Your articles has forgotten to mention the following initiatives by ICICI which also contributed to its great success:
a) They contacted Corporates, and solicited for opening of salary accounts for their employees. This initiative has given ICICI thousands of salary accounts(Savings a/cs)
b) They have improved the speed of processing loan applications like Vehicle loan, Housing loan etc. as aginst other Banks which insisted on lot of documentation, and cumbersome procedures. Therefore people in large numbers turned to ICICI for its speedy processing of such loans.
I am sure these steps have also contributed to ICICIs great success.
RE:ICICI's success
by Anup Nalamwar on Jun 18, 2007 12:37 AM Permalink
Do agree. It's the speed of processing which attracted the customers to ICICI for loan accounts as they were fed up with other banks. But at that time, these customers had not had taste of ICICI's bad after service. Now today you ask any ICICI hoam loan customer, he/she will advise you to go other bank.
RE:ICICI's success
by on Jun 29, 2007 05:06 PM Permalink
Yes they solicited and literally begged for salary accounts. Offered incentives like zero balance accounts for temporary employees. But that was when they needed us. Now they are ordering us to close the "small sum large volume" accounts in which relatively smaller sums of money like a few thousand rupees is deposited through salary and withdrawn in several batches. Now they want only high net worth accounts! To hell with small account holders. They are a nuisance the bank can do without. When convenient, they used these accounts to boost their numbers and now "Get Lost"!
