“Marketing Strategies of ICICI Bank”

A Project Submitted to
University of Mumbai for partial completion of the degree of
Bachelor of BANKING AND INSURANCE
Under the Faculty of Commerce

By
SURAJ KIRTAN RAM

Under the Guidance of

PROF. MANISHA AJARA
Shri Chinai College of Commerce and Economics
Andheri- East, Mumbai – 400 069

April, 2020

SHRI CHINAI COLLEGE OF COMMERCE AND ECONOMICS

Andheri- East, Mumbai – 400 069
 Certificate 

This is to certify that MR. SURAJ KIRTAN RAM has worked and duly
completed her/his Project Work for the degree of BANKING AND
INSURANCE under the Faculty of Commerce in the subject of _____________
and her project is entitled, “Marketing Strategies of ICICI Bank” under my
supervision.

I further certify that the entire work has been done by learner under my
guidance and that no part of it has been submitted previously for any Degree or
Diploma of any University.

It is her own work and facts reported by her/his personal findings and
investigations.  

Name and signature of guiding teacher 

Date: ______________
 Declaration

I the undersigned MR. SURAJ KIRTAN RAM here by, declare that the work
embodied in this project work titled “Marketing Strategies of ICICI Bank”
Forms my own contribution to the research work carried out under the guidance
of PROF. MANISHA AJARA is a result of my own research work and had
not been previously submitted to any other University for any other Degree /
Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been
clearly indicated as such and included in the bibliography. 

I, here by further declare that all information of this document has been
obtained and presented in accordance with academic rules and ethical conduct. 

Name and Signature of the learner 

Certified by 

Name and signature of the Guiding Teacher  

___________________
 Acknowledgment

To list who all have helped me is difficult because they are so numerous and
depth is so enormous.

I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me

chance to do this project.

I would like to thank my Principal, DR. B. B KAMBLE for providing the

necessary facilities required for completion of this project.

I take this opportunity to thank our Coordinator CHETAN PANCHAL for his

moral support and guidance.

I would also like to express my sincere gratitude towards my project guide Prof.
CHETAN PANCHAL whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various

reference books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project especially my Parents and Peers
who responded me throughout my project.  
 LIST OF CONTENTS

PARTICULAR PAGE

NO.
TITLE I.
CERTIFICATE II.
DECLARATION III.
ACKNOWLEDGEMENT IV.
CONTENT V.
LIST OF TABLE VI.
LIST OF GRAPHIC VII.

CHAPTE PARTICULAR PAGE

R NO NO
1 Marketing Strategies of ICICI Bank
1.1 Introduction
1.2 Definition
1.3 History
 1.4 Objective
1.5 The 4 P’s Marketing

2 Research Methodology
2.1 Introduction
2.2 Objective
2.3 Scope of Study
2.4 Hypothesis
2.5 Limitations
2.6 Research Methodology
2.7 Types of Strategies in Banking
2.8 Types of Marketing Strategies
2.9 SWAT analysis of ICICI Bank

3 Review and Literature

3.1 Introduction
3.2 Review and Literature

4 Data Analysis and Interpretation

4.1 Which bank account
4.2 Know about ICICI bank
4.3 Product and service
4.4 Brand image of ICICI bank
4.5 Advertisement of ICICI bank
4.6 What kind of advertisement
4.7 Advertisement of other bank
4.8 Which other bank
4.9 Which bank advertisement recall
easily
4.10 Role of branding in selecting bank
4.11 Factors for selecting bank
4.12 Technologically advance bank
4.13 Role of Advertisement
4.14 Marketing strategies of different
bank
4.15 Gender
4.16 Age of Respondents
4.17 Qualification of Respondents
4.18 Annual income of Respondents

5 Finding and Conclusion

5.1 Finding
5.2 Conclusion
 Chapter: 1 Marketing Strategy of ICICI Bank

1.1 Introduction
1.2 Definition
1.3 History
1.4 Objective
1.5 The 4 P’s Marketing
1.1 Introduction:
Marketing Strategies forms an integral part for any bank to help them reach
out to their customers, interact with them to know what they want and then
designing the product or services customized to serve their needs to increase
customer satisfaction thereby increasing the profitability of banking business.
Marketing Strategies also plays an important role for enhancing the sales of
any product (whether banking or any other product) by using various methods
and techniques to create awareness about such products and building a brand
image which is very significant in banking industry. This project studies
various marketing strategies adopted by ICICI bank and its impact on the
growth and development of bank and also the future scope of marketing in
banking industry.

ICICI Bank (Industrial Credit and Investment Corporation of India), third

largest bank in India in terms of market capitalization is changing the face of
banking & financial services in India. With 70,000+ employees ICICI is
competing with some of the biggest names in the Indian market in banking &
financial services industry namely State bank India, HDFC, Punjab national
bank and many others. Its innovative product portfolio is enabling the
company in shaping the traditional banking and making it technically and
digitally advanced from the peer groups.

It uses demographic & psychographic segmentation strategies to segment the

market and caters the changing needs of the customers. Income, age, social
class, occupation are some of the segment variables ICICI uses to segment the
market and satisfy their growing needs & wants accordingly. Once the market
is segmented in similar characteristics than for any sets of offerings
Differentiated or undifferentiated targeting strategy are used. ICICI Bank uses
differentiated targeting strategies for a majority of its services. Emotional and
rational appeal through its advertisements is most effective strategies for
branding the products. ICICI uses value-based positioning strategies for its
offerings.

Marketing mix – Click here to read the Marketing mix of ICICI bank SWOT
analysis – Click here to read the SWOT analysis of ICICI bank

ICICI Bank uses differentiated targeting strategies for a majority of its

services. Emotional and rational appeal through its advertisements is most
effective strategies for branding the products. ICICI uses value-based
positioning strategies for its offerings.

