Thread by @may27capital

#ICICIBank is one of the 1st bank I ever read about. Always felt like at some point it would catch up with #HDFCbank and cover up the lost ground. Here's a short thread on how ICICI bank's technology stack is shaping up. Do retweet for wider reach.

#ICICIBank has built iMobile app back in 2008. Over the yrs it transformed to a universal fintech app adding many services. App is open for all and it has 30 lakh non-ICICI bank customers. Avg daily volume of these customers increased 7x and value of transaction by 8x
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#ICICIBank has developed InstaBIZ app for business banking services. It currently has more than 10 lakh active customers. Financial transactions grew by 24% YoY. 87% of business payments happen digitally through this app.
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The bank has specially built a technology stack for corporates offering digital platforms for their business needs. They have built robust APIs ( Active programming interfaces) to facilitate each business case. The API solutions had 2.5x rise in volumes.
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90% savings account transactions
90% personal loans
75% credit cards
33% term life insurance policies
56% of fixed deposits and
19% mortgages
All above transactions are processed through digital channels of #ICICIBank in FY21.
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There is a lot of criticism around #hdfcbank for lagging behind on technology front. #ICICIBank's technology offerings for retail, business and corporate customers growing at such pace should trigger a rerating once the credit cycle starts fully picking up.