our stakeholders

ICICI Bank's vision is to be the preferred financial services provider for its customers. The bank also aims to
create sustainable value for its stakeholders.

Explanation

 ICICI Bank's vision is to be a trusted financial services provider.

 The bank's mission is to grow its core operating profit by delivering value to customers.

 ICICI Bank aims to be a major global bank and the leading provider of financial services in India.

 The bank aims to be the first choice for its customers by delivering high-quality products and
services.

 ICICI Bank aims to play a proactive role in realizing India's potential.

 The bank aims to maintain high standards of governance and ethics.

 ICICI Bank aims to foster a culture of innovation and inclusivity.

 The bank has a zero tolerance approach to bribery and corruption.

ICICI Bank's vision is to be a trusted financial services provider.

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 2.3 Business Strategy of ICICI Bank

The business strategy of ICICI Bank on customer satisfaction is centered on innovation, customer-centricity,
and operational excellence. The bank aims to consistently deliver value-added services and enhance the
customer experience. Here are the key points of their business strategy:

 Customer-Centric Approach: Focus on understanding customer needs and providing personalized

financial solutions.
 Digital Transformation: Leverage advanced technology and digital platforms to simplify banking
processes and improve convenience.
 Service Quality: Ensure efficient and prompt service delivery through robust operational
frameworks.
 Product Innovation: Offer a wide range of innovative products and services tailored to different
customer segments.
 Financial Inclusion: Expand reach to underserved and rural areas, enabling access to banking
services for all.
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  Feedback-Driven Improvements: Actively gather and act on customer feedback to enhance services
and address pain points.
 Trust and Transparency: Build strong customer relationships by maintaining transparency in policies
and transactions.
 Omnichannel Presence: Provide seamless banking experiences across multiple channels, including
branches, mobile apps, and online platforms.
 Employee Training: Invest in employee development to ensure they deliver excellent customer
service.
 Sustainability and Responsibility: Align business practices with environmental, social, and
governance (ESG) principles to build trust among customers.

The Bank’s strategic focus in fiscal 2022 continued to be on growth in core operating profit within
the guardrails of risk and compliance. The Bank’s core operating profit grew by 22.3% during fiscal
2022 to ₹383.47 billion, through the focussed pursuit of target market segments. The domestic loan
portfolio grew by 17.5% year-on-year to ₹8,177.36 billion. The Bank grew its business with a focus
on granularity and saw healthy growth across retail, small and medium enterprise and business
banking portfolios, and in current and savings account deposits on a daily average basis.
The Bank’s strategy of growing the loan portfolio in a granular manner is underpinned by a focus on
risk and reward, with return of capital and containment of provisions below a defined percentage of
core operating profit being key imperatives. While there are no targets for loan mix or segment-wise
loan growth, the aim is to continue to grow the deposit franchise, maintain a stable and healthy
funding profile and competitive advantage in cost of funds.

One of the leading private sector banks in India, ICICI Bank continues to focus on reimagining banking and
leveraging digital capabilities, anchored to our commitment to be a trusted financial partner for our
customers

Fiscal 2023 saw the Bank continue to achieve profitable growth in its business, strengthen its franchise and
invest in building capabilities for the future. The Bank continued to grow its core operating profit less
provisions (i.e. profit before tax excluding treasury gains) led by a 360º customer-centric approach and
exploring opportunities across ecosystems and micromarkets, within the guardrails of compliance and risk
management. The Bank’s core operating profit less provisions grew by 43.0% during fiscal 2023 to ₹424.73
billion. The Bank continued to grow its business with a focus on granularity and increased the domestic loan
portfolio by 20.5% year-on-year to ₹9,855.29 billion. The Bank focussed on further enhancing the liability
franchise, maintaining a stable and healthy funding profile and a competitive advantage in cost of funds.

22
During fiscal 2023, the Bank continued to maintain a strong balance sheet, with robust liquidity, prudent
provisioning and healthy capital adequacy. The Bank’s capital adequacy ratios were significantly above
regulatory requirements as at March 31, 2023.

The Bank’s efforts towards building a sustainable business continued to be anchored by the principles of
'Return of Capital', 'Fair to Customer, Fair to Bank' and 'One Bank, One Team, One ROE'. The Bank lays
strong emphasis on serving customers with transparency and offering suitable banking solutions, while
maintaining stringency in counterparty selection. As the Bank strengthens its digital capabilities and builds
robust technology platforms to support growth at scale, it also focusses on investing in technology resilience
and responsible practices

our investments in digital capabilities, enriched with efficient delivery, strong franchise and institutional
knowledge have enabled the Bank to gain market share, and create new markets through ecosystems.
Attracting new customers and deepening wallet share among existing customers to capture profit pools
across segments, sectors and ecosystems is an important focus. Creating end-to-end digital journeys on
‘Insta’ products along with the open-architecture design of mobile applications and digital partnerships have
enabled the Bank to differentiate its franchise and achieve profitable growth.

Business strategy of ICICI bank

 Focus on customers 360º

 Focus on micromarkets
 Focus on ecosystem
 Collaborations and partnerships
 Process decongestion and operational flexibility
 Risk and compliance culture

Customer-centricity is a key element underpinning our strategy to grow our business. Our approach begins
with developing a deep understanding of customer needs, expectations and experiences. This understanding
translates into products and solutions that offer a holistic banking experience, and beyond. The approach is
to take the entire bank to the customer and offer solutions that meet the current and future needs of the
customers and their ecosystems.

Delivering on the Customer 360º approach also requires strengthening and streamlining processes for better
outcomes. The Bank is continuously making efforts to redesign processes and leverage tech-based solutions
for more meaningful customer engagement. Underscored by strong governance, controls and risk

23
management, the endeavour of the Bank is to deliver products and services to customers in an appropriate
manner. As part of our Customer 360º approach, the Bank has strengthened its branches in terms of enabling
constructive customer engagement, decision-making and accountability, thereby transforming branches into
business centres.

In the last three years, the Bank has made significant strides in developing digital customer journeys and
platforms offering comprehensive banking services. ICICI STACK was one such initiative that was
launched during the first wave of Covid-19 pandemic, enabling customers to continue availing uninterrupted
banking services. This has been enhanced over the years, and using ICICI STACK, the Bank is offering
solutions on digital platforms ensuring uninterrupted banking experience for all types of customers. The
Bank has been creating intuitive customer journeys and offering personalised solutions to suit their life stage
and business needs. Services offered include instant digital account opening, loan solutions, payment
solutions, investments and insurance solutions.

At the core of ICICI Bank’s customer-centric and service-oriented approach lies the in-depth profiling of
each micromarket. Key anchors of the micromarket approach are data analytics, focus on aligned
distribution, digital-first and relevant delivery model. The research and knowledge through analytics are
used in conjunction with other factors for planning, resourcing, channel and product alignment, capability
building and marketing and alliances. This helps the frontline teams to understand the markets in which they
operate, and plan localised strategies with tailored propositions for customers. Through this approach, the
Bank aims to realise the full potential of opportunities across segments and sectors in each micromarket.

Micromarket insights have helped the Bank in identifying optimal locations for opening new business
centres and realigning the ATM and distribution network based on customer needs and market opportunity.
The layouts, branding elements, staffing and capability building in these business centres are based on
various market affinities. This has also helped the Bank to launch focussed marketing campaigns targeted at
specific customer segments and establishing alliances with locally relevant partners who add value to our
customers.

The Bank has further sharpened its approach to enhance relationship management across markets using
Virtual Relationship Management (VRM). VRM is a cloud-based AI-powered platform providing a one-stop
ecosystem for robust relationship building with customers and thereby improving the efficiency of
relationship managers. The platform helps in relevant and meaningful customer interaction with the help of
service and solution-based engagement.

We are focussed on growing our core operating profits within the guardrails of risk and compliance. The
growing formalisation of the Indian economy and rapid adoption of technology are key growth
opportunities. We aim to leverage our technological capabilities and our holistic offerings of financial
products and services to create value for our customers.
24
The Bank’s strategic objective of risk-calibrated growth in core operating profits continued during fiscal
2021. Our core operating profit grew by 16.9% during fiscal 2021 to ₹ 313.51 billion, through the focussed
pursuit of target market segments. Our strategy is underpinned by a strong franchise, growing our portfolio
in strategically attractive ecosystems and protecting our balance sheet from downside risks. We have
adopted a 360° customer-centric approach to tap opportunities across customer segments and create intuitive
customer journeys through personalisation and future-ready solutions. We are building capabilities to tap
opportunities across ecosystems by leveraging internal synergies across teams, building partnerships and
simplifying processes. The twin principles of 'One Bank, One ROE', emphasising the need to maximise the
Bank’s share of the target opportunity across all products and services, and 'Fair to Customer, Fair to Bank'
emphasising the need to deliver fair value to customers while creating value for shareholders, guide our
operations.