ICICI Bank Ltd. is the second largest bank in terms of Balance Sheet size in
the Indian Banking Fraternity. Also it is the largest new generation Bank in
terms of branch network. ICICI Bank Ltd a Scheduled Commercial Bank was
promoted by ICICI (One of the leading Financial Institution established in
1955 at the initiative of Govt. of India and World Bank) in the year 1994. The
ICICI Bank has grown at a very fast pace to meet the demands of its clients in
line with our expectations. ICICI Bank offers a wide range of product to meet
the specific need of every segment of the society starting from Youngster
account meant for children in the age group of 0-18 to special product for
senior citizen. In the same way it had a product for Special category of
customer viz. Trust Association Societies and Clubs (TASC) Which is a part
of TASC & Defence under which i worked, thus TASC &Defence being the
premium segment under the retail channel liability group (RCLG) constitutes
main focus on generating business Both Incremental as well as fresh business
in terms of value. Thus to focus on its objective of extracting Incremental
business through existing client, it's a policy of ICICI Bank Ltd. to time and
again review back the existing clients database, for generating business as well
as to take a feedback towards its services. The objective of this project is
comprehensive and comparative study of the marketing strategies of ICICI
Bank. Its objective of extracting Incremental business through existing client,
it's a policy of ICICI Bank Ltd. to time and again review back the existing
clients database, for generating business as well as to take a feedback towards
its services.

Marketing strategy is a process that can allow an organization to concentrate

its resources on the optimal opportunities with the goals of increasing sales
and achieving a sustainable competitive advantage. Marketing strategy
includes all basic and long-term activities in the field of marketing that deal
with the analysis of the strategic initial situation of a company and the
formulation, evaluation and selection of market-oriented strategies and
therefore contributes to the goals of the company and its marketing objectives.
Marketing strategies serve as the fundamental under pinning of marketing
plans designed to fill market needs and reach marketing objectives. Plans and
objectives are generally tested for measurable results. Commonly, marketing
strategies are developed as multi-year plans, with a tactical plan detailing
specific actions to be accomplished in the current year. Time horizons cove by
company, by industry, and by nation, however, time horizons are becoming
shorter as the speed of change in the environment increases. Marketing
strategies are dynamic and interactive. They are partially planned and partially
unplanned. Marketing strategy involves careful scanning of the internal and
external environments. Internal environmental factors include the, plus
performance analysis and strategic constraints. External environmental factors
include customer, as well as evaluation of any elements of the technological,
economical success. Once a thorough environmental scan is complete, a
strategic plan can be constructed to identify business alternatives, establish
challenging goals, determine the optimal marketing mix to attain these goals,
and detail implementation. A final step in developing a marketing strategy is to
create a plan to monitor progress and a set of contingencies if problems arise
in the implementation of the plan. The marketing concept of building
an organization around the profitable satisfaction of customer needs has
helped firms to achieve success in high-growth, moderately competitive
markets. However, to be successful in markets in which economic growth has
levelled and in which there exist many competitors who follow the marketing
concept, a well-developed marketing strategy is required. Such a strategy
considers a portfolio of products and takes into account the anticipated moves
of competitors in the market Marketing encompasses all the activities a
business or other organization pursues to attract and retain customers.
Gathering information about potential customers, choosing the types of
products to offer, setting prices, making products available to consumers
and promoting products through advertising are all key aspects of marketing.
Marketing strategies are the basic guiding principles organizations follow to
achieve their marketing goals. Small towns or businesses operating in small
towns may use several strategies
1.2 Defination:

"The marketing strategy lays out target markets and the value proposition that
will be offered based on an analysis of the best market opportunities." (Philip
Kotler & Kevin Keller, Marketing Management, Pearson
1.3 History of ICICI Bank:

ICICI Bank Limited is an Indian multinational banking and financial services

company with its registered office in Vadodara, Gujarat and corporate office in
Mumbai, Maharashtra. It offers a wide range of banking products and financial
services for corporate and retail customers through a variety of delivery
channels and specialised subsidiaries in the areas of investment banking, life,
non-life insurance, venture capital and asset management. The bank has a
network of 5,275 branches and 15,589 ATMs across India and has a presence
in 17 countries.

ICICI Bank is one of the Big Four banks of India. The bank has subsidiaries in
the United Kingdom and Canada; branches in United States, Singapore,
Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre,
China[8] and South Africa and representative offices in United Arab Emirates,
Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also
established branches in Belgium and Germany.

ICICI Bank was established by the Industrial Credit and Investment

Corporation of India (ICICI), an Indian financial institution, as a wholly-
owned subsidiary in 1994 in Vadodara. The parent company was formed in
1955 as a joint-venture of the World Bank, India's public-sector banks and
public-sector insurance companies to provide project financing to Indian
industry. The bank was founded as the Industrial Credit and Investment
Corporation of India Bank, before it changed its name to ICICI Bank. The
parent company was later merged with the bank.

ICICI Bank launched internet Banking operations in 1998.

ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a

public offering of shares in India in 1998, followed by an equity offering in the
form of American depositary receipts on the NYSE in 2000. ICICI Bank
acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold
additional stakes to institutional investors during 2001–02.

In the 1990s, ICICI transformed its business from a development financial

institution offering only project finance to a diversified financial services
group, offering a wide variety of products and services, both directly and
through a number of subsidiaries and affiliates like ICICI Bank. In 1999,
ICICI become the first Indian company and the first bank or a financial
institution from non-Japan Asia to be listed on the NYSE.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved
the merger of ICICI and two of its wholly-owned retail finance subsidiaries,
ICICI Personal Financial Services Limited and ICICI Capital Services
Limited, with ICICI Bank. The merger was approved by the Reserve Bank of
India in April 2002.

In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs
and branches in some locations due to rumours of an adverse financial position
of ICICI Bank. The Reserve Bank of India issued a clarification on the
financial strength of ICICI Bank to dispel the rumours.

In March 2020, the board of ICICI Bank Ltd. approved an investment of Rs

1,000 crore in Yes Bank Ltd. This investment resulted in ICICI Bank Limited
holding in excess of a five percent shareholding in Yes Bank.
1.4 Objective of ICICI Bank

➢Focous area of marketing:

Means understanding your customers. It means knowing your competitors, and
anticipating their next strategy or tactic. Market focus seeks to identify
opportunities and then capitalize on them. Product focus identifies
improvements that will lead to competitive advantages. Both areas of focus are
necessary.

