In a recent meeting, the management highlighted its initiatives to change the general perception about the bank. Some of these aspects are very important and quite commendable as well, in our view.
ICICI Bank is trying to build personal relations with its customers and has been increasing its branch banking focus, compared to its earlier strategy of pushing customers towards ATMs and internet, which never allowed any relationship to be built between the customer and the bank. The management is trying to project a very soft image of itself across all customers and different from its earlier “know all” approach.
Most of the loan products would be done by the bank and the use of DSA / Direct Sales Associates has been reduced to bare minimum – should ensure better loan writing and better service. [DSAs were the main reason for bank’s delinquent assets, especially with credit cards.]
Media interactions are being handled only at the highest level and dissemination of information taken very seriously – a key issue which also precipitated the crisis last year