Leveraging digital technology is core to every aspect of our business. We leverage digital to decongest and
streamline processes; analyse and understand customer needs; and improve customer onboarding and the
continuing customer experience. The ICICI STACK, API Banking portal, iMobile, InstaBIZ and internet
banking platforms as well as bespoke solutions for corporate and institutional customers provide seamless
banking services digitally and enhance customers ' transacting experiences. Partnerships with technology
companies and platforms with large customer bases and transaction volumes offer unique opportunities for
growth, and enhancing service delivery and customer experience. The Bank also has a start-up investment
and partnerships team to collaborate with and invest in fintech startups and co-develop products aligned with
our digital roadmap

2.4 HISTORY OF CUSTOMER SATISFACTTION OF ICICI BANK

ICICI Bank, established in 1994, has evolved into one of India's leading private sector banks, known for its
innovative products and customer-centric approach. Over the years, the bank has focused on enhancing
customer satisfaction through various initiatives.

A study published in the International Journal of Advanced Research in Science, Communication and
Technology in April 2024 highlighted several factors influencing customer satisfaction in the banking sector,
such as service quality, convenience, and technology adoption. These insights are pertinent to understanding
ICICI Bank's efforts in these areas.

An earlier study from approximately 2018 evaluated customer satisfaction based on perceptions of service
quality at ICICI Bank. The findings indicated that service quality, customer loyalty, and security
significantly influenced customer satisfaction in the bank's operations.

25
In a 2016 study focusing on customer satisfaction at ICICI Bank, it was found that a majority of respondents
were satisfied with the bank's services, particularly appreciating the ease of opening new accounts,
depositing and withdrawing money, and the effectiveness of query handling processes. However, some
customers pointed out challenges related to branch location and parking facilities, as well as issues with
online services.

Over the years, ICICI Bank has continued to innovate and adapt to changing customer expectations, striving
to enhance service quality and technological adoption to improve overall customer satisfaction. ICICI Bank
has had many key milestones, including its establishment, listing on the New York Stock Exchange, and
digital innovations.

Without a sound and effective banking system in India it cannot have a healthy economy. The
banking system of India should not only be hassle free but it should be able to meet new challenges posed
by the technology and any other external and internal factor.

For the past three decades India's banking system has several outstanding achievements to its credit.
The most striking is its extensive reach. It is no longer confined to only metropolitans or
cosmopolitans in India. In fact, Indian banking system has reached even to the remote corners of the
country. This is one of the main reasons of India's growth process

The government's regular policy for Indian bank since 1969 has paid rich dividends with the
nationalization of 14 major private banks of India.Not long ago, an account holder had to wait for hours at
the bank counters for getting a draft or for withdrawing his own money. Today, he has a choice.
Gone are days when the most efficient bank transferred money from one branch to other in two days. Now
it is simple as instant messaging or dial a pizza. Money have become the order of the day.The first bank in
India, though conservative, was established in 1786. From 1786 till today, the journey of Indian Banking
System can be segregated into three distinct

phases. They are as mentioned below:

⦁ Early phase from 1786 to 1969 of Indian Banks

⦁ Nationalization of Indian Banks and up to 1991 prior to Indian banking sector

Reforms.

⦁ New phase of Indian Banking System with the advent of Indian Financial &

Banking Sector Reforms after 1991.

To make this write-up more explanatory, I prefix the scenario as Phase I, Phase II and
26
Phase III

Phase I

The General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank.
The East India Company established Bank of Bengal (1809), Bank of Bombay (1840) and Bank of
Madras (1843) as independent units and called it Presidency Banks. These three banks were
amalgamated in 1920 and Imperial Bank of India was established which started as private shareholders
banks, mostly Europeans

shareholders.In 1865 Allahabad Bank was established and first time exclusively by Indians, Punjab

National Bank Ltd. was set up in 1894 with headquarters at Lahore. Between 1906

ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives
of Indian industry. The principal objective was to create a development financial institution for providing
medium-term and long-term project financing to Indian businesses. Until the late 1980s, ICICI primarily
focused its activities on project finance, providing long-term funds to a variety of industrial projects. With
the liberalization of the financial sector in India in the 1990s, ICICI transformed its business from a
development financial institution offering only project finance to a diversified financial services provider
that, along with its subsidiaries and other group companies, offered a wide variety of products and services.
As India’s economy became more market-oriented and integrated with the world economy, ICICI capitalized
on the new opportunities to provide a wider range of financial products and services to a broader spectrum
of clients. ICICI Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI became the
first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the New
York Stock Exchange.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of
its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital
Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in
January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of
Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI
group's financing and banking operations, both wholesale and retail, were integrated in a single entity.

Phase II

Government took major steps in this Indian Banking Sector Reform after independence. In 1955, it
nationalized Imperial Bank of India with extensive banking facilities on a large scale especially in rural

27
and semi-urban areas. It formed State Bank of India to act as the principal agent of RBI and to handle
banking transactions

Seven banks forming subsidiary of State Bank of India was nationalized in 1960 on 19th July, 1969, major
process of nationalization was carried out. It was the effort of the then Prime Minister of India, Mrs. Indira
Gandhi. 14 major commercial banks in the country was nationalized.

Second phase of nationalization Indian Banking Sector Reform was carried out in 1980 with seven
more banks. This step brought 80% of the banking segment in India under Government ownership.

The following are the steps taken by the Government of India to regulate banking.

Institutions in the Country:

⦁ 1949: Enactment of Banking Regulation Act.

⦁ 1955: Nationalization of State Bank of India.

⦁ 1959: Nationalization of SBI subsidiaries.

⦁ 1961: Insurance cover extended to deposits.

⦁ 1969: Nationalization of 14 major banks.

⦁ 1971: Creation of credit guarantee corporation.

⦁ 1975: Creation of regional rural banks.

⦁ 1980: Nationalization of seven banks with deposits over 200 crore.

After the nationalization of banks, the branches of the public sector bank India rose to approximately 800%
in deposits and advances took a huge jump by 11,000%.Banking in the sunshine of Government ownership
gave the public implicit faith and immense confidence about the sustainability of these institutions.

Phase III

This phase has introduced many more products and facilities in the banking sector in its reforms measure. In
1991, under the chairmanship of M Narasimham, a committee was set up by his name which worked for the
liberalization of banking practices.The country is flooded with foreign banks and their ATM stations. Efforts
are being put to give a satisfactory service to customers. Phone banking and net banking is
introduced. The entire system became more convenient and swift. Time is given more importance than
money.The financial system of India has shown a great deal of resilience. It is sheltered from any crisis
triggered by any external macroeconomics shock as other East Asian Countries suffered. This is all

28
due to a flexible exchange rate regime, the foreign reserves are high, the capital account is not yet fully
convertible, and banks and their customer have limited exposure.

Establishment

 1955: ICICI was established as a development financial institution with support from the Indian
government, the World Bank, and Indian industry leaders

 1994: ICICI Bank was incorporated as part of ICICI's restructuring efforts Listing on the New York
Stock Exchange

 1999: ICICI Bank became the first Indian bank and the first bank from non-Japan Asia to be listed on
the New York Stock Exchange Mergers

 2001-2002: ICICI merged with ICICI Bank, combining wholesale and retail banking

Digital innovations

 2010: ICICI Bank launched mobile banking and other digital services

 2014-2015: ICICI Bank introduced touch-and-pay and contactless card services

 2016: ICICI Bank adopted blockchain technology for transactions

 2018: ICICI Bank implemented software robotics

 2019: ICICI Bank introduced green deposits and loans

 2020: ICICI Bank introduced ICICI Stack, a digital platform for banking services

2.5 Achievements & Awards

ICICI Bank has been recognized with several awards that highlight its commitment to customer satisfaction:

Best Retail Bank in India: The Asian Banker has honored ICICI Bank with this title for a record 10
consecutive years, acknowledging its excellence in retail banking services.

Best Company to Work For in India: Business Today recognized ICICI Bank as the top company to work for
across all sectors, highlighting its employee satisfaction and organizational culture.

Best Bank: At the 16th Mint BFSI Summit and Awards, ICICI Bank was named the 'Best Bank' in the 'Large
Banks' category, reflecting its superior performance and customer service.

Awards - 2000

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  Best Bank Award by Global Finance.

 I-payment was selected as a finalist in the commercial credit product or services category in the
Asian Banking Awards

 Featured amongst the best 15 bank web sites in the world reviewed by Forbes Global.

Awards - 2001

 Best Retail Bank in India from the Asian Banker

 Product Innovation Award for Kid-e-bank account from the Asian Banker.

 India's top 5 most respected companies, Business World Magazine.