➢Target marketing and customer acquisition:

Gaining new customers or existing prospects to become new customers for
your business. The targeted customers are one who are not aware about your
products and services or they have bought from your competitors.

➢ Distribution strategy and management:

A company can decide whether it wants to serve the product and service
through their own channels or partner with other companies to use
their distribution channels to do the same.

➢ Relationship management and database management:

CRM is a technology for managing all your company's relationships and
interactions with customers and potential customers. The goal is simple:
Improve business relationships. A CRM system helps companies stay
connected to customers, streamline processes, and improve profitability.

➢ Product development for rural development:

The product development process encompasses all steps needed to take
a product from concept to market availability. This includes identifying a
market need, researching the competitive landscape, conceptualizing a
solution, developing a product roadmap, building a minimum viable product,
etc.

➢ Innovation:
The process of translating an idea or invention into a good or service that
creates value or for which customers will pay. To be called an innovation, an
idea must be replicable at an economical cost and must satisfy a specific need.

➢ Product promotion:
The Product Promotion means disseminating the information about
the product, product line, brand and company to the prospective buyers with
the intent to generate sales and develop a brand loyalty. To stimulate demand
for a product by creating awareness and interest among the customers.
1.4 The 4 P’s Marketing:

1) Product in the Market mix

The first thing you need, if you want to start a business, is a product. Therefore Product is
also the first variable in the marketing-mix. Product decisions are the first decisions you need
to take before making any marketing plan. A product can be divided into three parts. The core
product, the augmented product and the tertiary product. Before deciding on the product
component there are some questions which you need to ask yourself

 What product are you selling?

 What would be the quality of your product?
 Which features are different from the market?
 What is the USP of the product?
 Whether the product will be branded as sub brand or completely new?
 What are the secondary products which can be sold along with primary
(Warranty, services)

Based on these questions, several product decisions have to be made. These product

decisions will in turn affect the other variables of the mix. For example –  You plan on
launching a car which will have the highest quality. Thus the pricing, promotions and placing
would have to be altered accordingly. Thus as long as you dont know your product, you
cannot decide any other variable of the marketing-mix. However, if the product features are
not fitting in the mix, you can alter the product such that it finds a place for itself in the
marketing-mix.

2) Pricing in the Marketing Mix

Pricing of a product depends on a lot of different variables and hence it is constantly updated.

Major consideration in pricing is the costing of the product, the advertising and marketing
expenses, any price fluctuations in the market, distribution costs etc. Many of these factors
can change separately. Thus the pricing has to be such that it can bear the brunt of changes
for a certain period of time. However, if all these variables change, then the pricing of a
product has to be increased and decreased accordingly.

Along with the above factors, there are also other things which have to be taken in
consideration when deciding on a pricing strategy. Competition can be the best example.
Similarly, pricing also affects the targeting and positioning of a product. Pricing is used
for sales promotions in the form of trade discounts. Thus based on these factors there are
several pricing strategies, one of which is implemented for the marketing-mix.

3) Place in the Marketing-mix

Place refers to the distribution channel of a product. If a product is a consumer product, it

needs to be available as far and wide as possible. On the other hand, if the product is
a Premium consumer product, it will be available only in select stores. Similarly, if the
product is a business product, you need a team which interacts with businesses and makes the
product available to them. Thus the place where the product is distributed, depends on the
product and pricing decisions, as well as any STP decisions taken by a firm.

Distribution has a huge affect on the profitability of a product. Consider a FMCG company

which has national distribution for its product. An increase in petrol rates by 10 rs will in fact
bring about drastic changes in the profitability of the company. Thus supply chain and
logistics decisions are considered as very important costing decisions of the firm. The firm
needs to have a full proof logistics and supply chain plan for its distribution.

4) Promotions in the Marketing-mix

Promotions in the marketing-mix includes the complete integrate marketing

communications which in turn includes ATL and BTL advertising as well as sales
promotions. Promotions are dependent a lot on the product and pricing decision. What is the
budget for marketing and advertising? What stage is the product in? If the product is
completely new in the market, it needs brand product awareness promotions, whereas if the
product is already existing then it will need brand recall promotions.
Promotions also decide the segmentation targeting and positioning of the product. The right
kind of promotions affect all the other three variables –  the product, price and place. If the
promotions are effective, you might have to increase distribution points, you might get to
increase the price because of the rising brand equity of the product, and the profitability
might support you in launching even more products. However, the budget required for
extensive promotions is also high. Promotions is considered as marketing expenses and the
same needs to be taken in consideration while deciding the costing of the product.
 Chapter 2: Research Methodology

2.1 Introduction
2.2 Objective
2.3 Hypothesis
2.4 Scope of the study
2.5 Limitation
2.6 Research Methodology
2.7 Types of Strategies in Banking
2.8 Types of Marketing Strategies
2.9 SWOT analysis of ICICI Bank
2.1 Introduction

Research Methodology – is a way to systematically solve a research problem.

It is a science of studying how research is done scientifically. It aims to give
the work plan of research. It provides training in choosing methods
materials, scientific tools and techniques relevant for the solution of the
problem
It shows the significance of the study, objectives of the study, research design
of the study, description, hypothesis and limitations of the study.

FOCUS OF THE STUDY IN RESEARCH METHODOLOGY:

The resent years have witnessed significant developments in international
banking. Competition, disintermediation, new services and unique promotion
schemes are some of the emerging features of changing international banking
scenario. The globalization of financial markets has been further accelerated
by the development of technology particularly in the field of information
technology and electronic banking system. Now the customers are also more
informed and learned to choose a better bank for themselves. Again, on the
managerial side, the Narasimham Committee has made a strong plea for full
autonomy of the commercial banks in India with RBI as supervising and
controlling authority. So, the major problem before the commercial banks is
their long-run survival and forging way ahead by retaining their valued
customers.
2.2 Objective

1. To identify the problem:

Identify and Define the Problem. The first step in the problem solving and

decision making process is to identify and define the problem. A problem can
be regarded as a difference between the actual situation and the desired
situation.

