Ah, let me tell you a story. This review was not possible without fuel from a prior review. True, Indians are used to second rate stuff. But then, Indians are also correct in identifying market innovations. I am talking worldwide, not just rural Delhi. Let me highlight the nature and features of banking against it’s complaints.
Firstly, the complaints in truly A cynically pompous style… (That’s not my style)
# 1 Complaint All it’s branches are crowded.
True. There are very few branches in B’lore - Avenue road, M.G. road, Malleswaram, Vijayanagar, HSR layout, Electronic city, Koramangala, Bidadi,etc. But then all of them are crowded. Give us 10 more branches and we will make them crowded too. Simply because when we opt for one, we prefer one within reach. As people look for better service, and retain a few accounts in private banks, it is usually the nearest bank which benefits. And then comes the one your company provides. The govt banks are over crowded. For ex., SBI has the largest number of branches/ATMS and most are overcrowded anyways. With a population of 100 crores, what did you expect? (I am talking of the rural ones with long queues, forget the metro branches. They are anyways)
And so is the world’s numero uno bank Citibank in Blore. With just one branch inspite of the crowds requesting for more. The best mncs in India are HSBC and ABN AMRO with few branches, ok service but then the charges are high for premium banking.
What has ICICI done about it?
They tried to address it by introducing an innovative 8 to 8 service. Simply because they wanted YOU to have the convenience of banking. They never foresaw that IT WOULD RESULT IN BIGGER CROWDS all the time.
And Citibank?
True Citibank isn't Indian, so it's unfair to expect them to have more. But then a ‘crummy’ charge of 100 bucks to enter the branch can discourage even Bill Gates.
With the crowds at ICICI, the minimal service given earlier is bound to suffer. But then, that’s trust.
# 2 complaint Service
Handling crowds can be frustrating even for them (though they are paid for it). I guess a lot needs to be done. At whichever branch I visit, (Blore, Madras, Mumbai, Hyderabad) I have found them courteous though they express helplessness at things they can’t do. Muckups do happen with all banks. Don’t tell me mncs handle the crowds we generate and still smile about it. They would inevitably make more muck ups. Quality of service is susceptible when handling crowds.
I have seen their home loans (ICICI) division often call you after the payment is made. Or even the loans department. When contacted, the manager has only stated that they are short on manpower, nothing else. (The likely reason for your new bank managers) That might seem silly for a bank of ICICIs size, but I’ll accept it, since its true. (U must know better)
As with all banks, as marketing and sales gets outsourced, the quality of service suffers. That is where the govt needs to step in to introduce concrete measures and guidelines. This is a common complaint if you go through any bank’s service record due to changing policies.
One of my friends works with the Industrial Insurance claims division of ICICI (LOMBARD). The speed at which they process claims for machinery is unheard of in industrial circles. He sometimes calls me for help (at 6 in the morning) with contacting a few specialists in related fields to process claims. The market is small, but the clients ICICI has netted is huge.
# 3 complaint ATM’s & network slow
I run out of patience in 10 mins. I prefer online for convenience. It takes me 3 mins the moment I step out of my home to the nearest ATM. There are (Indus ind bank, ABN AMRO, HDFC bank, Citibank -3 ATMs, ICICI, Corporation ) umpteen of them within 50 metres of my home. (Malleswaram) Inspite of having 3 ATM’s in the same area (a 100 metres apart) Citibank ATMS are overcrowded. Anytime between the 27th to the 5th, it sometimes takes me two hours to get my money the ATM way(salary time). ICICI ATM’s in comparision take 20 mins with a full house. Most times, they take me less than 5 mins.
# 4 complaint Corporate & Current banking
Debit cards are compulsory unless you have opted out of it. Corporate salary accounts are zero balance, the Current accounts having a lesser limit than other accounts. And if you haven’t noticed, Corporate current users feel an ATM card is an additional charge, not a boon. For big ticket transactions, the debit card is a limitation, not an advantage (Though HDFC provides it).
# 5 complaint Internet banking
Hardly a complaint if you haven’t used it. Even though Citibank is my corporate account, I transfer funds to ICICI since it's easier. Feature wise, you might want to take a peek before you crow about missing options. And definitely the fastest compared to any other.
Let me highlight a few innovative features by ICICI
Hmmm. Do you consider 8 to 8 an innovative feature?
Definitely! Since they handle the crowds even after other banks are closed. Just imagine what the scene would have been if the 8 to 8 was not present. Chaotic resulting in an exodus of customers.
Customer privileged card - An advantage?
Definitely. For customers with deposits above 50,000 only. This was targeted at old timers but went on to include the yuppies too. And yes, their transactions are processed faster. You need not join the crowd.
Infinity banking: aka internet banking. What about it?
Miles ahead of the competition both in load times and uses. Practically includes a few features which were later copied by a few MNCs. And the easiest to use if you consider old timers prefer it over others. Take a peek sometime.
Kamath and Damodaran started the reforms pace in the banking sector at the same time. It was Kamath for ICICI while it was Damodaran for UTI. Though Damodaran was not as successful, he has successfully weaned the image of it being an industrial bank. In between he was called back to serve the Government. Kamath on the other hand has been more successful being the slightly early bird and focussed . He is solely focused on increasing the reach of an Indian bank globally on Indian terms. Growth is something which cannot be measured here. It depends on your definition of big. The definition of big may vary from people to people. Your definition appears small, very small, limited to you. At times it helps to have a positive outlook towards life.
Right now, the banking sector is hard pressed for skilled labor. So much so that complaints are often ignored/overlooked while people are routinely transferred to meet demands. As expansion continues, so will the quest for skilled manpower. As long as the demand is not met completely the muck ups would continue with every bank, be it Indian or a multinational operating in India.
BTW, if any of you require assistance, contact support, help is just an email away. customer.care@icicibank.com
Maybe, just maybe, you’d like to help them sort it out.