Awards - 2002

 Bank of the Year from the Emerging Markets by The Banker Magazine of UK

 Bank of the Year 2002, in India, by The Banker Magazine of UK Best Managed Bank in Asia, in a
Poll by Euromoney

 India's top 5 most respected companies - Business World magazine

 Best Bank in India by Global Finance

 India's Most Admired Bank 2002 in the BB-TN Sofres Mode Poll

 'Best Foreign Exchange Bank in India' by Global Finance.

 'Excellence in Retail Banking' award by Asian Bankers Journal

 Best Consumer Internet Bank in India by Global Finance

 Best Bank in India by Global Finance

Awards - 2003

 "Best Bank of the Year in India" by FinanceAsia

 "Best Emerging Market Bank in India" by Global Finance Magazine

 "Best Multi-Channel Strategy 2003' award by The Banker Magazine, UK.

 "Bank of the Year in India" by The Banker

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  "Best Consumer Internet Bank in India" by Global Finance magazine

 "Best Foreign Exchange Bank in India" by Global Finance

 "Best Trade Finance Bank in India" by Global Finance

Awards - 2004

 American Indian Foundation's Leadership for Social Entrepreneurship in India

 "Best Bank in India" by Euromoney

 "Best High-Yield Borrower in India" by Euromoney

 "India's Most Customer Friendly Bank" by Outlook Money

 "Best Bank" by Business India

 "India Derivative House of the Year" by AsiaRisk

 "Best Consumer Internet Bank in India" by Global Finance

 "Best Corporate / Institutional Internet Bank in India" by Global Finance

 "Most Challenging IT Implementation Award" for the ICICI Bank EAI project by PC Quest.

Awards - 2005

 The Asian Banker Leadership Achievement Award 2005 for India for Mr.K.V.Kamath

 Businessman of the Year Award for Mr.K.V.Kamath by Business India

 JRD Tata Corporate Leadership Award for Mr.K.V.Kamath

 Triple AAA Best Cash Management Country Award in India" by The Asset

 Bank of the Year Award for India by The Banker

 Best Bank in India by Euromoney

 Best Consumer Internet Bank in India by Global Finance

 Best Corporate / Institutional Internet Bank by Global Finance

Awards - 2006

 Bank of the Year 2006 India by the Banker

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  THE ASSET TRIPLE AAA Awards for :

o Best Transaction Bank in INDIA

o Best Trade Finance in India

o Best Domestic Custody in India

 Business Standard's Banker of the Year for Mr.K.V.Kamath

 Business India's Best Bank of the Year 2006

 Ms. Kalpana Morparia and Ms. Lalita Gupte featured on Forbes Most Powerful Women

 ICICI Bank wins three awards for outstanding performance from Asian Banker

o Best Retail Bank India

o Excellence in Multi Channel Distribution

o Excellence in Automobile Lending Award

Awards - 2015

 ICICI Bank won the 'Best Local Trade Finance Bank in India' at Global Trade Review (GTR) 'Asia
Leaders in Trade Awards 2015'.

 ICICI Bank won the first prize at the National Energy Conservation Award 2015 under the office
buildings category.

 ICICI Bank won 'Best Private Sector Bank' under 'Global Business' category at the 'Dun &
Bradstreet Banking Awards 2015'.

 ICICI Bank won the 'Best Foreign Exchange Bank' at FinanceAsia's 2015 Country Banking
Achievement Awards.

 ICICI Bank has been declared as the first runner up at Outlook Money Awards 2015 in the category
of 'Best Bank'.

 ICICI Bank won an award in the BFSI Leadership Summit & Awards in the 'Best Phone Banking for
End-users' category.

Awards - 2016

 ICICI Bank wins the award in the 'Best Syndicated Loan' category at the Asset Triple A Country
Awards 2016.
32
  ICICI Bank features as one of the top 10 organisations in the list of 'Best Companies for Women in
India', according to a study conducted by Working Mother Media.

 ICICI Bank recognized as the 'Best Foreign Exchange Provider' in India by Global Finance
magazine.

 ICICI Bank has won the 'Best Private Sector Bank ' award under the Global Businesses category at
Dun & Bradstreet Banking Awards 2016.

 ICICI Bank has won bronze in the 'Banking Services' category at the Golden Cart Summit and
Awards 2016.

 ICICI Bank has won Gold awards in the 'Bank' and 'Credit card issuing Bank' segments under
Finance category in the Reader's Digest Trusted Brand 2016 Survey.

 ICICI Bank has been declared as winner in the category of 'Private - Service Sector (Large)' at the
13th National Awards for Excellence in Cost Management-2015.

 ICICI Bank won the bronze under the 'Financial Services' category for advertising effectiveness on
the Expressions Debit Card campaign at 2015 Effie Awards.

Awards - 2017

 ICICI Bank recognised as the 'Best Foreign Exchange Provider in India', by Global Finance
magazine as part of their list of 'The World's Best Foreign Exchange Providers 2017'

 ICICI Bank won the Gold Award in the prestigious 2017 Asia - Pacific SABRE Awards in the
'Corporate Image' category.

 ICICI Bank won an award in the 'Best Use of Video in a Digital Campaign' category at the Digital
Industry Awards hosted by Kamikaze B2B Media.

 ICICI Bank won the DMA Asia CREATEFFECT award for leveraging video ad formats to build
interest for ICICI Bank Home Loans.

 ICICI Bank won a total of eight awards at the National Award for Excellence in Energy Management
2017 organised by Confederation of Indian Industry (CII).

 ICICI Bank won all five awards in 'Commercial Building' category at the State Level Energy
Conservation Award, organised by Maharashtra Energy Development Agency (MEDA).

 ICICI Bank was declared runner-up in the 'Best Large Bank' category, according to the
Businessworld Best Bank Survey 2016.
33
Awards - 2018

 ICICI Bank was recognised as one of the 'Prestigious Brands of India' in a list published by Herald
Global, a portal that features national and international news as well as brand reviews.

 ICICI Bank was declared winner in the 'Best Use of Data Analytics' category at the Retail Banker
International Awards 2018. The awards are organised by Retail Banker International, an online
publication that provides news on banking and finance from across the globe.

 ICICI Bank was selected as the winner in the 'Service' category of the MQH Best Practices
Competition organised by IMC Chamber of Commerce & Industry.

 ICICI Bank was declared winner in the 'Most Innovative ATM Project' category in India at The Asset
Digital Awards 2017. The awards were organised by The Asset, a publication headquartered in Hong
Kong.

 ICICI Bank won an award in the 'Smart Data Center' category at the Data Center Dynamics (DCD)
Global Awards 2017.

 ICICI Bank won 'The Gold Standard Award for Corporate Communication' across Asia at the Gold
Standard Awards 2017, for the Bank's communication campaign during demonetisation.

Awards - 2019

 ICICI Bank was awarded by the Government of India in the 'Best Performing Bank - Overall' and
'Best Performing Bank, Statewise - Bihar' categories for its significant contribution towards the
Pradhan Mantri Awas Yojna Gramin. ICICI Bank was the only bank to be awarded in both the
categories.

 ICICI Bank was recognised as the 'Best Consumer Digital Bank - 2019' for India region by Global
Finance; a publication headquartered in New York.

 ICICI Bank won two awards in the 'Private Sector Banks' segment at Digital Payments Awards 2018-
19 organised by the Ministry of Electronics and Information Technology (MeitY), Government of
India. The Bank was awarded for its outstanding performance in two categories -'BHIM Aadhaar POS
Deployment' and 'POS Deployment in rural India'.

 ICICI Bank was recognised as 'Most Promising Financier' by JCB India Limited for its work as a
financer for construction equipments in India.

34
Awards – 2020

 ICICI Bank was declared as 'House of the Year, India' at Asia Risk Awards 2020. Risk, a London-
based magazine, organises these prestigious awards annually for firms and individuals involved in
Asia's derivatives market and risk management.

 ICICI Bank emerged as the winner in the 'Best HR Technology Implementation' category at the
Asian Banker Financial Technology Innovation Awards 2020.

 ICICI Bank was recognised as the winner in the 'Best Innovation Programme' category at the Retail
Banker International Asia Trailblazer Awards 2020. These awards are organised by Retail Banker
International, an online publication that provides news on banking and finance from across the globe.

 ICICI Bank has won a total of four awards at the Asian Banking & Finance Awards, 2020. The Bank
was declared a winner in the categories of 'Corporate & Investment Bank of the Year-India';
'Corporate Client Initiative of the Year-India'; 'Rural/Cooperative Bank of the Year-India' and 'Mobile
Banking & Payment Initiative of the Year-India'.

