ICICI Bank 2008 Annual Report Download - page 39

Towards a better life
Cross-selling new products and also the products of our life and general insurance subsidiaries to our existing
customers is a key focus area for the Bank. Cross-sell allows us to deepen our relationship with our existing
customers and helps us reduce origination costs as well as earn fee income. Our branches and other channels
are increasingly becoming important points of sale for our insurance subsidiaries. In fiscal 2008, about 19% of
ICICI Prudential Life Insurance Company’s new business was generated through ICICI Bank. We will continue to
focus on cross-sell as a means to improve profitability and offer a complete suite of products to our customers.
We continue to leverage our multi-channel network for distribution of other third party products like mutual funds,
Government of India relief bonds and initial public offerings of equity.
Customer service is a key focus area for the Bank and we have adopted a multi-pronged approach to continuously
monitor and enhance customer service levels. The Customer Service Council comprising wholetime directors and
senior management meets regularly to review our customer service initiatives. We have implemented a structured
customer feedback process where feedback is received from customers through e-mail, mobile messaging and
telephone. We conduct regular training programmes for employees to improve customer handling and interaction
and have incorporated customer service metrics in performance evaluation. Our service quality team is also
responsible for tracking resolution and turn-around times for service requests, identifying root causes to be
addressed through process improvements, rewarding achievements in customer service and institutionalising
learnings from customer feedback. The Customer Service Committee of the Board of Directors periodically reviews
the initiatives taken by the Bank in this area.
Small Enterprises
During fiscal 2008, our small enterprises customer base increased by 26% to about 1.1 million accounts. We
have introduced our service offerings in over 400 new branches, increasing our coverage to over 1,000 branches.
During the year, we have focused on product specialisation including investment banking for SMEs. We have
continued to focus on shaping the small and medium enterprises sphere in India through initiatives such as the
“Emerging India Awards”, the SME CEO Knowledge Series - a platform to mentor and assist SME entrepreneurs,
and the “SME Dialogue” - a weekly feature in a leading financial newspaper sharing SME best practices and
success stories. During the year, we have launched several new products and services like the SME toolkit - an
online business and advisory resource for SMEs.
Corporate Banking
Our corporate banking strategy is based on providing comprehensive and customised financial solutions to our
corporate customers. We offer a complete range of corporate banking products including rupee and foreign
currency debt, working capital credit, structured financing, syndication and transaction banking products and
services.
Our corporate and investment banking franchise is built around a core relationship team that has strong relationships
with almost all of the country’s corporate houses. The relationship team is product agnostic and is responsible for
managing banking relationships with clients. We have also put in place product specific teams with a view to focus
on specific areas of expertise in designing financial solutions for clients. Through our relationship teams working
in tandem with product solution teams, we have deepened our client relationships across our product portfolio
resulting in significant growth in income and wallet share among all our top corporate clients, as compared to
the previous year.
We have created an integrated Global Investment Banking Group, which is responsible for working with the
relationship team in India and our international subsidiaries and branches, for origination, structuring and execution
of investment banking mandates on a global basis. We have also restructured our delivery team for transaction
banking products by creating dedicated sales teams for trade services and transaction banking products. This has
been done with the intent to increase our market share from transaction banking products, which will translate
into recurring fee income for the Bank. We have also focused on increasing market share in trade finance by
leveraging and further strengthening correspondent banking relationships.
Annual Report 2007-2008 37
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