icici_marketing strategy & products
DESCRIPTION
Marketing Report Yes BankTRANSCRIPT
ICICI Bank Marketing & Product Strategy
Parvez Rangwalla
Email: [email protected]
Sainatth Wagh
Email: [email protected]
Welingkar Institute of Management Development &
Research
1955 :Birth of The Industrial Credit and Investment Corporation of India Limited (ICICI)
1997:The name The Industrial Credit and Investment Corporation of India Ltd changed to ICICI Ltd.
2000 :ICICI Bank became the first commercial bank from India to list its stock on NYSE.
&ICICI Bank announces merger with Bank of Madura
2002 : ICICI Ltd merged with ICICI Bank
inaugurated in Pune. It was the first of its
seat Call Centre set up in Hyderabad
housing projects in the county, launched
Wheels, India’s first mobile ATM,
2002 : ICICI Ltd merged with ICICI Bank Ltd to create India’s second largest bank
"E Lobby", a self-service banking centre inaugurated in Pune. It was the first of its kind in India.
ICICI Bank launched Private Banking.
1100-seat Call Centre set up in Hyderabad
ICICI Bank Home Shoppe, the first-ever permanent aggregation and display of housing projects in the county, launched in Pune
ATM-on-Wheels, India’s first mobile ATM, launched in Mumbai.
2004 : 8 to 8
ICICI Journey 1955 to 2004
Current Status of ICICI
First Bank to implement universal Banking Concept
Leading India Private Sector commercial bank
Second largest bank
Total assets of Rs. 3,674.19 billion
Network of 1,532 branches and about 4,816 ATMs in India and presence in 18 countries.
Gamut of Products In ICICI Basket:
Some Products……ICICI Ventures
•1994
•
•
•
•
•1994
•India’s largest Pvt equity fund
•Managing around USD400 Million plus
• Invest in BFSI, IT, Biotech, Pharma , Retail sector .
•Major competitor Blackstone
ICICI PRUDENTIAL
•2000
•
•
•
•
•2000
•Largest Private Insurance
• ICICI Bank [74%] Prudential PLC [26%]
•2,000+ Offices
•30,000+ employees
ICICI Lombard
•Largest Pvt General
•
•
•
•Largest Pvt General Insurance firm
• ICICI Bank [74%] & Fairfax Financial Holdings Limited,[26%]
•400+ branches
•6000+ Employees
ICICI Securities Holdings
Inc
ICICI Securities
Inc
ICICI Securities
ICICI Subsidiaries
17 subsidiaries as on March 31,2009
Domestic Subsidiaries International Subsidiaries
ICICI Prudential Life Insurance Company Limited ICICI Bank UK PLC
ICICI Lombard General Insurance Company Limited ICICI Bank Canada
ICICI Prudential Asset Management Company Limited ICICI Wealth Management Inc.1
ICICI Prudential Trust Limited ICICI Securities Holdings Inc
ICICI Securities Limited ICICI Securities Inc.3
ICICI Securities Primary Dealership Limited ICICI Securities Holdings Inc.2
ICICI Venture Funds Management ICICI International Limited
ICICI Home Finance Company Limited
ICICI Investment Management
Company Limited
ICICI Trusteeship Services Limited
Segment Wise Result FY: 2008-09
1.ICICI Prudential Life Insurance:
1. ICICI Prudential Life Insurance Company is a 74%:26% JV between ICICI & Prudential plc.
2. Began operation in Dec-2000. Today has 2,074 branches and over 225,000 advisors.
3. ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute it’s products
4. Offers a range of product for every stage of customer life stage- Child plans, Insurance solutions to individuals, savings & wealth creation, Retirement Solutions, Group Insurance solutions.Tagline- “We cover you at every step in life”.
5. ICICI Prudential has maintained its dominant position among life insurers for the past 8 years.
2.ICICI Lombard General Insurance:
1. ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI & Fairfax Financial Holdings Limited
2. Received regulatory approvals to commence general insurance business in August 2001.
3. Comprehensive product line:a. Business Solutions- Machinery, Boiler, Inland transit insurance etc.b. Project Solutions- Erection risk, performance guarantee, contractor’s plant & machinery.c. Rural Solutions- Tractor, weather insurance.d. Travel Insurance- Domestic travel, Overseas travel.E. Motor Insurance- 2 & 4 wheeler.