 ICICI Bank has won five awards at the National Award for Excellence in Energy Management, 2020
organised by the Confederation of Indian Industry (CII). The Bank was recognised for its innovative
practices in the energy efficiency sector that facilitates sustainable growth.

Awards - 2021

 ICICI Bank has been awarded the IBS Intelligence (IBSi) Global FinTech Innovation Awards, 2021.
These awards are organised by London-based IBS intelligence, a premier research, advisory and
news analysis firm. The Bank has been declared joint winner, along with Infosys Finacle for its
combined initiative in the 'Most Innovative use of Blockchain in the Banking' category.

 ICICI Bank has been awarded in six categories at the Infosys Finacle Innovation Awards, 2021. The
Bank was declared winner in the following categories: 'Corporate Banking Digitisation', 'Covid
Response Innovation', 'Customer Journey Reimagination', 'Modern Technologies-led Innovation',
'Process Innovation' and 'Product Innovation'.

 ICICI Bank has been declared as the winner in two categories - 'Best Co-Branded Credit Card of the
Year' and 'Best Credit Card of the Year' - at the 9th edition of the Payments & Cards Awards
organised by Kamikaze Media.

35
 ICICI Bank has emerged as the best employer in India in the BFSI sector, in the Forbes list of the
"World's Best Employers" for 2021. Further, the Bank is ranked among the top three BFSI
companies globally, according to the list.

 ICICI Bank has been adjudged the 'Strongest Bank in India in 2021' by The Asian Banker.

 ICICI Bank

 ICICI Bank won five awards at the Indian Banks' Association (IBA) Banking Technology Awards
2021. The Bank was declared winner in three categories namely, 'Best use of IT & Data Analytics',
'Best Payments Initiative' and 'Best Fintech Adoption', while it was adjudged runners-up in the 'Best
Technology Bank of the Year' and 'Best Digital Financial Inclusion' categories.

Awards - 2022

 ICICI Bank has won awards in 'Digital Sales & Engagement' and 'IT Risk & Management' categories
at the Indian Banks' Association (IBA) Banking Technology Awards 2022. These awards recognise
excellence in technology and innovation in the Indian banking industry and witness active
participation from banks.

 ICICI Bank has won an award from The Digital Banker, a Singapore-based publication, in the 'Best
Trade Finance Platform Initiative' category. The Bank was awarded for its solutions that have helped
digitise several import and export trade transactions.

 ICICI Bank has been recognised by the Warehousing Development and Regulatory Authority
(WRDA) Department of the Government of India for providing highest pledge financing against
electronic negotiable warehouse receipts(e-NWR) among private sector banks.

 ICICI Bank has received the 'Mahatma Award for ESG Excellence 2022'. These awards recognise
individuals, NGOs and organisations for their impactful contribution to sustainability, social impact
and CSR.

Awards - 2023

 Our Bank has been recognised as the 'Leading Nominated Bank for Gold' for 2022-23 at the India
Gold Conference (IGC) 2023 Excellence Awards. ICICI Bank was recognised for its total business
in the sale of gold and silver bars as well as disbursement of Gold Metal Loans.

 ICICI Bank has been recognised as an 'Iconic Brand of India' by ET Edge, the event management
platform of the Economic Times. The Bank has received the award on the basis of its brand value,
annual turnover, growth rate and its CSR practices.

36
  ICICI Bank was selected as one of 'India's Top Value Creator 2023 - Banks' by Dun &
Bradstreet, India.

 ICICI Bank has emerged as the winner in the 'Best in Treasury and Working Capital' category for
SMEs in India. The Asset, a Hong Kong-based business magazine, organises these awards.

Awards - 2024

 ICICI Bank was selected as one of 'India's Top Value Creator 2024 - Banks' by Dun &
Bradstreet, India.

 ICICI Bank was recognised as the 'Best Private Sector Bank' for 2022-23 by Financial Express, a
leading business newspaper.

 ICICI Bank ranked as 'India's Most Sustainable Company' in the banking sector by BW
Businessworld, a financial magazine.

 ICICI Bank emerged as the 'Best Home Loan Provider' from CNBC Awaaz, a leading Hindi
business news channel.

 ICICI Bank has been awarded as the 'Best Retail Bank in India' for the 11th year in a row by
the Asian Banker, a Singapore based publication.

ICICI Bank has won many awards and recognitions for its services and solutions. Some of these awards
include:

 Best Retail Bank in India: ICICI Bank won this award for the ninth year in a row at the Asian
Banker Excellence in Retail Financial Services International Awards in 2022.

 Best Company to Work For in India: Business Today magazine named ICICI Bank as the best
company to work for in the BFSI sector in 2023.

 Best in Treasury and Working Capital: ICICI Bank won this award for SMEs in India in 2023.

 Consistent Excellence: ICICI Bank won this award from Global Custodian, a London-based
magazine, in 2023.

 Iconic Brand of India: ET Edge, the event management platform of the Economic Times,
recognized ICICI Bank as an Iconic Brand of India in 2023.

 Company of the Year: ICICI Bank won this award at the Economic Times Awards for Corporate
Excellence in 2022.

 Model Bank for Reimagining Enterprise Lending Solutions: ICICI Bank won this award at the
Celent Model Bank Awards in 2024.
37
  Best for Family Office Services in India: Euromoney awarded ICICI Bank for this category.

 Best Governed Company Award: Asian Centre for Corporate Governance & Sustainability
awarded ICICI Bank for this category

2.6 MARKETING STRATEGIES

ICICI Bank (Industrial Credit and Investment Corporation of India), third largest bank in India in terms of
market capitalization is changing the face of banking & financial services in India. With 70,000+ employees
ICICI is competing with some of the biggest names in the Indian market in banking & financial services
industry namely State bank India, HDFC, Punjab national bank and many others.

Its innovative product portfolio is enabling the company in shaping the traditional banking and making it
technically and digitally advanced from the peer groups.

Segmentation, targeting, positioning in the Marketing strategy of ICICI Bank –

It uses demographic & psychographic segmentation strategies to segment the market and caters the changing
needs of the customers. Income, age, social class, occupation are some of the segment variables ICICI uses
to segment the market and satisfy their growing needs & wants accordingly.Once the market is segmented in
similar characteristics than for any sets of offerings Differentiated or undifferentiated targeting strategy are
used. ICICI Bank uses differentiated targeting strategies for a majority of its servicesEmotional and rational
appeal through its advertisements is most effective strategies for branding the products. ICICI uses value-
based positioning strategies for its offerings.

Competitive advantage in the Marketing strategy of ICICI Bank –

Employees age group plays an important role in the growth of a company, ICICI has 70000+ aggressive
employees who work together for achieving high-end customer serviceability requirement.With over 52
million customers and around 50% of its transactions are mobile & internet based, ICICI is driving the
digital innovation in the banking industry.The digitally inclined bank has helped the customers when it
comes to convenience & ease of doing banking.
Competitive advantage in the Marketing strategy of ICICI Bank –

Employees age group plays an important role in the growth of a company, ICICI has 70000+ aggressive
employees who work together for achieving high-end customer serviceability requirement.With over 52
million customers and around 50% of its transactions are mobile & internet based, ICICI is driving the
digital innovation in the banking industry.

BCG Matrix in the Marketing strategy of ICICI Bank

38
It has various subsidiaries who are working towards of common goal of wealth generation.

ICICI Bank, ICICI Prudential Asset Management Company Limited, ICICI Prudential Life Insurance
Company Limited, ICICI Lombard General Insurance Company Limited and ICICI Securities Limited are
started since most of the business of ICICI come from these and they are one of the best companies in their
respective segments.Other subsidiaries of ICICI are question marks since these companies are facing stiff
competition.

Distribution strategy in the Marketing strategy of ICICI Bank –

ICICI Bank has 4100 branches in total which are delivering banking and financial services end to end to the
customers. Subsidiaries handling different financial verticals help the customers in getting one stop solution
to all their banking & financial needs. Aggressive promotion of its digital platform through a mobile app
(immobile) and the internet has helped the company in decreasing the cost transactions and at the same time,
it helped the bank in making it convenient for customers.

Brand equity in the Marketing strategy of ICICI Bank –

ICICI has worked aggressively in creating a positive brand image in the market. ICICI has bagged various
awards at different forums through its innovative services which had given it first mover advantage.
Whether it comes to risk management initiatives, social media & mobile banking, or best technology Bank
of India, ICICI has won awards in every field of tech-banking

Competitive analysis in the Marketing strategy of ICICI Bank –

Banking & financial institution are facing stiff competition from fin-tech firms & NBFC’s. The new age
financial start-ups are implementing hi-tech strategies to capitalise the changing needs of the consumers.

Competitive analysis in the Marketing strategy of ICICI Bank –

Banking & financial institution are facing stiff competition from fin-tech firms & NBFC’s. The new age
financial start-ups are implementing hi-tech strategies to capitalise the changing needs of the consumers.