2. To collect information:  

Data collection is the process of gathering and measuring information on

variables of interest, in an established systematic fashion that enables one to
answer stated research questions, test hypotheses, and evaluate outcomes

3. To present benefits of research:

This allows you to learn about your condition, and gives you more access to
professionals and advice. Research improves services and treatments not just
for you but also for future generations. You may gain access to treatments that
are not yet readily available to the public.
4. To examine relationship between variables:

The relationship between variables determines how the right conclusions are

measurements, you can see a shape of a parabola defined by xy=constant. one
constant and study how this one parameter affects the result under study.

5. To incorporate innovative ideas:

Truly innovative organizations spend hours developing an approach to

imaginative thinking in their workers so that they can cultivate new ideas.

6. To search for knowledge:

Knowledge is a familiarity, awareness, or understanding of someone or

something, such as However, several definitions of knowledge and theories
to explain it exist. Knowledge the kettle is boiling. Wittgenstein sought to
bypass the difficulty of definition by looking to the way "knowledge" is used
in natural languages.

7. To study variables:

A variable is defined as anything that has a quantity or quality that varies. The

dependent variable is the variable a researcher is interested in. An
independent variable is a variable believed to affect the dependent variable.
Confounding variables are defined as interference caused by another variable.
2.3 Hypothesis

In the era of globalization, marketing of services internationally has become a

topic of discourse by various constituencies - governments, private institutions,
academics, and individuals alike. There is consensus that businesses are going
global faster than ever; rising trade and investments are creating national
wealth and consumer affluence, especially in developing countries; a
convergence of tastes and preferences of consumers across the globe is
increasing demand for global brands and services; and technological advance
especially information technology, are making the world more and more
borderless. Simply stated, the last two decades of the twentieth century have
created a totally new global marketplace and have established a fresh
foundation for the twenty-first century global economy. Undeniably, nations'
economies are becoming more and more economically interdependent,
creating a dominant powerful economic force in which individual nations
might not be as potent as they are collectively. This new force of the global
economy is forcing goods and service firms to adapt to a 86 new international
order and lay emphasis on customer service to make customers feel that he/she
is actually the king. One important sector that is playing a major role in the
global economy is the service sector. The Round of the General Agreement on
Tariffs and Trade (GAT'T) paved the way for marketing services
internationally. Since the agreement, barriers to trade have been reduced and
trade in services has been growing in both developing and developed
economies. FDI flow in services across all economies both in manufactured
goods and services is also growing. For service marketers, these international
activities mean unprecedented opportunities embodied with challenges. In the
developing economies of which India is one, this has led to rising expectations
of customers as they live access to world class products and services and the
Indian firms and services providers who will not answer this call will perish
sooner or later.
2.4 Scope of study:

The public sector banks and old private sector banks who command over 80%
market share in the banking industry must seize this opportunities in big way
and respond aggressively to market demand if the growth in banking has to
accelerated. So, after awareness of all new challenges and opportunities, banks
have to focus on no. of trends like the reach and value that banks offered to
customers, its technological convenience, the high cost of intermediation
leading to change in progress, yet to gain momentum, consolidation through
mergers and acquisitions. To overcome these challenges banks can adopted
many marketing strategies like E-banking, product differentiation, reform
banks as supermarket, use customer guidelines to form new strategies, use
information technology in service sectors and in this regard respondent’s
opinions were gathered basing upon Visakhapatnam district.
2.5 Limitation :

♦ The study is restricted to the limited area I.e. Andheri

♦ The study is limited to the minimum number of respondents

♦ The sample has been collected from the limited number of respondents

♦ The survey was time consuming as it was filled according to the

respondents availability

♦ The survey required lot of paper work

♦ The survey was limited due to time constraint and budget constraint
2.6 Research Methodology :

➢ Research Methodology:

Methodology is the systematic, theoretical analysis of the methods applied to

a field of study. It comprises the theoretical analysis of the body of methods
and principles associated with a branch of knowledge. A methodology does
not set out to provide solutions—it is therefore, not the same as a method.

➢ Primary data:

Primary data constitute first – hand information which is collected for the first
time in order to solve research problem. It is the data collected from primary
sources which are original sources. It is fresh data collected for the first time
directly from the respondents. Primary data is regarded as original data as it
collected for the first time. Primary data is important as it gives reliable factual
first- hand information for research purpose. Primary data collection is time
consuming and costly. Appropriate organisation well trained staff, suitable
questionnaire, etc.

➢ Questionnaire:

This method of data collection is quite population in case of big enquiries here
in this research project 12 simple questions were set and the respondents were
requested to answer these questions with correct information.

➢ Respondents:

Respondents help in the creation of more accurate idea about the research and
50 respondents were asked to fill the questionnaire.
➢Secondary data:

Along with primary data, secondary data are also useful in marketing research.
Such data are collected by some other agency for some other purpose.
Secondary data are easily or readily available in the published form and are
used for the conduct of research activity. A researcher can use secondary data
to support primary data collected for research purpose. It is desirable to
examine critically the secondary data using it in the research project and
research project and research report.

➢ Sample size:

Size of sample refers to the number of items to be selected from the universe
to constitute a sample the decision on sample size needs to be made before
selecting the method of sampling this is a major decision before a researcher.
The size of the sample should neither be excessively large, nor too small. It
should be fair or optimum. An optimum sample in survey is one, which fulfils
the requirements of efficiency, representativeness, reliability and flexibility.
The sample should be small enough to avoid unnecessary expenses.

It was found that all the branches have not been able to contribute their due
share to the overall growth of the bank.

About 14% of the branches have been decline in deposit levels whereas about
16% of branches could not show even 5% growth in deposits.

