ICICI Bank offers digital banking solutions to corporates, their partners

Private sector lender ICICI Bank has started providing digital banking solutions to corporates and their ecosystem comprising partners, dealers, promoters and employees through "ICICI Stack". These services will be backed by branches across the country. The lender has already opened 8 such branches.

This is an extension of similar services the lender started providing towards the close of 2020 to multinational companies setting up shop and doing business in India.

The bank aims to become the preferred banking partner for companies and their entire ecosystem. It will provide customised digital banking services to companies in over 15 leading industries-- such as financial services, IT/ITES, pharmaceuticals and steel, among others.

Vishakha Mulye, executive director, ICICI Bank said, the business environment has become increasingly competitive and dynamic with rapid digital transformation impacting every industry. And corporations are looking for a banking partner, which can offer the breadth and depth of solutions for the entire ecosystem.

The system is flush with liquidity and the demand for credit from corporations is not much. Corporates are looking for a trusted partner who will help in managing the ecosystem efficiently, Mulye said in a media briefing.

This stack will become a channel for acquisition of SMEs and retail customers which are in the corporate ecosystem, she added.

In order to supplement digital efforts, ICICI Bank has opened 8 ecosystem branches - five in Mumbai and three in the National Capital Region (NCR). It plans to launch another four in this financial year.

These branches are full service centres that house multi-functional teams with deep expertise required to nurture relationships and bring the entire bouquet of services, the bank added.