Market analysis in the Marketing strategy of ICICI Bank –

Banking & financial market in India is overcrowded with various companies eating each other share which
is affecting the survival of the Indian financial companies. New age start-ups & fin-tech are giving head-on
competition to some of the well-established NBFC’s & Banks. The only way to survive is to grow by further
penetrating the market or use innovative strategies to increase the share of wallet.

Customer analysis in the Marketing strategy of ICICI Bank –

39
Customers of ICICI Bank are majorly working professionals who have an inclination towards technology
and seek better & fast banking services. The majority of ICICI Bank’s customers are of middle & upper
middle socio-economic status.

ICICI Bank Price/Pricing Strategy:

Below is the pricing strategy in ICICI Bank marketing mix strategy:

ICICI bank, like any other bank is governed by RBI guidelines in India. ICICI has many features for its
loyal customers. Since there is immense competition, ICICI bank works on improvement in each level so as
to retain customer. It gives many values added services. It has great market share because if it gathering
revenue by increasing quantity keeping price low. ICICI offers great loans and schemes to attract customer.

2.7 CHALLENGES OF ICICI BANK

ICICI Bank faces a number of challenges,

 Cyber risk

The increasing use of digital banking services and the threat of cyberattacks make the bank vulnerable to
security risks.

 Technology risk

The growing number of digital transactions and customer dependence on them requires the bank to focus on
the scalability and availability of its systems.

 Economic events

Economic crises, natural calamities, geo-political tensions, climate change, and health epidemics can impact
the Indian economy and the economy of countries where ICICI Bank operates.

 Rural credit portfolio

ICICI Bank faces challenges in expanding its rural credit portfolio, including devising an optimal sales and
distribution network and revising incentive schemes.

 Tightening monetary policy

Tightening monetary policy, withdrawal of liquidity by the central bank, and exchange rate movements can
pose challenges to ICICI Bank.

 Money laundering

40
ICICI Bank has been accused of money laundering in the past.

ICICI Bank has a number of risk management committees, including an Audit Committee, an Information
Technology Strategy Committee, and a Risk Committee.

Some challenges that ICICI Bank has faced with customer satisfaction include:

 High service charges

Customers have expressed dissatisfaction with the prices charged by the bank, such as interest charges on
loans and locker rent.

 Inaccurate records

Customers have expressed dissatisfaction with the accuracy of records. Customers may be dissatisfied
with the accuracy of their records

 Long wait times

Customers have expressed dissatisfaction with long wait times for transactions. Customers may be
dissatisfied with the time it takes to complete transactions

 Server problems

Customers have expressed dissatisfaction with server problems in the mobile app.

 Security concerns

Some studies have shown a negative relationship between security and customer satisfaction.

Some ways that ICICI Bank has tried to improve customer satisfaction include:

 Launching a digital initiative

ICICI Bank launched a monthly e-magazine called The Orange Book to educate customers on personal
finance.

 Improving the website

ICICI Bank has designed its website to communicate the most relevant products to customers.

 Using interactive features

ICICI Bank has used interactive features like Life Stage Solutions and Find the Right Product to help
customers make decisions.

Some initiatives taken by ICICI Bank to improve customer satisfaction include:

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  Online Assist

An industry-first initiative that allows customers to request credit card charge reversals in real-time

 Service desk

A service desk that is available 24 hours a day, 7 days a week for customers using payment and collection
services

 Branch on the Move (BOTM)

A service that allows branch employees to address customer transaction requirements on tablets

 Public awareness campaigns

Campaigns on television and social media to raise awareness about fraud prevention

CHAPTER 3: PRODUCTS OF ICICI BANK

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ICICI Bank offers products and services such as savings and current accounts, trade and forex services,
fixed and recurring deposits, business loans, home loans, personal loans, auto loans, and gold loans, NRI
Banking services, remittances, card services, lockers, agri and rural services.

The digital platforms that ICICI Bank offers include iMobile Pay, InstaBiz, Digital Rupee App, Retail
Internet Banking, Corporate Internet Banking,Money2India, Money2World, and digital wallet named
Pockets by ICICI Bank.

In March 2020, ICICI Bank launched 'ICICI STACK,' a digital banking suite for individuals, merchants, and
corporates, providing online services such as payments, digital accounts, instant loans, insurance,
investments, and more.

In December 2020, ICICI Bank introduced 'iMobile Pay', an interoperable app offering payment and
banking services to customers across various banking institutions. The app was originally launched as
iMobile in 2008. iMobile Pay provides over 350 services. iMobile Pay registered over 10 million sign-ups
from non-ICICI Bank account holders by the end of September in 2023.

In July 2019, ICICI Bank introduced the InstaBIZ app to offer enhanced banking and value-added services
to micro, small, and medium (MSME) customers, and customers of any bank. InstaBIZ offers
interoperability, enabling merchants to instantly collect payments using UPI IDs and QR CODEs. The app
currently has approximately 1.5 million active users, with a year-on-year throughput growth of over
70%. As of September 2022, the platform had accumulated around 195,000 registrations from non-ICICI
Bank account holders.

ICICI Bank offers a variety of products and services, including loans, savings accounts, investments, and
more.

Loans

 Personal loans: Loans for personal needs

 Home loans: Loans for buying a home

 Car loans: Loans for buying a car

 Gold loans: Loans for buying gold

 Two-wheeler loans: Loans for buying a two-wheeler

 Business loans: Loans for businesses

Savings accounts

 Savings accounts: Accounts for saving money

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  Fixed deposits: Deposits for a fixed period of time

 Recurring deposits: Deposits made at regular intervals

Investments

 Mutual funds: Funds for investment

 National pension system: A pension system

 Public provident fund: A fund for saving money

 Demat account: An account for tracking investments

Cards

 Credit cards: Cards for making purchases

 Debit cards: Cards for making purchases

 Rubyx credit card: A credit card with lifestyle, dining, and golf privileges

 Rubyx debit card: A debit card with features for discerning customers

 Titanium debit card: A debit card for unrestricted shopping and savings

ICICI Bank also offers tax solutions, foreign exchange services, and digital banking platforms.

3.1: LOAN SERVICES OF ICICI BANK

ICICI Bank has received positive feedback for its loan services, with customers praising the bank's customer
service and responsiveness. The bank also has a well-defined grievance redressal mechanism.

Positive feedback

 Customer service

Some customers have praised the bank's customer service and the supportive behavior of the staff

 Timely assistance

Some customers have praised the bank for providing timely assistance and help

 Professional ethics

Some customers have praised the bank for its work culture and professional ethics
44
  Quality of service

Some customers have praised the quality of service offered by the bank

Grievance redressal

 Customer Rights Policy

ICICI Bank has a Customer Rights Policy that outlines the rights of its customers

 Grievance redressal mechanism

ICICI Bank has a well-defined grievance redressal mechanism with clear turnaround times

 Customer Relationship Management (CRM) system

ICICI Bank records all complaints in a CRM system and tracks them until they are resolved

 Internal Ombudsmen

ICICI Bank has appointed senior retired bankers as Internal Ombudsmen

ICICI Bank's loan syndication business involves arranging and underwriting loans for corporate clients. The
bank has a dedicated syndication desk in India and teams in overseas locations.

What ICICI Bank offers

 Foreign currency loans

ICICI Bank's Foreign Currency Loan syndication desk focuses on meeting the needs of India-led
corporates.

 Asset-backed financing

ICICI Bank offers asset-backed financing for shipping, aircraft, oil rigs, and offshore support vessels.

 Project financing

ICICI Bank offers project financing for airports, oil and gas, power, roads, ports, and telecom.

 Structured finance

ICICI Bank offers structured finance for high yield mezzanine and equity linked debt.

 Corporate lending

ICICI Bank offers corporate lending for external commercial borrowing for refinancing and capital
expenditure.

How loan syndication works

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  A group of lenders come together to provide a loan that is larger than any single lender is willing to
provide alone.

 The risk is distributed across multiple lenders.

 Borrowers benefit from access to larger amounts of funding, more flexible terms, and lower interest
rates.

Who ICICI Bank serves

 Issuers

 Investors

 Public sector undertakings

 Central/state government entities

 Banks

 Financial institutions

 NBFCs

 Private corporates

ICICI Bank offers a variety of account services, including savings accounts, current accounts, fixed deposit
accounts, and more. ICICI Bank also offers online banking and mobile banking services.

