STP Analysis of ICICI BANK

Purely for academic purpose All contents in it are through online

references .

Project on Marketing Mix ProfileWhere ICICI bank stands as successful brand than SBI for savings accounts

Submitted By

Umang Jain (BIMHRD)

SAVING BANK ACCOUNT S

Segmentation

Basis for Segmentation :

•Geographic segmentation•Demographic segmentation•Psychographic Segmentation•Techno Savy

Geographic Segmentation

Domestic Operations for Savings Accounts :

The Bank has a network of 2,533 branches and about 6,503 ATMs in India. Rural : The bank currently has over 200 rural branches, 1,500 credit access points and 5,000 kiosks.Urban :

International Operations for Saving Accounts : The Bank has presence in 18 countries except India .The Bank currently 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. Their UK subsidiary has established branches in Belgium and Germany. 

Demographic Segmentation

Occupation : From farmer to High profile (Professionals, salaried individuals) customers .Income :Quarterly Average Balance serves as income segment criterion.Age : Day 0 to senior citizen can open a saving account in ICICI Bank .Gender:Caters the needs of both the genders Male and Female

• Psychographic Segmentation

•Holding a saving account in ICICI Bank is a mark of respect for customers in Rural areas where they have been taken care of as a customer and treated with respect •Senior citizen gets special privileges in the branch with dedicated counters for thei saving account with the bank •With accounts for kids develops the habit of savings among kid and encourage them to use banking for it .•With Data Queue Management customers are not supposed to stand in a queue and are being addressed .•With long banking hours of 9 to 6 in all the branches and 8 to 8 in selected branches people feel free to do transactions while returning from offices .•With the day basis interest calculation ,customers want to keep their petty cash with the bank which offers easy and quick transactions that is why they switch to ICICI Bank .

Techno savvy•ICICI Bank has had the internet banking platform since 1994. For the past three years, it has been adding functionality, capabilities and feature sets. “The idea is, whatever routine work a customer is doing, can they automate?”

•ICICI Bank has launched the Hindi version of the personal banking pages to offer customer s with the power to use technology for convenient banking .

•ICICI Banks website is amongst the top 10 most visited banking and financial websites in the world.

•ICICI Bank became first to Offer cash withdrawl at POS terminals of Rs 1000/per day as per RBI guidelines

•ICICI has launched actual account opening online.

•In rural areas, it has partnered with Financial Inclusion Network & Operations to provide banking facilities through a low-cost platform. The bank gets in touch with a local commission agent in a village that has a mobile phone that works as an extended teller to receive and make payments

•ICICI Bank is the only bank in India that has a machine called cash acceptor — that looks like an ATM — where you can deposit cash. The machine not only counts the cash, but also authenticates the notes and credits the money to your account in real time.

Target Market

Rural India has 500 million people now who had limited access to traditional banking Services mostly because commercial banks found too uneconomical to serve them

At ICICI Bank one of the high focus endeavor is to create a transaction banking system for micro finance institution at a very low cost .(Saving account with QAB Rs 5000 only )

ICICI Banks has partnered with Vodafone Essar to offer financial products such as saving accounts and to take advantage of its 1.5 million retail points for acquiring customers and service them.

ICICI has used internet, mobile, ATM’s and other technological device to reach and serve the customers.

Positioning

‘Hum hain na’

‘ Khayal Apka’

Functional Wants

•Debit-cum-ATM Card - With ICICI Bank Savings Account you will get a debit card that you can use to withdraw cash from any ATM. You may also use your debit card to directly make purchases through a Visa/Mastercard POS (Point of Sale) machine available at most stores! This will help you access your money from anywhere.•Money Multiplier Facility - Allow us to take care of your idle money by moving it into high interest savings account earning..•Internet Banking - Banking could not have been more convenient. Just log in with your user ID and password and make banking a hassle-free routine. For details, or for the list of transactions that you can do online•Customer Care - Our 24-hour Customer Care is always available to answer any query or take your instructions. •Mobile Banking - Transferring funds or getting to know your balance is as easy as sending an SMS. •Standing Instructions - ICICI Bank accepts and supports Standing Instructions. You don't have to worry about the chore of carrying out a routine transaction. Just set up a Standing Instruction and leave it to us to manage.

•Nomination Facility - You may nominate a person as beneficiary to your account proceeds. •DD Call and Collect - Don't waste even a minute in a queue to collect a Demand Draft or Pay Order. On the way to the branch, just call Customer Care, provide details of the DD to be prepared and collect it ready and signed at the branch.•Savings Account Portability - You may request for transfer of your Savings Account from one branch to another branch of ICICI Bank by giving a written request in the branch or by calling the 24 X 7 Customer Care OR placing a request through internet banking. The account will be transferred within 2 working days without :• suspending the account operations• change in account number• surrender of debit card, cheque book

1. Issue of Pass book/Balance certificate SBI

Issue of Passbook/statement -NILIssue of Balance certificate Rs 100/-ICICI Bank Issue of Passbook/statement -NILIssue of Balance certificate Rs 110/-

2. Duplicate pass book/ Statement

SBIWith latest balance Rs.100/- (Rs.100/-per ledger folio (40 entries) for previous entries) additional.ICICI Bank With latest balance Rs.110/- till last year

