Market share gains in view of the commercial platform ICICI open to non-customers

After gaining market share in retail banking and credit cards, ICICI Bank plans to open its business platform to non-bank customers in order to gain a larger share of the market. On Tuesday, it launched a new business platform that will allow exporters and importers to access services such as letter of credit, bank guarantee, forex, payment and collections, as well as value services. added such as credit bureaus and booking shipments.

Executive Director Vishakha Mulye said the bank improved its market share to 7.5% this fiscal year from 6% the previous year and expects to continue adding new customers this year.

“India Inc has rebounded from the pandemic and it shows in the trade figures. There are various estimates that place the total investment related to production-linked incentive programs (PLIs) announced by the government at $ 520 billion over the next five years. 60% of it for export from the directed sectors. The technology will help us tap into this growing market, ”said Mulye.

The bank will open its new platform called Trade Emerge even to non-ICICI Bank customers, as it has done for its retail bank.

The new business platform is close to the success the bank has had in its retail banking platform which has been able to convert users into bank customers holding deposits or accepting loans.

The bank has already seen 45 lakhs of downloads, but more importantly, it has managed to sell a loan or deposit account to 10% of those customers, ET reported last week.

The bank has increased its market share in the credit card business over the past year, after RBI banned market leader HDFC Bank in December of last year. The ban was then lifted in August, but not before ICICI closed the gap with HDFC in terms of cards issued.

Mulye said the bank is confident to add new customers with the variety of services it offers to merchants.

The bank will partner with companies like India Filings to help traders obtain key registrations and licenses such as business license, importer and exporter code (IEC), GST registration.

It will also help customers to verify counterparty credibility through trade information reports provided by CRIF and Dun & Bradstreet or to seek shipping related support from logistics companies like Shipsy and Shipwaves.

Source link

Comments are closed.