All these policies can be brought online- “Go green buy Online”.
“We keep you going”
1. ICICI Home Finance Company Limited was incorporated on May 28, 1999.
2. ICICI Home Loans are at present available to customers in 150 cities/towns across the country.
3. Company also offers loans for commercial property and loans against existing property. The loans are offered for tenors up to 30 years.
“Khusiyon ka Grihapravesh”
3. ICICI Home Finance Company Limited:
Positioning of the Key Brands
Positioning Parameters
Brand Positioning Strategies
• ICICI Lombard:
1) Very Simple Strategy by tapping the rural market against the urban market.
2) Tie ups with various dairy companies and banks.
• ICICI Prudential:
1) Launching of new policies which guaranteed income at very low risks.
2) Continuation of life insurance policies which offered insurance also in the scenario where there was break in the premium.
3) Feel good factor for the strata of the people nearing retirement.
Brand Positioning Strategies
• ICICI Home Loan:
1) Higher income savings for people holding high cost loans.
2) Transferring of normal loans to the ICICI home loan.
3) Prepayment on the old loan and processing fee on new loan.
4) Free door to door service.
Boston Consultancy Group Matrix
Competitors and the differentiation of each Brand based on positioning:
ICICI Prudential – An External approach in differentiating on positioning
ICICI Lombard – An Internal approach in differentiating on positioning
Explosive growth of the BFSI segment
Demanding Customer
?Sustain margins without losing customers ???
ICICI Lombard decided to adopt an e-procurement
solution.
ICICI Lombard to automate its key
spend processes in a single integrated
manner
Focused on complex categories of services and marketing promotion.
ARIBA
A Broad approach for ICICI Home Finance
A Broad approach for ICICI Home Finance
So many Banks all So many Banks all have similar have similar
offerings , whom do I offerings , whom do I go for ??????go for ??????
How they want?
What they want?
When they want?
R&D in understanding
their customers,
Flow of Processes ..like paper work and
legal documentss Speeeed !!!!
Be QUICK Be QUICK GUYS GUYS
Capturing the mind of the customer ..
Key Marketing communication & its evolution:
• Marketing Communication ?
• Some marketing communications done by ICICI
* Electronic Media
* Print Media
* Direct marketing
* Co-Branding Exercise
* Outdoor marketing activities
* Media Relations.
* Investor Relation campaigns
* Promotion material at channel partner outlet
Rural Marketing Initiatives
• ICICI & n-Logue
• Kamdhenu Cattle Loan campaign
• Talkies on the move campaign
Awards• Awarded ‘Best Rural Marketing Initiative’ by
Rural
marketing association of India in January 2009.
•Two awards at the WOW event and Experiential
marketing awards in March 2009.
1. Exposure in Agriculture Sector in 2008-2009 = Rs. 25,000 crores.Expected exposure in Agriculture Sector by 2015 = Rs. 1,00,000 crores.
FUTURE PLANS OF ICICI BANK
2. Risk Management and Basel II Norms
3. Focus on CSR initiatives: During 2008 floods in Bihar ICICI carried out a massive fundraising drive. Working on similar lines.
4. Overseas Expansion.
5. Opening up of Low Cost ATMs with basic functions across villages.
6. Rebuilding their image, Building Trust
Research by Innovation Forum “Banks and Future”
Life –Assistant-banking at showcase
Scenario High tech banking Community banking at showcase
Structure of the trend survey “Bank & Future”
RECOMMENDATIONS AND DIFFERENTIATING FROM
OTHERS
1.Improving its Customer Care.
2.Introduction of Smart Cards.
3.Reduction of Penalty fees and Special service fees
4.Complete separation of other businesses like mutual funds, insurances
etc.
5.Widening Loan Portfolio.
6. Reverse Mortgage.
7.Place and Time Mobility.
8.One stop shop for all financial needs.
9. Reducing Response time.