It was also found that the market share of the bank in deposits was 1.61% in
march 1999, which has been coming down reached 1.22% in 2004 during
banking industry growth of 17.29% which has resulted in to further slippage in
bank market share to 1.6% in march 2005
2.7 Types of Strategies in Banking:

ICICI Bank has focused on being a future-ready organization and has consistently evolved its
capabilities to ensure agility and value creation in its businesses. This focus is integral to the
Bank’s strategy and underscores the several pioneering initiatives taken by the Bank

In fiscal 2019, the Bank continued to make progress on its strategic objectives even as the
year saw significant challenges. The Bank’s businesses focussed on growing the core
operating profits in a risk calibrated and granular manner. The Bank implemented a number
of initiatives to expand its customer base and deepen the penetration of products and services,
thus further strengthening the franchise. The digital strategy was key to driving the Bank’s
reach and unlocking potential in its businesses. ICICI Bank completed 20 years of its digital
banking journey in fiscal 2019, and aims to remain at the forefront in re-imagining banking
through technology, digitisation and innovation.

RETAIL BANKING

The retail business was a key driver of growth for the Bank in fiscal 2019. The retail loan
portfolio grew by 21.7% year-on-year at March 31, 2019 to ` 3,528.31 billion. The retail loan
portfolio as a proportion of the total loan portfolio increased from 56.6% at March 31, 2018
to 60.1% at March 31, 2019. Including non - fund based outstanding, the proportion of retail
loans was 46.9% at March 31, 2019. Total savings deposits grew by 13.3% to ` 2,276.71
billion at March 31, 2019. The Bank continued to see strong growth in its retail term deposits
and maintained a robust funding profile.

The Bank’s strategy is focussed on leveraging its branch network, digital channels,
partnerships and presence in various ecosystems to expand its customer base. The Bank seeks
to offer a comprehensive suite of products and services to customers. These include savings,
investment, credit and protection products based on customer needs, along with convenient
payment and transaction banking services. Cross-selling appropriate products to existing
customers based on analytics is a key element of the Bank’s strategy. The Bank seeks to
adopt a 'Fair to Customer, Fair to Bank' approach across its business.

Digital initiatives have played a key role in driving growth and efficiency in the retail
business. These initiatives have improved the efficiency of branches. The Bank is now able to
serve more customers at its existing branches and has enabled employees to perform more
value-added activities. The Bank periodically reviews branches based on customer footfalls
and economic activities to ensure optimal distribution of the branch network. The Bank added
431 insta-banking kiosks during fiscal 2019 taking the total count to 1,167 at March 31, 2019.

The Bank’s mobile application, iMobile, is a key channel of service. It was revamped in
fiscal 2019 to add an array of design-thinking led services along with intuitive widgets. These
services include India’s first software robotics algorithm-led investment advisory application
on mobile, ‘Money Coach’, which manages the entire investment journey of a customer. The
Bank has also introduced a first-of-its-kind paperless KYC and online registration process for
mutual funds at a single click and seamless peer-to-peer fund transfer to registered payees
using voice commands enabled by Apple’s virtual voice assistant, ‘Siri’. Another feature that
was added is an intuitive interface called ‘Discover’ which enables customers to track
personal spends and deliverables. Other features on iMobile include setting card limits,
checking account balances, getting instant digital credit up to ` 20,000 and saving frequently
made transactions as ‘Favourites’. As a security feature, the app allows customers to manage
their credit card limits and block/unblock cards as needed. iMobile now offers more than 250
services which are available across all mobile platforms.

The Bank recognizes the need to be relevant in its product and service offerings to meet
customer expectations. Data analytics, artificial intelligence and machine learning are
providing significant opportunities for making this possible. ICICI Bank leverages these
technological capabilities to design products that meet specific customer needs. One such
need was accessible and affordable credit which the Bank is addressing through its instant
lending options. Customers are offered the facility of availing personal loans, business loans,
home loans including top-up and auto loans entirely on the digital platform. The Bank has
digitized the process end-to-end enabling instant disbursement to pre-approved customers.
The Bank implemented various initiatives to increase the contribution of digital channels in
its offering of unsecured products.

With a focus on convenience and value creation, a number of products and services relevant
to customers were launched during the year. FD Xtra is a bouquet of fixed/recurring deposit
products offering additional benefits like monthly income, life insurance cover, systematic
investments and credit card. The Bank’s Seniors Club Savings Account was enhanced during
the year with features like doorstep services and a special facility called Quantum Optima for
earning higher returns. In another unique offering, the Bank launched the ‘Advantage Woman
Aura Savings Account’, an account exclusively for working women in India and ‘The One’, a
premium savings account for salaried and self-employed professionals in the age group of 35-
50 years. These products offer a bouquet of benefits to meet the life-stage needs of the
customers. Other convenience products include digital issuance and reload of travel cards and
a digital e-gift card called 'Expressions'.

The Bank believes there are significant opportunities to grow the personal loans and credit
card portfolio by mining the existing customer base for cross-sell and partnerships with
technology companies. Partnerships with platforms with large customer bases and transaction
volumes offer unique opportunities for growth and enhancing service delivery and customer
experience. The Bank entered into partnerships with Amazon and MakeMyTrip for issuing
co-branded credit cards during fiscal 2019.

RURAL AND INCLUSIVE BANKING

The Bank believes that a key driver of India’s growth is the rural economy which has distinct
financial needs. The Bank’s rural banking operation caters to the complete financial
requirements of customers in rural and semi-urban locations, primarily engaged in agriculture
and agro-related value chain activities. The Bank’s reach in rural areas is supported by a
network of branches, on-field staff and business correspondents providing last-mile access in
remote areas. Of the Bank’s network of 4,874 branches, 50.1% were in rural and semi-urban
areas with 556 branches in villages that were previously unbanked. The Bank had over 5,000
customer service points enabled through the business correspondent network at March 31,
2019.

The Bank has adopted a societal approach in meeting the financial needs of its rural
customers and offers a bouquet of services and products covering the end-to-end
requirements of rural customers.