3.2: Account services

 Savings accounts: ICICI Bank offers NRE and NRO savings accounts

 Current accounts: ICICI Bank offers current accounts with features like cheque books, debit cards,
and overdraft facility

 Fixed deposit accounts: ICICI Bank offers fixed deposit accounts with a fixed interest rate for a set
period of time

 NRE and NRO FD accounts: ICICI Bank offers NRE and NRO FD accounts

Online banking services

 Transfer money

Use internet banking or the mobile app to transfer money to other bank accounts

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  Pay bills

Use internet banking or the mobile app to pay bills like electricity, water, gas, landline, and broadband

 Manage finances

Use internet banking or the mobile app to check balances, view transaction history, order cheques, and more

Other services

 Loans: ICICI Bank offers auto loans, personal loans, and home loans

 Credit cards: ICICI Bank offers credit cards

 Mutual funds: ICICI Bank offers mutual funds and Insta SIP

 Insurance: ICICI Bank offers life insurance

 Retirement planning: ICICI Bank offers retirement planning

3.3: CARD SERVICES

ICICI Bank offers a variety of card services, including credit cards, debit cards, and merchant services.

Credit card services

 Reward points: Earn points for purchases

 Cashback offers: Receive cash back on purchases

 Fraud detection: Protect against fraudulent transactions

 Balance transfers: Transfer balances between accounts

 Recurring payment management: Manage recurring payments

 E-statement access: View statements online

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  Customer support: Get personalized assistance

Debit card services

 Personal debit cards: Includes options like the Private Banking Visa Infinite Debit Card, Wealth
Select Visa Infinite Debit Card, and Family Debit Card

 Smart Shopper Silver Debit Card: A debit card for shoppers

Merchant services

 POS and payment gateway solution: Enables businesses to accept electronic payments from
cardholders in-person or online

ICICI Bank also offers credit cards designed for specific purposes, such as travel or frequent shopping

3.4: PAYMENT/SALARY SERVICES

ICICI Bank offers a variety of payment services, including credit card payments, online payment
gateway,and merchant services.

Credit card payments

 Click to Pay: Use internet banking linked to other bank accounts to pay your ICICI Bank credit card
bill

 iMobile Pay: Use the ICICI Bank iMobile Pay app to pay your credit card bill

 Internet Banking: Log in to ICICI Bank Internet Banking to pay your credit card bill

 ATMs: Use your debit card to pay your credit card bill at any ICICI Bank ATM

 Auto Debit: Set up auto debit to pay your credit card bill

48
  NEFT: Use NEFT to pay your credit card bill

 UPI: Use UPI to pay your credit card bill

 Cash Deposit: Make a cash deposit to pay your credit card bill

Online payment gateway

 Eazypay: Use Eazypay to upload bills and make payments

 FASTag Payment Gateway: Use FASTag Payment Gateway to make payments using credit card,
debit card, or UPI

Merchant services

 Fiserv – ICICI Merchant Services: Use Fiserv to accept payments online, in-store, and on-the-go.

CHAPTER 4: SWOT ANALYSIS OF ICICI BANK

The SWOT Analysis of ICICI Bank by understanding its strengths, weaknesses, opportunities, and threats.
49
Since 1994, ICICI Bank has led Indian banking innovation and growth. Domestically and globally, its vast
network and diverse services, including retail banking and corporate banking, have made it famous.

Digital-first thinking has improved customer experiences and operational efficiency at the bank. This
strategy and its focus on customer satisfaction position ICICI Bank as a financial industry leader set for
success.

ICICI Bank Strengths

1. Market Leader

ICICI Bank leads India’s banking sector with over 30 years of experience. This lengthy history and broad
network have made it India’s private banking leader. Innovation, a wide range of services, and a deep
understanding of local market dynamics support its leadership.

2. Worldwide Network

With an addition of about 480 branches during FY2023, it had a network of 5,900 branches and 16,650
ATMs/cash recycling machines during Q4FY23; ICICI Bank shows its global reach. ICICI’s global footprint
allows it to serve a varied international customer base and provide smooth financial services, improving
consumer connectedness and convenience.

3. Technology Adoption

ICICI Bank advances banking technology by investing heavily in cutting-edge technologies. The bank uses
technology to offer many transaction alternatives for consumers, from mobile and net banking to specialist
NRI services, making banking more convenient and user-friendly.

4. High-Profit Margins

Although the industry is struggling, ICICI Bank exceeds its regional bank equivalents in profitability. The
bank’s operational efficiency and capacity to weather market changes help it retain better profit margins.
ICICI’s core operating profit grew 35.2% year-on-year to Rs.13,887 crore (US$ 1.7 billion) in Q1-2024.

5. Diverse Revenue Models

Diversifying beyond financial services has helped ICICI Bank succeed. ICICI has diversified its revenue
stream to reduce its dependence on the financial sector and strengthen its resistance to sector-specific
downturns.

6. Marketing Initiatives

50
A dynamic marketing strategy has increased brand exposure and appeal for ICICI Bank. The bank’s strong
presence and innovative marketing, from celebrity endorsements and sports sponsorships to an engaging
blend of digital and conventional marketing, has helped attract and retain consumers.

ICICI Bank Weaknesses

1. Money-laundering Controversy

ICICI Bank was involved in a major money laundering scandal in 2013. This significant change prompted
an internal inquiry by the Reserve Bank of India and the Indian government, which suspended 18 key
executives. It damaged the bank’s reputation and business integrity.

2. High Cost of Replacing Key Personnel

ICICI Bank must replace a small group of individuals with essential knowledge and skills for its operations.
These professionals’ unique views and skills make finding acceptable successors difficult under current
conditions, possibly undermining the bank’s continuity and efficiency.

3. Dependence on the Indian Market

Despite its global reach, ICICI Bank relies heavily on the Indian market. This substantial dependency on
India’s economy makes the bank vulnerable to domestic economic shocks, threatening its financial stability
and growth.

4. Non-Performing Assets (NPAs)

ICICI Bank, like its industry peers, has Non-Performing Assets (NPAs), or bad loans, that threaten its
financial performance. High NPAs can hurt the bank’s profitability and balance sheet, requiring strong risk
management. The Bank has written off gross NPAs amounting to Rs. 1,707 crore (US$ 205 million) in Q4-
2024.

5. High Employee Turnover at Lower Levels

The bank needs to work on employee turnover, especially at lower levels. This product disturbs operations
and costs the bank more in salaries to retain people and assure stability.

6. Low Investments in Customer Services

Customer-focused service investment could be higher at ICICI Bank, hurting it against competitors. To be
competitive, the bank must invest more in R&D, particularly in customer service apps

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 ICICI Bank Opportunities

1. Targeting Youth

Young consumers’ growing preference for mobile and net banking presents an opportunity for ICICI Bank.
The Bank can attract tech-savvy customers and enhance sales by improving online banking systems and
services.

2. Expansion

Africa’s growing markets have tremendous potential. ICICI Bank can expand into Africa with this
possibility. Such an expansion would diversify the bank’s operations and boost its global reputation among
financial analysts.

3. Rural Areas

Despite its extensive network, many rural Indian and worldwide locations lack financial services. ICICI
Bank can meet a market need and grow its customer base by expanding to these locations.

4. Lower Inflation Rate

Low inflation helps stabilize markets and allows banks to offer lower interest rates. ICICI Bank’s products
and services are used more with increased lending capacity and consumer affordability.

5. Rapid Economic Growth

The US economy’s faster growth than other wealthy nations allows ICICI Bank. ICICI Bank might gain
from the US’s large and rising economy by entering the market with its competitive market skills.

6. Opportunities in Online Space

ICICI Bank has an opportunity to develop and introduce digital banking products as more people use the
Internet. This method matches modern consumer tastes, which may boost client satisfaction.

ICICI Bank Threats

1. Competitive Pressures

52
Product development cycles have accelerated in the ever-changing financial business, increasing
competition. With its large customer base, ICICI Bank requires help adapting to smaller, more agile
competitors’ particular needs. This dynamic economy requires a more flexible bank approach to be
competitive.

2. The Growing Technological Expertise of Local Players in the Export Market

When working with local players in emerging areas like China, ICICI Bank risks IPR infringement. These
regions’ weak IPR protection could harm the bank’s proprietary technologies and procedures, weakening its
competitive advantage.

3.Policies & Regulations

The complicated and ever-changing banking rules across countries confront ICICI Bank with a problem. The
bank must comply with foreign regulations to avoid legal issues and maintain worldwide operations.

4. Not Following Trends

A broad network makes it difficult for ICICI Bank to adopt changes globally quickly, slowing its market
adaptation. This slow response may hinder the bank’s ability to satisfy changing consumer expectations.

5. Trade Relations between the US and China

ICICI Bank’s Chinese market expansion could be hampered by a trade conflict between the US and China.
Geopolitical issues could halt the bank’s expansion strategy in one of the world’s greatest economies.

6.Privacy Issues

Net banking and online transactions are convenient, but cyberattacks and privacy breaches are higher. ICICI
Bank must invest heavily in digital platform security to sustain customer trust and operational integrity.

