Mumbai-based ICICI Bank announced what it is calling “ICICI STACK for Corporates” — a set of packaged banking services tailored for more than 15 distinct industries.
ICICI is among India’s leading private sector banks with strong presences in insurance, asset management, securities brokerage services and private equity. ICICI Bank states in marketing materials that it operates in 15 countries.
ICICI STACK for Corporates is “a comprehensive set of digital banking solutions for corporates and their entire ecosystem including promoters, group companies, employees, dealers, vendors and all other stakeholders,” the news release from the bank announcing the new offerings states. “The wide range of 360-degree solutions enables corporates to seamlessly meet all banking requirements of their ecosystem in an expeditious and frictionless manner.”
Simultaneously, ICICI announced it will operate branches dedicated to corporate services. Five new branches are in Mumbai and three in other areas. Four more are coming in the short-term, according to bank.
The company stated in the announcement that the “four main pillars” of the new offerings are: digital banking products for businesses; digital banking products for channel partners and venders; digital banking products for employees; and tailored services for directors and other leaders.
ICICI’s offering lands in a banking sector many experts think has done more to help innovations benefit consumers than it has corporate clients. ICICI Bank’s new offerings are set up specifically for industries including: financial services, IT/ITES, pharmaceuticals and steel, according to the recent announcement.
“When you look at retail banking, there have been a couple of newcomers in the market in recent years who come in with shiny, new apps,” Frank Dux, managing director of CoCoNet, told PYMNTS for an article published in December 2020. “So far, corporate banking users are always left out in the cold.”
The long-held assumption among many bankers has been that they are unlikely to lose corporate customers because of the headaches that come with switching financial institutions — but Dux said that’s beginning to change.
Vishakha Mulye, executive director of ICICI Bank, said in a prepared statement: “In an increasingly competitive and dynamic environment with rapid digital transformation impacting every industry, corporates look towards a banking partner, which can offer the breadth and depth of solutions for the entire ecosystem. With an objective to cater to the ecosystem of every corporate, we have launched a digital ‘ICICI Stack for Corporates’ with many industry-first features. It offers banking solutions to corporates with backward and forward integration for their entire network of employees, dealers, vendors and all other stakeholders. We look forward to partnering with our customers for the banking needs of their entire ecosystem and unlock the full potential.”