The segments include farmers, rural salaried customers, commodity traders, seed and farm
input dealers and processors. The key focus for the business is to build banking habits and to
help in creating wealth for rural customers. Apart from direct lending to customers, the Bank
also engages with Micro Finance Institutions (MFIs) as a crucial delivery channel for
reaching out to the otherwise under-served population and for enabling financial inclusion.
The Bank provides financial assistance in the form of term loans to MFIs. These funds are
then further extended to individuals and members of Self Help Groups/Joint Liability Groups.

Digitisation underpins the Bank's efforts in rural banking in a big way and has helped in
decongesting processes and empowering teams to increase efficiencies in the delivery of
services to rural customers. A unique mobile application called ‘Mera iMobile’ was launched
in fiscal 2017. It allows rural customers to avail more than 135 services including non-
banking information and agri-related advisory on crop prices, news and weather. The app is
available in 11 languages and is used by more than half a million customers. Till March 31,
2019, the app had processed a total of 24.1 million financial and non-financial transactions.

The Bank’s efforts in the rural areas are also meeting the larger goals of women
empowerment and development. Some key initiatives in this direction include the support
given to Self Help Groups that promote entrepreneurship among women and development of
solutions for dairy farmers.

SMALL AND MEDIUM ENTERPRISES

Small and medium enterprises (SMEs) require a comprehensive relationship approach

depending on various factors including size, supply chain linkages and leverage capability.
The Bank has been providing tailored products and services for enabling wide-ranging
support and has been partnering SMEs for their business growth.

During fiscal 2019, several digital products were launched for SMEs to meet their business
and transaction banking requirements and add better operational efficiencies. The current
account opening process has been digitised with a seamless account opening experience at
the client's premises. Instant digitally processed overdraft facility of up to ` 1.5 million is
available to the SMEs. Additionally, the Bank launched business loans based on Goods and
Services Tax returns. The transaction banking experience has been digitised with
enhancements in the digital trade platform ‘Trade Online’ and ‘Corporate Internet Banking’
enabling general banking transactions and export-import transactions online without visiting
the branch. The mobile application, Eazypay, a digital POS for merchants, facilitates business
of SMEs. Further, the Bank is focussing on harnessing available digital data and scaling-up
digital lending to SMEs.
The Bank follows strong risk management practices in managing its SME portfolio to
enhance the portfolio quality by reducing concentration risk and to focus on granular and
collateralized-lending based growth. With a view to increasing the risk adjusted operating
profit from the portfolio, reliance is also placed on harnessing opportunities across
transaction banking, foreign exchange and personal banking solutions with the SMEs.

The Bank endeavours to support the ambitions of SMEs by providing innovative platforms
and solutions, that go beyond banking and finance and nurture the SME ecosystem in the
country. The ‘Beyond Banking’ platform is a strategic tool that focuses on a slew of
initiatives and forums to give the SME community exposure to sectoral insights, global best
practices, business expansion opportunities and media recognition. The digital platform 'SME
Empower’ is an online Business to Business (B2B) marketplace that enables SMEs to buy
and sell products online. ‘SME Toolkit’ is an online knowledge resource centre for SMEs.

WHOLESALE BANKING

Meeting the needs of Indian corporate has been a long-standing business focus for the Bank.
This is provided through solutions for credit-related needs like working capital and term
loans, transaction banking solutions and market-related solutions like foreign exchange and
derivatives.

Following the significant challenges faced by the Bank in its corporate portfolio, the Bank
put in place specific measures with a focus on lending to higher-rated, well-established
corporate, enhancing the quality of the existing corporate portfolio and reducing
concentration risk. The Bank made significant progress towards these objectives. The Bank
continues to focus on financing opportunities in the corporate sector based on appropriate risk
assessment and pricing.

In fiscal 2019, the Wholesale Banking Team underwent a reorganisation with an objective to
create flexibility and enable the Bank to capture all opportunities arising from existing
customers’ ecosystem. A better focus on the services sector has been enabled through a
dedicated team. Further, a new Portfolio Management Group has been set up to assist in
construction and management of the wholesale banking portfolio based on a desired matrix of
risks and returns.
The Bank is focussing on meeting the transaction banking needs of corporate clients,
including foreign exchange and derivatives, trade finance and payments, and collections. In
fiscal 2019, the Bank actively engaged with a consortium of 10 banks for harnessing the
Block chain Distributed Ledger Technology platform in a bid to help digitise inland trade
within the country. The Bank also made domestic letter of credit issuance and advising
modules available to corporate for handling their inland trade requirements. Around 250
corporate have signed up on the block chain platform for domestic and international trade
finance. In fiscal 2019, the Bank launched a digital payment solution, ‘e-DOCS’, on its Trade
Online platform. This application leverages information available on Export Data Processing
and Monitoring System (EDPMS) portal and aids clients in managing their entire export
banking life cycle digitally. In another digital initiative for corporate customers, in fiscal
2019, the Bank provided a digital financial supply chain platform with integrated payment
solutions that helps in streamlining delivery systems across the entire value chain of
corporate. Further to its initiatives in creating industry ecosystems, the Bank has partnered
with Tea Board in implementing an online payment solution for buyers and helping other
industry stakeholders including brokers, sellers and warehouses in managing their funds flow
through automated settlement processes and customised Management Information System
(MIS) reports.

INTERNATIONAL BUSINESS

ICICI Bank’s international footprint consists of branches in the United States, Singapore,
Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre, South Africa, China,
Offshore Banking Unit (OBU) and IFSC (International Financial Services Centre) Banking
Unit (IBU) and representative offices in the United Arab Emirates, Bangladesh, Malaysia and
Indonesia. The Bank also has wholly-owned subsidiaries in the United Kingdom and Canada
with branches across both countries. ICICI Bank UK also has an offshore branch in Germany.

The Bank is repositioning its international franchise to focus on deposits and remittances
from non-resident Indians. The Bank is also focussed on deepening its relationships with
Indian corporate in international markets for maximising the India-linked trade, transaction
banking and lending opportunities, as well as select risk-calibrated local opportunities.

