Service Marketing

Submitted by Adhish Maity PG-01 Prasad Yadav PG-34

 ICICI Bank Limited(Industrial Credit and Investment Corporation of India) Company Profile
ICICI Bank Limited

Type

Public

Traded as

BSE: 532174 NSE: ICICIBANK NYSE: IBN BSE SENSEX Constituent

Industry

Banking, Financial services

Founded

1955

Headquarters Mumbai, Maharashtra, India

Area served

Worldwide

Key people

Chanda Kochhar (MD & CEO)

Products

Credit cards, Consumer banking, corporate banking,finance and insurance,investment banking, mortgage loans, private banking, wealth management

Revenue

US$ 13.52 billion (2012)

Operating

US$ 2.117 billion (2012)

income

Profit

US$ 1.597 billion (2012)

Total assets

US$ 98.99 billion (2012)

Total equity

US$ 12.62 billion (2012)

Employees

81,254 (2012)

Website

www.icicibank.com

Introduction
ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) is an Indian diversified financial services company headquartered in Mumbai, Maharashtra. It is the second largest bank in India by assets and third largest by market capitalization. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank has a network of 2,883 branches and 10021 ATM's in India, and has a presence in 19 countries, including India.[2] The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The company's UK subsidiary has established branches in Belgium and Germany. ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and Canara Bank.

 Corporate history ICICI Bank - Leeds Branch ICICI Bank was established in 1994 by the Industrial Credit and Investment Corporation of India, an Indian financial institution, as a wholly owned subsidiary. The parent company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and publicsector insurance companies to provide project financing to Indian industry. The bank was initially known as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to the abbreviated ICICI Bank. The parent company was later merged into ICICI Bank. ICICI Bank launched internet banking operations in 1998.[7] ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of shares in India in 1998, followed by an equity offering in the form ofAmerican Depositary Receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an allstock deal in 2001, and sold additional stakes to institutional investors during 2001-02. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with its five million American depository shares issue generating a demand book 13 times the offer size. In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. In 2008, following the 2008 financial crisis, customers rushed to ATM's and branches in some locations due to rumors of adverse financial position of ICICI Bank. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumors.

Subsidiaries Domestic

ICICI Lombard ICICI Prudential Life Insurance Company Limited ICICI Securities Limited ICICI Prudential Asset Management Company Limited ICICI Venture ICICI Home Finance ICICI direct.com ICICI fund

International

ICICI Bank UK PLC ICICI Bank Canada ICICI Bank Eurasia LLC

Acquisitions

1996: SCICI Ltd. A diversified financial institution with headquarters in Mumbai 1997: ITC Classic Finance. Incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire,m purchase, and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets, and 700 brokers.

1998: Anagram Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in retail financing of cars and trucks. It also had some 250,000 depositors.

2001: Bank of Madura 2002: The Darjeeling and Simla branches of Grindlays Bank 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank 2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarter were in Sangli in Maharashtra, and it

had 198 branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.

2010: Bank of Rajasthan.

Awards

2004: Best Bank in India Award presented by Euromoney Magazine 2007: ICICI Bank has been conferred the Euromoney Award 2007 for the Best Bank in the Asia-Pacific Region

2007: ICICI Bank wins the Excellence in Remittance Business award by The Asian Banker

2009: ICICI Bank bags the "Best bank in SME financing (Private Sector)" at the Dun & Bradstreet Banking awards

2011: ICICI Bank is the only Indian brand to figure in the BrandZ Top 100 Most Valuable Global Brands Report, second year in a row

2011: ICICI Bank ranked 5th in the list of "57 Indian Companies", and 288 th in World Rankings in Forbes Global 2000 list.

2011: ICICI Bank has won the "Banking Technology Awards 2010" at The Indian Banks Association in the following categories

2011: ICICI Bank was recognized for its Special Citation of the Fully Electronic Branch Service Channel, first set up at Hiranandani Estate, Thane, at the Financial Insights Innovation Awards held in conjunction with Asian Financial Services Congress

2011: For the second year in a row, ICICI Bank was ranked 70th in the Brandirectory league tables of the worlds most valuable brands by, The BrandFinance Banking 500

2011: ICICI Bank was ranked 1st in the Banking and Finance category and 9th in the "2010 Best Companies To Work For" by Business Today

2011: ICICI Bank UK, HiSAVE product range has been awarded the Consumer Moneyfacts Awards 2011 for the 'Best Online Savings Provider'

2011: For the second consecutive year, ICICI Bank was ranked second in the "India's 50 Biggest Financial Companies", in The BW REAL 500 by Business World

2011: ICICI Bank was one of the winners in the Global Awards for Enterprise & IT Architecture Excellence. ICICI Bank bagged the award in the Business Intelligence and Analytics' category.

2011: The Brand Trust Report ranks ICICI among the top 4 most trusted financial institutions.

