ICICI Bank, after aggressively growing its retail loans book over the last five years, is now banking on a reworked business model that seeks to focus on customer service and tapping the opportunities offered by the less affluent in urban areas.
The bank has launched a "First Call Resolution" initiative that seeks to resolve queries at the first contact. The bank claims the move has increased the percentage of customer issues resolved at the first instance to 93% from 72% about six months ago.
“We tend to look at interest rates to judge competitiveness, but there are a few other factors like speed of decision making and ease of documentation. Service is the key differentiator,” V Vaidyanathan, executive director, ICICI Bank, said.
As part of its customer service initiative, the bank is launching, in a week’s time, a network of credit counselling centres under the banner of Disha Financial Counselling through its subsidiary, ICICI Trusteeship Services.
There would be about 11 centres initially, which would be manned by retired employees of the Reserve Bank of India (RBI), State Bank of India (SBI) and ICICI Bank. The centres would extend debt counselling services to customers of all banks and not restricted to ICICI Bank customers.
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