ICICI Bank offers personal and corporate banking, investment banking, private banking, venture capital, life and non-life insurance, securities broking, and asset management services to corporate and retail clients, high-net-worth individuals, and SMEs. Based in India, the bank has operational presence in Europe, the Middle East, and Africa; the Americas; and Asia.

This report provides insights into ICICI Bank’s fintech activities, digital transformation strategies, and innovation programs. It also gives an overview of its technology initiatives, covering investments, partnerships, acquisitions, and product launches, as well as insights on each technology initiative including technology theme, objective, and benefits. In addition, the report includes details of the company’s estimated ICT budgets and major ICT contracts.

ICICI is following a two-pronged approach that focuses on technology partnerships to improve processes, while offering digital training to its employees to develop competitive capabilities in the areas of data science, machine learning, AI, robotic process automation (RPA), and blockchain.

To support its digital transformation, the bank has adopted a 4D framework to enhance its goods, processes, and channels.

In 2018, ICICI launched the third edition of its virtual app development challenge, ICICI Appathon: UPI 2.0, to enable potential developers, technology startups, ’technopreneurs,’ and students to build next-generation web-based and mobile banking applications.

The company launched two innovation labs in Mumbai and Hyderabad to digitize its core operations by automating end-to-end processes, improve its cash management efficiency, and build a marketplace for corporate commercial papers and debt. The aim of the labs is to provide a collaborative and open platform for technology startups, entrepreneurs, and innovators focusing on emerging technologies like AI, data science, peer-to-peer lending, and new payment mechanisms.

In 2019, the bank joined a consortium of 11 banks including HDFC, Kotak Mahindra, and Axis Bank to introduce a blockchain platform for SMEs. The platform helps the company minimize transaction times in supply-chain financing to ensure more transparent and secure operations. The company has also launched blockchain-based processing for outward remittances to Canada to ensure the traceability and security of transactions. The bank aims to expand the service further to other countries in the near future.


  • ICICI Bank is tapping into key disruptive technologies including AI, machine learning, blockchain, biometrics, cybersecurity, and RPA.
  • ICICI has been leveraging RPA technology to digitalize its manual processes and achieve operational flexibility, business agility, and improved customer experience. For instance, it has implemented more than 1,000 RPAs across its business lines to handle 20% of transactions, collect and interpret information, and identify patterns.
  • The bank has adopted an integrated IT strategy focusing on three themes - Run, Transform, and Reimagine - to achieve its business objectives, cost-effectiveness, efficient banking operations, and enhanced customer experience while adhering to regulatory compliances.
  • It has set up a startup investment and partnerships team that collaborates with startups and develops products aligned with its digital roadmap. It is pursuing opportunities to grow its personal loans and credit card portfolio. For instance, the bank has partnered with Amazon and MakeMyTrip to introduce credit cards leveraging high customer traffic platforms such as Facebook and Twitter.

Reasons To Buy

  • Gain insights into ICICI Bank’s fintech operations.
  • Gain insights into its fintech strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various investments, product launches, and partnership strategies.