CHAPTER 5: FINANCE DEPARTMENT OF ICICI BANK

ICICI Bank's finance department offers a wide range of financial services and banking products to retail and
corporate customers. The bank's finance department includes the Financial Institutions and Syndication
Group (FISG) and the International Financial Institutions Group (IFIG).

Financial Institutions and Syndication Group (FISG)

53
  Manages the bank's relationship with the financial sector

 Offers services like transaction banking, loan syndication, and asset sell-down

 Syndicates loans to corporate clients

 Offers products like asset-backed securities (ABS), mortgage-backed securities (MBS), and
corporate loan sell-down

International Financial Institutions Group (IFIG)

 Manages the bank's relationship with foreign correspondent banks

 Offers services like export letter of credits, trade credits, and bank guarantees

 Provides solutions for international trade and payments, treasury, and liquidity

ICICI Bank also offers services like:

 Investment banking

 Life and non-life insurance

 Venture capital

 Asset management

 Personal finance management

 Supply chain finance

ICICI Bank's finance department includes the Financial Institutions and Syndication Group (FISG),
Corporate Banking, Corporate Finance, and Supply Chain Finance.

Financial Institutions and Syndication Group (FISG)

 Manages the bank's relationships with the financial sector

 Offers services like transaction banking, loan syndication, and asset sell-down market

Corporate Banking and Corporate Finance

 Offers services like corporate banking, corporate finance, and corporate payment

Supply Chain Finance

 Reduces the risk of supply chain disruptions

 Helps buyers and sellers optimize their working capital needs

54
 Offers services like monetization of receivables, factoring, and dealer financing

CHAPTER 6: RESEARCH & METHODOLOGY

55
Research methodology is the process of designing a study to collect and analyze data on a specific topic. It
describes the techniques and procedures used to achieve the study's objectives.

Research methodology includes

 Research design: The overall strategy and structure of the study. This includes how data will be
collected and analyzed.

 Data collection: The process of gathering data using methods like interviews, surveys, observations,
and more.

 Data analysis: The process of examining the data to draw conclusions.

Research methods

 Quantitative methods: Used to measure something or test a hypothesis.

 Qualitative methods: Used to explore ideas, thoughts, and meanings.

 Mixed methods: A combination of quantitative and qualitative methods.

 Experimental methods: Used to establish cause-and-effect relationships between variables.

 Descriptive methods: Used to understand the characteristics of a research subject.

Steps of research

1. Identify a topic
56
 2. Find background information

3. Find books, articles, and internet sources

4. Evaluate the information

5. Cite the sources

ICICI Bank has been the subject of various research studies focusing on its financial performance, asset and
liability management, and overall operational efficiency2. Here are some key points from recent research:

Financial Performance

 Profitability, Liquidity, and Solvency: Studies have shown positive trends in profitability, liquidity,
and solvency metrics over recent years. This indicates effective management practices and financial
stability.

 Efficiency Fluctuations: While liquidity remains stable, there are slight efficiency fluctuations,
suggesting room for operational optimization.

 Debt Levels: Debt levels are manageable, with improving interest coverage ratios enhancing
financial stability.

Asset and Liability Management (ALM)

 Dynamic Process: ALM involves planning, organizing, coordinating, and controlling assets and
liabilities to achieve specified Net Interest Income (NII).

 Statistical Tools: Advanced statistical tools like ratios and percentages are used to analyze the data,
and software like SPSS is employed for hypothesis testing.

 Findings: The capital turnover ratio is satisfactory, but the cash ratio needs improvement. Net profit
has been increasing, indicating good performance.

Methodology

 Secondary Data: Research often relies on secondary data collected from annual reports, websites,
and journals.

 Descriptive Analysis: The studies are typically descriptive, focusing on analyzing financial
statements and performance metrics.

 Comparative Analysis: Trend and comparative analysis are used to evaluate financial performance
over different periods.

57
These studies provide valuable insights into ICICI Bank's financial health and operational efficiency, helping
stakeholders make informed decisions.

Sampling design:

Target population

The target population in this research refers to the bank customers who are having anaccount in SBI bank
and ICICI bank due to the convenience in collecting the data. Therespondents can be any gender, any
income level, any occupation and any education level.

Sampling unit

The sampling units are customers of ICICI bank and SBI bank.

Sampling method

For this research we use non-probability sampling. Zikmund (1997) stated that in non-probability sampling,
the probability of any particular member of the population beingchosen is unknown. The element in the
population does not have any probability attachedto their being chosen as sample subjects.

Snow ball sampling will be applied in this research. Snow ball sampling is used to collectthe data from the
customers. Snow ball sampling refers to the procedure that involves theselection of additional respondents
based on referrals of initial respondents.

Sample size

Ghauri (2002) stated that sample size depend on the desired precision from the estimate.Precision is the size
of the estimating interval when the problem is one of estimating apopulation parameter. This research selects
60 respondents as the sample size due tolimited of time by asking them that they are having an account in
SBI bank and ICICI

bank due to the convenience in collecting the data. The respondents can be any gender,any income level, any
occupation and any education level.

Sampling plan:

The researcher is going to collect the data from the ATMS and also by visiting the bank.

58
 CHAPTER.7 DATA ANALYSIS AND INTERPRETATION

ANALYSIS OF PRIMARY DATA

59
Primary data was collected to gauge the extent of customer satisfaction of ICICI bank. For this a selective
questionnaire was develop and disseminated.

1.What is your education qualification?

Table no.1

SSC 14.7%
HSC 38.2%
Graduate 29.4%
Post graduate 17.6%

Chart no.1

In my survey I found that almost 14.7% were in category of SSC or 38.4% were in category of HSC and
29.6% are graduate and 17.6% were in category of post graduate.

2. What is your age?

Table no.2

60
 18-22 76.5%
23-33 20.6%
34-50 1.45%
50 Above 1.45%

Chart no.2

In my survey I found that almost 76.5% people are under 18 to 22 ages and 20.6% people are under 23 to 33
ages or 1.45% people are under 34 to 50 above ages

3. Have you bank account?

Table no.3

61
 Yes 76.5%
No 23.5%

Chart no.3

In my survey I found that majority 76.5% having a bank account. And around 23.5% not having a bank
account.

4. In which bank do you have a bank account?

62
 Table No.4

SBI 61.8%
ICICI 17.6%
HDFC 3.00%
Other banks 17.6%

Chart no.4

In my survey I found that the majority of people having bank account in SBI is 61.8% and 17.6% people
having account in ICICI and 3% people having account in HDFC and remaining 17.6% People having
account in other banks.

5.How does ICICI bank primarily gather data on customer satisfaction?

63
 Table No.5

Surveys and feedback forms 47.1%

Social media monitoring 29.4%
Focus groups 0.00%
Customers interviews 23.5%

Chart no.5

In my survey I found that ICICI bank gathering data from surveys and feedback forms is 47.1% and from
social media monitoring is 29.4% and 23.5% data are gathered from customers interviews.

6.What is the primary goal of ICICI bank’s customer satisfaction strategy?

64
 Table no.6

Increase profit margins 27.3%

Enhance customer loyalty 36.4%
Reduce operational coats 15.2%
Expand market share 21.2%

Chart no.6

In my survey I found that the primary goal of ICICI bank’s by Increase profit margins is 27.3% and by
Enhance customer loyalty is 36.4% and by reduce operational costs is 15.2% and by Expand market share is
21.2%.

65
7.Which of the following is a key component of ICICI bank’s service quality?

Table no.7

Speed of service 38.2%

Product pricing 17.6%
Marketing campaigns 17.6%
Branch locations 26.5%

Chart no.7

In my surveys I found that the key components of ICICI bank’s is speed of service is 38.2% and product
pricing is 17.6% and Marketing campaigns is 17.6% and branch locations is 26.5%.

66
8. What is the impact of high customer satisfaction on ICICI bank?

Table no. 8

Decreased customer retention 17.6%

Increased customer loyalty 47.1%
Reduced service quality 11.8%
Higher operational costs 23.5%

Chart no.8

In my survey I found that the impact of high customer satisfaction of ICICI bank by decreased customer
retention 17.6% and by increased customer loyalty is 47.1% and by reduced service quality is 11.8% and by
higher operational costs is 23.5%.

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9.Which of the following is a challenge faced by ICICI bank in maintaining customer satisfaction?

Table no.9

High employee satisfaction 32.4%

Technological advancements 29.4%
Service disruptions 14.7%
Competitive interest rates 23.5%

Chart no.9

In my survey I found that the ICICI bank have to face challenges for maintaining customer satisfaction are
high employee satisfaction is 32.4% and technological advancements is 29.4% and service disruptions is
14.7% and competitive interest rates is 23.5%.