The Bank has been playing a pioneering role in promoting digital initiatives in the
international banking arena. The Bank has been continuously introducing and innovating
products to enhance customer experience. In the remittances space, the Bank introduced
various initiatives like loyalty programme for Money2India offered for customers in
America, customer-get-customer based referral programme, 'Block-your-rate' functionality on
Money2World and 'Request money' option whereby ICICI Bank beneficiaries can request
remitters to send money via Money2India. The Bank also enabled block chain based
processing for outward remittances from India to Canada, a first-of-its-kind in the industry.
The Bank aims to replicate the same across other overseas locations.

GOVERNMENT BANKING

The Bank’s customers include government institutions, both central and states and local
bodies. The Bank aims to facilitate the efforts of these institutions by providing integrated
collections and payment solutions, IT solutions, participating in pilot projects and
strengthening their efforts in enhancing e-governance. This also results in deposit balances
2.8 Types of Marketing Strategies :

Competitive advantage in the Marketing strategy of ICICI Bank –

Employees age group plays an important role in the growth of a company, ICICI has 70000+
aggressive employees who work together for achieving high-end customer serviceability
requirement.

With over 52 million customers and around 50% of its transactions are mobile & internet
based, ICICI is driving the digital innovation in the banking industry.

The digitally inclined bank has helped the customers when it comes to convenience & ease of
doing banking.

BCG Matrix in the Marketing strategy of ICICI Bank –

It has various subsidiaries who are working towards of common goal of wealth generation.

ICICI Bank, ICICI Prudential Asset Management Company Limited, ICICI Prudential Life
Insurance Company Limited, ICICI Lombard General Insurance Company Limited and ICICI
Securities Limited are started since most of the business of ICICI come from these and they
are one of the best companies in their respective segments.

Other subsidiaries of ICICI are question marks since these companies are facing stiff
competition.

Distribution strategy in the Marketing strategy of ICICI Bank –

ICICI Bank has 4100 branches in total which are delivering banking and financial services
end to end to the customers.

Subsidiaries handling different financial verticals help the customers in getting one stop
solution to all their banking & financial needs. Aggressive promotion of its digital platform
through a mobile app (imobile) and the internet has helped the company in decreasing the
cost transactions and at the same time, it helped the bank in making it convenient for
customers.

Brand equity in the Marketing strategy of ICICI Bank –

ICICI has worked aggressively in creating a positive brand image in the market.  ICICI has
bagged various awards at different forums through its innovative services which had given it
first mover advantage. Whether it comes to risk management initiatives, social media &
mobile banking, or best technology Bank of India, ICICI has won awards in every field of
tech-banking.

Competitive analysis in the Marketing strategy of ICICI Bank –

Banking & financial institution are facing stiff competition from fin-tech firms & NBFC’s.
The new age financial start-ups are implementing hi-tech strategies to capitalise the changing
needs of the consumers.

White-ATMs, M-Wallet, IMPS, Bit coins are some of the innovative steps that are
changing economic scenario of the nation. ICICI is revolutionising the banking industry and
aggressively leading the new age hi-tech strategies in some or other way.

Market analysis in the Marketing strategy of ICICI Bank –

Banking & financial market in India is overcrowded with various companies eating each
other share which is affecting the survival of the Indian financial companies. New age start-
ups & fin-tech are giving head-on competition to some of the well-established NBFC’s &
Banks. The only way to survive is to grow by further penetrating the market or use innovative
strategies to increase the share of wallet.
Customer analysis in the Marketing strategy of ICICI Bank –

Customers of ICICI Bank are majorly working professionals who have an inclination towards
technology and seek better & fast banking services. The majority of ICICI Bank’s customers
are of middle & upper middle socio-economic status.
2.9 SWOT analysis of ICICI Bank:

Strengths in the SWOT analysis of ICICI Bank-

 ICICI is the second largest bank in terms of total assets and market share
 Total assets of ICICI is Rs. 4062.34 Billion and recorded a maximum profit after tax
of Rs. 51.51 billion and located in 19 countries
 One of the major strength of ICICI bank according to financial analysts is its strong
and transparent balance sheet
 ICICI bank has first mover advantage in many of the banking and financial services.
ICICI bank is the first bank in India to introduce complete mobile banking solutions
and  jewellery card
 The bank has PAN India presence of around 2,567 branches and 8003 ATM’s
 ICICI bank is the first bank in India to attach life style benefits to banking services for
exclusive purchases and tie-ups with best brands in the industry such as Nakshatra,
Asmi, D’damas etc
 ICICI bank has the longest working hours and additional services offering at ATM’s
which attracts customers
 Marketing and advertising strategies of ICICI have good reach compared to other
banks in India

Weaknesses in the SWOT analysis of ICICI Bank-

 Customer support of ICICI section is not performing well in terms of resolving

complaints
 There are lot of consumer complaints filed against ICICI
 The ICICI bank has the most stringent policies in terms of recovering the debts and
loans, and credit payments. They employ third party agency to handle recovery
management
 There are also complaints of customer assault and abuse while recovering and the
credit payment reminders are sent even before the deadlines which annoys the
customers
 The bank service charges are comparatively higher
  The employees of ICICI are bank in maximum stress because of the aggressive
policies of the management to win ahead in the race. This may result in less
productivity in future years

Opportunities in the SWOT analysis of ICICI Bank-

 Banking sector is expected to grow at a rate of 17% in the next three years
 The concept of saving in banks and investing in financial products is increasing in
rural areas as more than 62% percentage of India’s population is still in rural areas.
 As per 2010 data in TOI, the total number b-schools in India are more than 1500. This
can ensure regular supply of trained human power in financial products and banking
services
 Within next four years ICICI bank is planning to open 1500 new branches
 Small and non performing banks can be acquired by ICICI because of its financial
strength
 ICICI bank is expected to have 20% credit growth in the coming years.
 ICICI bank has the minimum amount of non performing assets

Threats in the SWOT analysis of ICICI Bank-

 RBI allowed foreign banks to invest up to 74% in Indian banking

 Government sector banks are in urge of modernizing the capacities to ensure the
customers switching to new age banks are minimized
 HDFC is the major competitor for ICICI, and other upcoming banks
like AXIS, HSBC impose a major threat
 In rural areas the micro financing groups hold a major share
 Though customer acquisition is high on one side, the unsatisfied customers.

