Sandeep Bakhshi, ICICI Bank: Digital is core to our strategy

1. Sandeep Bakhshi, ICICI Bank: Digital is core to our strategy Commenting on the role played by digital initiatives in their growth, Sandeep Bakhshi said, “Digital is core to our strategy of integrating across ecosystems, smooth onboarding and transactions, growth in liabilities and analytics for risk selection.” Sandeep Bakhshi, ICICI Bank: Sandeep Bakhshi led ICICI Bank, in its much-anticipated Q2 results on Saturday, has reported an all-time high quarterly net profit of ₹ 4,251 crore, exceeding market expectations - a significant 6-fold increase from Q2-2020. The remarkable growth in profit, despite the ongoing COVID-19 crisis is largely catalyzed by digital banking initiatives, undertaken by India’s second largest private lender, to deliver a secure, fast and seamless banking experience to its customers. Sandeep Bakhshi led ICICI Bank is at the forefront of digital transformation The adoption of digital transformation at ICICI Bank predates the COVID-19 pandemic. The Bank has always been committed to enhancing customer experiences with innovative digital banking solutions. “We have continued to enhance our digital delivery with a range of new offerings and solutions,” said Sandeep Bakhshi, ICICI Bank, MD & CEO on the Q2 FY21 analyst call. ICICI Bank’s newly launched services and platforms such as video KYC and WhatsApp banking enjoy immense popularity among customers, as is substantiated by an increase in the uptake of these solutions. In September 2020, the Bank used video KYC to onboard about 35% of salary account customers and 31% of credit card customers. This convenient onboarding process has also contributed to an increase in credit card spends to about 85% of pre-COVID levels. The recovery in retail loan growth up to pre-COVID levels with a 13% y-o-y growth can be credited largely to seamless onboarding processes and digital sanctions. In fact, about 53% of personal loans and about 74% of credit card customers have been acquired through digital channels in H1-2021.

2. Commenting on the role played by digital initiatives in their growth, Sandeep Bakhshi said, “Digital is core to our strategy of integrating across ecosystems, smooth onboarding and transactions, growth in liabilities and analytics for risk selection.” In September 2020, the Bank introduced new features on its WhatsApp banking platform which enable customers to open fixed deposits, pay utility bills and get access to trade finance details instantly. At present, about 2 million ICICI Bank customers use WhatsApp banking. The high deposit growth recorded in this quarter (20% y-o-y increase in total deposits and a 18% growth in average CASA deposits) can also be credited to these efficient online banking services, among other factors. Surge in Mobile Banking The volume of mobile banking transactions has also increased by 65% y-o-y in Q2-2021, along with a massive 287% y-o-y increment in the value of merchants acquiring transactions on UPI. Source of the article - https://www.zeebiz.com/companies/news-digital-is-core-to-our- strategy-says-icici-bank-ceo-sandeep-bakhshi-139295 Other articles about Mr. Sandeep Bakhshi – Sandeep Bakhshi, ICICI BANK –All you need to know about one of India’s top banker Sandeep Bakhshi, ICICI Bank CEO Transforms Bank's Work Culture What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief Sandeep Bakhshi completes 2 years as MD & CEO; gives ICICI Bank a work culture transformation ‘Fair to Customer, Fair to Bank’: Sandeep Bakhshi, ICICI Bank CEO Sandeep Bakhshi, CEO ICICI Bank on Plans Around Moratorium and COVID-19 Related Provisions