ICICI Group

Consolidating statement delivery across the group.

Company Profile

ICICI Bank is India's second-largest bank with total assets of Rs. 3,446.58 billion (US$ 79 billion) and profit after tax of Rs. 31.10 billion for fiscal 2007. ICICI Bank is the most valuable bank in India in terms of market capitalization and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation. The Bank has a network of about 950 branches and 3,300 ATMs in India and presence in 17 countries.

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

ICICIdirect.com is the online brokerage of the bank offering retail and institutional investors an online platform to buy/sell shares, futures & options, mutual funds, etc .

Scenario and Challenges:

With the boom in stock markets in India and the growing equity cult among retail participants, ICICIdirect.com was faced with huge volumes of transaction data that needed to me notified/sent to customers in a timely basis. Regulatory requirements entail brokers to have contract notes, Demat account and TOC (Trade Order Confirmation) statements delivered to customers on execution of trades. The most efficient and cost effective way to deliver these notes, statements and confirmation orders is to be able to deliver them electronically to customers in a secure, password protected and digitally signed format.

The solution should scale to accommodate the growing volume of transactions and customers trading online and not affect performance in the generation and delivery of contract notes, Demat and TOC statements in a timely and efficient manner.

ICICIdirect.com wanted to identify a methodology wherein it could be notified when a customer email bounced back so that a copy of the print version with neither encryption nor digital signature can be generated and mailed out to the customer automatically.

The brokerage wanted to efficiently manage and administer their customer support operations for handling customer queries via a self care portal and enable users to have access and be able to download/print duplicate notes/statements enabling efficient trading transaction tracking.

Moreover, ICICIdirect.com wanted to send out a consolidated statement to customers detailing their ECN (Electronic Contract Note), TOC (Trade Order Confirmation) and Demat statement information all in one single unified statement to save on printing and dispatch costs.

ICICI Bank, a part of the ICICI Group was also looking for a cost-effective solution that would help the bank with a consolidated statement presentation solution to handle all their products and services like retail banking, credit cards, wealth management etc. through multi-channel statement delivery via web, email, fax, mobile (SMS) etc.

Data had to be consolidated from hybrid systems on the backend like core banking systems, assorted databases, credit card billing and CRM systems. This data had to be warehoused and converted to XML/CSV format for universal interchange across platforms and systems.

A single bank customer has multiple relationships with the bank like CASA (Current account/Savings account), loans, credit card, Demat (equity), mutual funds etc. The bank wanted to consolidate these numerous product and service relationship information into a single view for presentation and delivery.

The bank needed to inform and update customers with new innovative products and solutions it was offering on a regular basis. ICICI Bank wanted to use the customer account statement to advertise products and services targeted to the customer based on the customer’s profile, thereby increasing ROI on the marketing campaign.

The entire process of statement generation, printing and dispatch had to be automated end to end. A consolidated single statement generated for multiple products and services offered by the bank needed to be dispatched to customers in print or electronic format for efficient and cost effective delivery.

A simple web based interface to manage and administer the entire statement generation and dispatch of statements with reconciliation audits and logs to ensure statements that were erroneously printed, not delivered or statement emails bounced back were resent and tracked accordingly.

ICICI Bank needed a customer communication management specialist to help them with a solution to present a consistent unified view of customer information across their banking interfaces like call centers, customer portal and printed statements mailed out.

The Solution

ICICI Bank and ICICIdirect.com chose SEEinfobiz as their one stop solution partner for all their customer statement communication requirements. SEEinfobiz has many years of expertise in designing and implementing bank account statement solutions in record time.

The customer trading (equity/mutual funds) and statement information (bank, loans, credit cards etc) had to be digitally signed, encrypted and password protected before it could be sent to the customer to ensure the data reached the right customer without tampering or leakage. A unique system was incorporated wherein passwords were dynamically generated for each login to ensure maximum safety and security.

ICICI Bank was able to integrate customer transaction information from across the bank’s operations. This enabled the bank to have a comprehensive view of operations and transactions from across the many branches and ATM’s via a single centralised interface using the web.

ICICI Bank can dispatch printed bank statements to multiple addresses for customers who request the service for efficient and convenient access to account transaction history. To better manage and control the statement dispatch and delivery process across different channels like print, email, mobile etc, CLICK PSS generates logs of all deliverables processed and dispatched for reconciliation purposes to ensure the statements are processed and delivered efficiently to the right address. ICICI Bank customers can log in through the internet banking portal to generate an ad hoc statement for a specific period in their desired format like HTML or PDF. These statements are generated immediately on the fly and can be saved for future reference by customer.

The CLICK PSS marketing module has a rule based engine to display messages and advertising on the customer’s bank statement. This enhances customer response to messages and promotions as profiled customers are sent targeted messages based on the customers user profile. This increases marketing ROI as customers segments that are most likely to get value from products and services advertised are displayed to customers.

CLICK PSS due to its unique architecture, does not interact with live transactional data on core banking systems etc which results in rapid response for customer statement data as it is scalable to handle millions of users without impacting performance.

Benefits

With CLICK PSS, ICICIdirect.com automatically emails a contract note, TOC (Trade Order Confirmation) and the customers Demat account statement. This saves time, costs and increases the convenience of trading with ICICIdirect.com.

Customers get a single statement from ICICI Bank that has a single unified view of customers multiple relationships with the bank such as current/savings account, credit cards, loans, wealth management, online trading etc. This simplifies the relationship for the customer and the bank as both are better able to analyse and understand the status of their account information without having to toggle across multiple screens and reports.

The bank saves on print and postal costs as a single consolidated statement across the customers many relationships with the bank are dispatched to the customer. The customer does not have to deal with multiple statements that come from different entities of the bank, that need to be tracked and paid at different dates and to different entities.

All customer account information for their multiple relationships is centralised to bring efficiencies in customer service, maintenance, training and support costs.

Customers get timely delivery of their statements via different channels for their convenience like email, web, print, fax etc to enhance their customers banking experience thereby saving costs and time.

The system enables seamless customer account management for the bank and online transaction tracking for the brokerage. Customers are prompted to access their account information online, thereby reducing the calls to the call center and branch offices. Time and cost saving in producing, printing and dispatch of unified statements across multiple channels are the leading innovations to SEEinfobiz’s CLICK PSS solution.