‘ICICIStackForCorporates’ launched by ICICI Bank

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Private sector lender ICICI bank on 16th  June, Wednesday declared the release of a comprehensive set of digital banking solutions for corporates and the whole ecosystem, including the promoters, group of companies, employees, dealers, vendors, and all other stakeholders.

Called it ‘ICICIStackForCorporates’ a first-of-its-kind initiative that offers and provides a comprehensive set of 360-degree digital banking solutions, preferred banking partners for corporates, and the entire ecosystem across 15 lending sectors as financial services fintech, pharmaceuticals, steel, & manufacturing, among others, the lender stated.

Provided with the bank’s digital platforms, their services can further be tailor-made for companies within an industry.

The 4 main pillars of the stack are:

1.Digital Banking Solution for Companies.

2.Digital Banking Services for employees.

3.Digital Banking Solution for channel partners, dealers, and vendors.

4.Curated Services for promoters, directors & signatories.

The ICICI bank has also opened 8 branches dedicated to ecosystem banking that is 5 in Mumbai and 3 in the NCR to supplement the efforts. It plans to launch another 4 such branches in this financial year. These specialized branches house has cross-functional teams with deep expertise and offers the services of the whole Bank to deliver the right banking services to each of the corporate ecosystems.

ICICI Bank is a privately owned Indian development finance institution and had a head office in Vadodara, Gujarat. The bank also offers a wide range of banking products & financial services for corporate and retail customers in the field of investment banking, life, non-life insurance, venture capital, and asset management.

The Executive Director of ICICI Bank stated that apart from generating loan demands, this facility will also help to get the whole ecosystem of the corporates to the banks, start salary account relationship & which will result in another banking relationship on trade finance and transaction banking. Approximately, 90% of ICICI bank users and their retail transactions have moved away from the old paper-based system like deposit slips, withdrawal slips, and cheques to the adoption of new normal digital alternatives.

Further exuded the hope that nation will grow faster post the 2nd wave of pandemic and both investment and consumption will get pace and more opportunities in the market will be arriving for the corporates.

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