Corporate banking has been going through some serious gears in the 21st century, and banks have revamped their corporate strategies to remain competitive. Within this continually changing landscape, ICICI corporate banking has found a new edge with its digital banking services that are upping the ante in the banking industry. Let’s see what the future holds for corporate banking in 2023.
Future of Corporate Banking
2023 is proving to be pivotal for corporate banking. These are some of the key factors that have been key factors in the growth:
- Growth of digital currencies
- Cross-border payments
It is imperative to adopt digital transformation strategies, and ICICI corporate banking has been a pioneer with respect to he following:
- ICICI bank has introduced a strong suite of digital services such as ICICI InstaBiz and Online Account opening to facilitate easier online accounts management for small, medium and large businesses.
- Tax payments, dealing in Forex, and effective cash management are possible with tailor-made digital services for businesses.
- The adaption of AI (Artificial Intelligence) and ML (Machine Learning) has put them at the forefront with adaptive technologies that connect with businesses and make processes a lot easier.
- Innovation lab creation has been a huge step in facilitating better services for corporate clients as testing out new technologies and ideas can be kept at the forefront.
- The usage of data analytics and big data enhances understanding of clients’ needs in-depth and helps provide customised services that suit business needs from end-to-end.
- Building upon mobile banking solutions and adding features that combine all your business needs into a single application.
Impact of Digitalisation on Corporate Banking
The long-term impact of digitalisation in the world of corporate banking here to last and will do so by laying greater focus on the following:
- Customer Experience Enhancement: The suite of digital services has revolutionised corporate banking, enabling banks to offer customised services and support for businesses.
- Data-backed decision-making: The growth of big data and offerings of data analytics have helped banks make data-driven financial solutions for clients.
- Fraud prevention and cybersecurity: Mitigation of potential threats is made possible for banks by timely identification and removal of any security issues for clients.
- Building Financial Inclusion: Small businesses have connected with banks to foster growth and be formally included in the financial system, leading to more exposure to digital services.
- Access to capital markets: With the growth of digital services, access to capital markets is increased for businesses as everything becomes possible online.
The Digital Engine
We have been focusing more on reaching SMEs (Small and Medium Enterprises) and have taken steps to increase the numbers with intuitive apps such as InstaBiz.
InstaBiz has been designed to suit various services, from overdraft facility, or bank fixed deposits. With technological innovations taking place in the application and enabling guest mode, there has been a massive increase in non-ICICI users.
ICICI’s Strategy for Driving Growth in Corporate Banking
- CX Investments: Our team at ICICI makes sure the customer journey is aligned with the product to provide the best product experience for businesses.
- Online & Mobile Banking: We have made online banking easier for people as they can register for an account online and manage their accounts from their own homes without visiting any branch.
- AI Integration: AI chatbot helps customers more often as it directly answers the relevant queries and does most customer service work. It thereby reduces the time to visit the branch to get queries resolved.
The future of digital strategies in corporate banking cannot be stated enough. ICICI Bank ensures they stay true to the change and integrate AI into their services to provide a seamless experience and better help their customers online.
The transition from product-centric to customer-centric has led to leading innovation and will support our growth in the longer run. With data analytics and improved technology powering systems, we have had the benefit of building long-term client relationships and improved customer service.