2011: ICICI Bank awarded "House Of The Year (India)", by Asia Risk magazine, for eighth time in a row since 2004

2011: ICICI Bank awarded the most Tech-friendly Bank award by Business World 2011: ICICI Bank received the Best Trade Finance Bank in India by The Asset Triple A Award, Hong Kong

2011: ICICI Bank is the first and the only Indian brand to be ranked as the 45th most valuable global brand by BrandZ Top 100 Global Brands Report

2012: Airtel, ICICI among 'top 100 global brands' 2012: ICICI Bank won the "Best Bond House (India) 2011", by IFR Asia 2012: ICICI Bank awarded the Best Bank (India) by Global Finance 2012: ICICI Bank won the "Century International Quality Era Award" at Geneva 2012: ICICI Bank was awarded the "Best Foreign Exchange Bank (India)" by Finance Asia Country Awards.

7 Ps of ICICI Bank Ltd

1) Product ICICI bank offered many types of product. The product and service offered by the organization in various field. Saving Account- ICICI bank offered various types of saving account with a convenient feature like womens account, senior citizen account, youngsters account etc. Fixed Deposit- In ICICI bank the fixed deposit is very safe and very flexible. Fixed deposit provides a combination of good feature. Loan- In ICICI bank there is many types of loan (1)- Home loan (2)- Car loan (3)- Personal loan (4)- Two wheeler loan (5)- Medical equipment loan (6)- Farm equipment loan

 Cards In ICICI bank there are different types of card-

2) Price Price basically regulate by RBI and IBA. The rate of interest is controlled by BI and other interest is control by IBA. The pricing policy of a bank is considered important for raising the number of customer with the deposit also the quality of service is provided through direct relationship with the free charge. ICICI bank are required by two fold strategies First strategy is concerned with free charge and interest. Second strategy is related to the interest paid So these two strategy follow the ICICI bank. And both the strategy is important to the bank to establish to the correlation. Its a win- win situation to both buyer and seller. Assets and liability mix is also impact the pricing strategy. Another important pricing mix is earning assets is the risk of loss. Its a very relevant to the loan pricing. 3) Place The 2 important decisions in place mix are Making available the promised services to the ultimate user Selecting the suitable place to open in the branch For the safety and security provision, ICICI BANK provides best infrastructure facility, to coverage the market and most important is convenient to both the bank and user.

4) Promotion ICICI bank there are promote product in different component and those component are(1) Advertising (2) Print Media (3) Publicity (4) Sales Promotion (5) Personal Selling (6) Telemarketing 5) People All the people are directly or indirectly involve the consumption of the banking. People mix is very important of marketing mix. In ICICI bank the employees are very contact with customer. So the employees are play very important role in any service organization. Service company can be only as good as its people. The basic need in any service organization is to develop the motivation of employees. Every employees of ICICI bank is committed to 5 core value(1) Integrity

(2) Customer first (3) Boundary less (4) Ownership (5) Passion Therefore investing the people quality in service business means investing in the product quality. 6) Process ICICI bank basically follows RBI guideline. The ICICI bank activities have been segregate into various departments accordingly. (1) Standardization (2) Customization (3) Number of steps (4) Simplicity (5) Customer involvement 7) Physical Evidence Physical evidence is basically material part of the service. There are many examples of the physical evidence and that evidence are(1) Internet / web page (2) Paperwork (3) Brochures (4) Furnishing (5) Business Card (6) The building The physical evidence also include, Punch Line, Employees dress code etc.

Service Blueprint(pdf file) Market Communication Mix of ICICI Bank Ltd Focus areas of marketing effort
1) Target marketing and customer acquisition 2) Share of wallet 3) Channel strategy and management 4) Relationship management and database marketing 5) Product development & innovation 6) Credit approval

 Basis for segmentation

Occupation Different products for different occupational segment identified Income Minimum balance serves as a income segment barrier Geographical Concentrated on Tier 1 & Tier 2 Cities trying to extend reach Age Different products like student account Targeting Differentiated Marketing Strategy Tailors its marketing campaigns to meet the needs of its target prospects Creates differentiated product offering for different segment Use of technology in tracking customer segment

 Positioning 1) Core proposition Hum hain na trust, credibility, total financial solution provider (brought about through its cross selling effort) 2) Modernization process and physical evidence technology as the backbone and accelerator

Product Promotion 1) Aimed at generating sales 2) Communicates product features and benefits 3) Mainly through print media 4) Point of purchase promotion tools for different products to reach the relevant customer segment

 360 Degree Marketing

Public relatio ns

TV Comm ercials Go Green

360 IMC Communication

Events

Websit e/Micr osite

OOH Media

Print Ads

Public Relations Purpose - To deliver communication that is uniform in its message and yet customized for specific target audiences 1) Media relations Press conferences Press Releases 1-1 interviews 2) Investor relations 3) Analyst relations 4) Government relations

 Go Green Campaign Green Products & Services Green Engagement Green Communication Green Partners

 Customer Education Series

ICICI Bank's communication strategy steered towards customer education category development

The bank started the 'Safe Banking' series to educate customers on best practices for banking safely and the 'Customer Education' series to educate customers on the details of different products and offerings.

 CRM Practises of ICICI Bank Ltd(pdf file)

CRM AT ICICI BANK

Service Gap Model