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10. What is the outcome of high customer satisfaction for ICICI bank?

Table no. 10

Decreased customer retention 18.2%

Increased customer loyalty 48.5%
Reduced service quality 21.2%
Higher operational costs 12.1%

Chart no.10

In my survey I found that the outcome of high customer satisfaction of ICICI bank by decreased customer
retention is 18.2% and Increased customer loyalty is 48.5% and reduced service quality is 21.2% and higher
operational costs is 12.1%.

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11.How does ICICI bank measure customer loyalty?

Table no. 11

Net promoter score (NPS) 26.5%

Customer lifetime value (CLV) 32.4%
Customer effort score (CES) 17.6%
Customer satisfaction index (CSI) 23.5%

Chart no. 11

In my survey I found that the customer loyalty towards ICICI bank by Net promoter score (NPS) is 26.5%
and customer lifetime value (CLV) is 32.4% and customer effort score (CES) is 17.6% and customer
satisfaction index (CSI) is 23.5%.

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12. Which initiative has ICICI bank implemented to boost customer satisfaction?

Table no. 12

Reducing branch hours 17.6%

Increasing ATM fees 32.4%
Offering personalized banking services 26.5%
Limiting online services 23.5%

Chart no. 12

In my survey I found that initiative has ICICI bank implemented to boost customer satisfaction by Reducing
branch hours is 17.6% and by Increasing ATM fees is 32.4% and by Offering personalized banking services
is 26.5% and by Limiting online services.

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13. Which element is a key aspect of ICICI bank’s service quality?

Table no. 13

Speed of services 50%

Product pricing 26.5%
Marketing campaigns 5.9%
Branch locations 17.6%

Chart no. 13

In my survey I found that the element is a key aspect of ICICI Bank service quality by Speed of services is
50% and product pricing is 26.5% and Marketing campaigns is 5.9% and Branch locations is 17.6%.

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14. What is the role of customer feedback in ICICI bank’s strategy?

Table no. 14

To identify potential fraud 14.7%

To improve service quality 52.9%
To reduce employee turnover 11.8%
To increase advertising effectiveness 20.6%

Chart no. 14

In my survey I found that the role of customer feedback in ICICI Bank strategy by identify potential fraud is
14.7% and by improving service quality is 52.9% and by reduce employee turnover is 11.8% and by
increasing advertising effectiveness is 20.6%.

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15. What is the main objective of ICICI bank’s customer satisfaction ?

Table no. 15

Boosting profit margins 26.5%

Enhance customer loyalty 23.5%
Reducing operational costs 8.8%
Expanding market share 41.2%

Chart no. 15

In my survey I found that the main objective of ICICI bank satisfaction by Boosting profit margin is 26.5%
and Enhancing customer loyalty is 23.5% and Reducing operational costs is 8.8% and Expanding market
share is 41.2%.

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 ANNEXURE

1.What is your education qualification?

a. SSC

b. HSC

c. Graduate

d. Post graduate

2.What is your Age?

a. 18-22

b. 23-33

c. 34-50

d. 50 Above

3. Have you bank account?

a. Yes

b. No

4. In which bank do you have a bank account?

a. SBI

b. ICICI

c. HDFC

d. Others

5.How does ICICI bank primarily gather data on customer satisfaction?

a. Surveys and feedback forms

b. Social media monitoring

c. Focus groups
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d. Customers interviews

6.What is the primary goal of ICICI bank’s customer satisfaction strategy?

a. Increase profits margins

b. Enhance customer loyalty

c. Reduce operational costs

d. Expand market share

7.Which of the following is a key component of ICICI bank’s service quality?

a. Speed of service

b. Product pricing

c. Marketing campaigns

d. Branch locations

8. What is the impact of high customer satisfaction on ICICI bank?

a. Decreased customer retention

b. Increased customer loyalty

c. Reduced service quality

d. Higher operational costs

9.Which of the following is a challenge faced by ICICI bank in maintaining customer satisfaction?

a. High employee satisfaction

b. Technological advancements

c. service disruptions

d. Competitive interest rate

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10. What is the outcome of high customer satisfaction for ICICI bank?

a. Decreased customer retention

b. Increased customer loyalty

c. Reduced service quality

d. Higher operational costs

11.How does ICICI bank measure customer loyalty?

a. Net promoter score (NPS)

b. Customer lifetime value (CLV)

c. Customer effort score (CES)

c. Customer satisfaction index (CSI)

12. Which initiative has ICICI bank implemented to boost customer satisfaction?

a. Reducing branch hours

b. Increasing ATM fees

c. Offering personalized banking services

d. Limiting online services

13. Which element is a key aspect of ICICI bank’s service quality?

a. Speed of services

b. product pricing

c. Marketing campaigns

d. Branch locations

14. What is the role of customer feedback in ICICI bank’s strategy?

77
a. To identify potential fraud

b. To improve service quality

c. To reduce employee turnover

d. To increase advertising effectiveness

15. What is the main objective of ICICI bank’s customer satisfaction ?

a. Boosting profit margins

b. Enhance customer loyalty

c. Reducing operational costs

d. Expanding market share

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 CHAPTER: 8 CONCLUSION

More than a bank you need a trusted partner"- is the core principle on which Private Banking at ICICI Bank
is structured. Though products have been added and modified in the past but the motto has not changed
which is to grow and develop relationship with top end client age and generate returns for the bank. Private
banking at ICICI Bank has been a great success lately thanks to their expertise in financial advisory, skilled
team of Relationship Managers and being proactive in approach right from the beginning. Nearly all of their
clients ICICI Private banking is the only solution provider. From a high-net-worth individual aspect the
private banking is truly a brilliant experience to be recognized and treated as a priority customer.
Relationship Manager's need to be more proactive in approach and concentration should be on enlarging the
customer base of H I clients and also stress should be given on client retention techniques. To sum up ICICI
is going great guns with its Private Banking division but this business model is still at its growing stage of
life cycle in India and there is still a lot more to be achieved by everyone. ICICI Bank is India's second
largest and most well-known private sector bank, as evidenced by our poll, which found that customers
prefer to open a savings account with ICICI Bank because they are wellversed in their bank's interest rates.
Customers also used current accounts, and it was decided that saving accounts are more important to
customers since they are satisfied with bank interest rates. It's also depicted in a graph. According to the data
gathered, the majority of the replies belong to the ICICI bank for 1 to 6 years and for more than 6 years.
According to the data gathered, 55% of consumers use a bank-issued credit card, and 56.7% of customers
are satisfied with their credit card payment procedures. Consumers are also satisfied with their policies and
products, such as insurance and loan policies, however we have noticed that the majority of customers do
not take loans from ICICI Bank, as evidenced by a poll. Customers are pleased with the bank's mobile
banking services. The majority of clients suggest ICICI Bank to others. Today, client engagement, in
combination with a strong infrastructure and excellent service, strengthens the client's faith in the institution
or organization known as a bank. It will grow inexorably due to its outstanding stakes, which include easy
account setup, quick loan approval, and a flexible and customer-friendly stake.

In this research there is a significant difference in impact of all the five selected factors (that are Simplicity,
Accuracy, Accessibility, Efficiency and Security) on customer satisfaction towards mobile banking
services with respect to ICICI and HDFC bank. The research shows that there is a significant impact
of Simplicity, accessibility and efficiency on customer satisfaction of ICICI bank and the factors, accuracy
and security have a significant impact on overall customer satisfaction towards Mobile banking services
of HDFC bank. This research will prove useful for these two banks to know the customer satisfaction and
usage intention of the customers and to solve the problems from customer's perspective
.First recommendation is that the sample size should be increased and the time dimension should be
expanded for performing this research in future. In this research there is a significant difference in impact of
all the five selected factors (that are Simplicity, Accuracy, Accessibility, Efficiency and Security) on
79
customer satisfaction towards mobile banking services with respect to ICICI and HDFC bank. The
research shows that there is a significant impact of Simplicity, accessibility and efficiency on customer
satisfaction of ICICI bank and the factors, accuracy and security have a significant impact on overall
customer satisfaction towards Mobile banking services of HDFC bank. This research will prove useful for
these two banks to know the customer satisfaction and usage intention of the customers and to solvethe
problems from customer's perspective. First recommendation is that the sample size should be
increased and the time dimension should be expanded for performing this research in future.

CHAPTER.9 REFERENCES AND BIBLOGRAPHY

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1. https://www.bing.com

2. https://www.scribd.com

3. https://www.icicibank.com

4. https://logos.fandom.com

5. https://ijarsct.co.in

6. https://www.booking.com

7. https://www.google.com

8. https://www.marketing91.com

9. https://ijrpr.com

10. https://iijsr.com

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