Case Study on Icici Bank How Companies
Anywhere banking and ‘anytime banking’ have become a reality. The financial sector now operates in a more competitive environment than before and intermediates relatively large volumes of International financial flows. In the event of sub-prime lending crisis and tighter monetary control and regulations imposed by federal governments, the biggest Challenge for the banks has been to adopt processes and systems as per the Changing market dynamics. Here, technology has become the tool for survival.
Ninth the introduction of technology at all levels of banking operations, automation has moved beyond the computerizing of a bank’s branches to laying a common platform by implementing core banking solution in all the branches. Internet banking has become a norm and an important tool in the retail space. Many banks have also adopted enterprise-wide applications that integrate customer databases as well as different applications so that duplicity can be avoided. This has led to an increase in radioactivity as well as credibility in banking operations, which is crucial to a country’s economy as well.
However, there still exists a lot of scope for future improvement.
Easiness intelligence (81) systems of banks can track the movements of customers so as to service existing customers better, while concentrating on increasing their customer base through new customer acquisitions. Using technology, it is possible to expand service delivery to a growing customer base without creating a large branch network. It will also help in reaching out to newer segments, for example, the customers of rural India. Was termed in 1955 as an initiative to the ornament to India, World Bank and the representatives from Indian industry.
The following is the brief chronology of events: 1955 to 1964: Industrialization Era of rapid industrialization CHIC emerged as an important source of foreign currency loans in the country 1965 to 1974: Reorganization Focus shifted to other sectors CHIC started export finance, confessional funding in industrially backward areas and loans for small enterprises 1975 to 1984: Consolidation Set up state-level financial and technical institutions and the country’s first visualized housing finance institution First financial institutions to harness the power of IT 1985 to 1994: Liberalizing CHIC set up the country’s first rating agency and the first venture capital company, and entered into asset management sank CHIC Bank is the biggest private player in India.