3. Stop payment instructions SBI

Rs.50/- per instrument up to 3 leaves.Range of cheques- Rs.200/-ICICI Bank Rs.50/- per instrument

4. Balance enquiryNIL

5. Account closure before 12 months (a/c transfer not included)

SBI Individuals- Rs.150/- Companies Rs. 500/-ICICI Bank Individuals – Rs. 450 Companies :Depends on variant

Value (Prices )

6. Cheque returned charges- cheques drawn on us.

SBI Rs.75/ + other bank charges if anyICICI BANKRs.450 if due to insufficient FundRs.79 if due to other errors

7. Signature verificationSBI Rs.50/ICICI : Not Applicable

9. No dues certificate

SBI :Priority sector NilOthers Rs 100/- per certificateICICI : Rs 110/- per certificate

10. Issue of demand drafts

SBI Up to 10,000/- Rs. 30/- Above Rs10,000/- Rs.2.50 per Rs 1,000 Min.Rs. 50/- Max. Rs 12500/- For remittances by cash deposit, cash handling charges will be extraICICI Bank Up to 10,000/ - Rs.167/-All the charges on DD are systems generated.For DD in cash till 50000/- double the commission is charged

11. Revalidation/ cancellation of drafts SBI

Rs.100/ICICI Rs. 110/-

12. Issuance of duplicate demand draft SBI

Rs 100/- per draftICICI Rs. 110/- per draft

13. Revalidation/ cancellation of Bankers' cheque

SBI Rs.100/ICICI Rs. 110/-

14. Issue of duplicate bankers cheque

SBI Rs 100/-ICICI Rs. 110/-

Quarterly Average Balance :

ICICI Bank : Rs,10,000/- in urban branches Rs 5000/- in rural branches

Centres Cheque operated account

Ordinary account

Metro/Urban Rs.1000(Rs.225)

Rs. 500(Rs.225)

Semi-Urban Rs.1000(Rs.200)

Rs. 500(Rs.200)

Rural Rs.500(Rs.100)

Rs. 250(Rs.100)

SBI Minimum balance required

Self Image

ICICI has always made an effort to reach the customer rather than waiting for them.

Some of the promotion tools used are promotional material at channel partner outlets, billboards, signboards, kiosks at residential and commercial complexes and organising events at corporate campuses,societies etc.

To get more saving account s it follows three main channels to build self image :

Other initiatives include Cross brand associations i.e. acquiring databases of high net worth clientele of lifestyle products: Tie-up with ‘Woven Hues’.Young Stars account-Promotion through tie-up with Cartoon Network, and in-series promotion through Tom & Jerry.

ICICI BANK

SBI

Catch line

Services

• Designed to give convenient banking experience from home or offices to their savings account.•Online transactions and cutting edge features .•Innovative features are there such as opening a new account ,a new FD and money manager to help savings account customer with all their needs•Further the customers can buy gold, mutual fund ,insurance forex and gold online .

•Mobile Banking have transformed the mobile phone into a personal banking assistant for the savings account customers.•Be it simple SMS alerts, service requests using Instant Messaging or the iMobile application, their wide range of Mobile Banking services takes care of the customers’ varied needs.•Their innovative Mobile Banking service takes convenience to a different level by enabling customers to buy flight and movie, tickets and also shop for apparels, books and flowers.

•The ICICI Bank ATM is much more than just a money-dispensing machine.•Today ICICI Bank ATMs offer services such as opening fixed deposits, payment of credit card & utility bills, payment of insurance premium, mobile re-charges and ‘Ultra Fast Cash’ which facilitates withdrawal of ` 5,000 in a single click.•With vast network of ATMs provides greater convenience & efficiency to our customers, thereby almost making them a network of mini branches to the saving account customer .

•ICICI Bank have created one of Asia’s largest in-house Phone Banking services that is available to saving account customers at any time of the day.•Customers can now pay their utility and credit card bills through our Interactive Voice Response system.our Phone•Banking service is available in various regional languages, enables instantaneous password generation for Internet Banking and even has an ‘auto-dialer’ facility through which our customers can request for a call back.

DD Call and Collect - Don't waste even a minute in a queue to collect a Demand Draft or Pay Order. On the way to the branch, just call Customer Care, provide details of the DD to be prepared and collect it ready and signed at the branch.Savings Account Portability - You may request for transfer of your Savings Account from one branch to another branch of ICICI Bank by giving a written request in the branch or by calling the 24 X 7 Customer Care OR placing a request through internet banking. The account will be transferred within 2 working days without :• suspending the account operations• change in account number• surrender of debit card, cheque book

Where ICICI bank stands as successful brand than SBI for savings account ??

Provision of Turn around Time and Token Management system

Provision of 1 window concept

Pin generation for ATM instantly with voice response system

Khayal apka service initiative

Market Share

Revenue US$ 13.569 billion (2011)[1]

Profit US$ 1.342 billion (2011)[1]

Total assets US$ 117.589 billion (2011)[1]

Total equity US$ 12.183 billion (2011)[1

Revenue 147,843.92 crore (US$32.97 billion)(2011)[1]

Profit 11,179.94 crore (US$2.49 billion)(2011)[1]

Total assets $322.077 billion (2010)[1]

Total equity $19.048 billion (2010)[1

ICICI BANK

SBI