 
 Chapter 3: Review and Literature

INTRODUCTION:

A literature reviews a comprehensive collection of the information obtained from published

and unpublished sources of data in the specific area of interest to the researcher. This may
include journals, newspaper, magazines, reports, government publications, and also
computerized databases. Review of literature might also be useful in solving the decision
dilemma. It also helps in narrowing the scope of the study into research problem. It throws
light on the issue under consideration and contributes significantly in framing the research
gap. It also helps in deciding the virginity of the propose research work.

All the reviews below, provides a narrow vision of current and potential review related to
behaviour of saving and investment patterns of working women and employees without any
gender discrimination.

All the articles are reviewed by keeping in mind the objectives of the current research study.
1. Udel (1968) identified marketing promotions as the most important facet of marketing
strategy leading to effectiveness. Advertising, an aspect of promotional strategy, both an
informative and persuasive role, and in this respect can alter customers’ perceptions of a
service.

-------------------------
Udel, C.J. (1968): Successful Marketing Strategies in American Industries, Wisconsin: MIMIR.

2. National Institute of Bank Management's study on deposit mobilization (1969)

concluded that mobilization of resources is one important facet of the various services
performed by banks. Banks should classify depositors into segments and take intensive
measures to market their services to them. They should design suitable schemes to
mobilize the savings and attract them through suitable media of publicity. The various
techniques of banks are essentially based on the principles of mobility, flexibility,
convenience, reduction of cash drain, automatic facilities and special inducements. More
personalized service to achieve deposit mobilization at branches.

. -------------------------
National Institute of Bank Management (1969). 'Deposit Mobilisation'. Bombay.
.
3. Preston et a1 (1978) indicates that there is no significant difference between the
retention rates of premium-attracted and of, non-premium offered deposit accounts.
Consequently, the conclusion is that customers attracted by a free premium were just as
loyal as those customers attracted by a lower –price banking service premium.

-------------------------
Preston R.H, Dwyer and Rudelius (1978). 'The Effectiveness of Bank Premiums'. Journal of
Marketing, Vo1.42, No.3, pp 91-96.

4. In Rayburn's study (1978) it was suggested that the purpose of the advertising and
promotional functions is to create demand for the bank's services and to build and
maintain goodwill towards the organization.

-------------------------
Rayburn L. G (1978). 'Cost Standards for Bank Advertising'. The Bankers' Magazine (USA).
'Vo1.161, No.4, 33-38.
.
5. Ranade M P (1985) in his study on 'Marketing of deposits and allied services to non-
resident -customer’s opinion' concluded that quick service is the major factor influencing
a Non Resident Indian's (NRI) selection of a bank. Existing deposit schemes alone does
not satisfy the NRIs.

-------------------------
Ranade, M.P. (1985). 'Marketing of deposits and allied services to non-residents'. BMP thesis,
NIBM, Pune.

6. Trevor Watkins (1989)39 while studying the current state of the financial services
industry worldwide identified four major trends: (1) the trend towards financial
conglomeration; (2) globalization (3) information technology in bank marketing; and (4)
new approaches to financial services marketing. These trends, it was concluded, will
affect the marketing of banks and other financial services in the 1990s.

-------------------------
Watkins, Trevor (1989). 'Bank Marketing: Current Issues, Trends and Developments'. Marketing
Intelligence & Planning, Vo1.7, No.9
7. Lewis and Smith, (1989); Aurora & Malhotra, (1997); Mishra and Sarangi,
(2000)37 suggested that fierce competition has compelled all the banks to analyse
themselves and devise suitable strategies based on the concept of customer satisfaction-
providing the customer with what they want, when they want, and where they want? The
studies gave the idea that the level of customer satisfaction has Review of Literature 106

-------------------------
Lawis, B. and Smith (1989); “Service Quality: An International Comparison of Bank Customer’s
Expectations and Perceptions”, Journal of Marketing Management, 7(1), 47-62.
Aurora, S. and Malhotra, M (1997); “Customer Satisfaction: A Comparative Analysis of Public
Sector Banks”, Decision, 24 (1-4), January-December); pp.109-130.
Mishra, B.B. and Sarangi, M.K. (2000); “Customer needs and Satisfaction: A Comparative
Analysis of Public and Private Sector Banks in Orissa”,

8. Varshneya (1989)38 suggested some strategies for marketing that are: (a) A total
marketing approach to the banks at all levels in all areas of banking operations and
creating awareness of marketing, (b) Be continuously aware of the environmental
changes and developmental schemes and projects taking place at micro and macro level
to tap banking opportunities available (c) Launch suitably tailored deposit and credit
schemes and services to meet the changing needs of customers of all segments and fulfill
social objectives etc

-------------------------
Varshneya, J.S., “Marketing of Banking Services,” PNB Monthly Review, January1989, pp 2-10.
9. Hussain, Farhat Dr (1987)33 found that in particular, the banks should apply marketing
techniques in the following areas: I) Identifying the present and future needs of the
market for services both for deposits and lending, ii) Selecting the markets the banks
want to serve and identifying the needs of the target group, iii) Setting up of targets for
existing services and introducing new services, iv) Persuading customers to use the
services at the profit to the bank, v) Deciding best locations for new branches, and vi)
Expanding internationally.

-------------------------
Hussain, Farhat Dr (1987). 'Public Sector Commercial Bunking in India -Development -
Constraints - Recent trends'. New Delhi: Deep & Deep publications.

10. F G Crane (1990)40 using a case study analysis, found that corporate advertising should
be an integral component of the marketing communications program of a financial
services institution and recommends that managers need to pay more attention to
successfully integrate corporate advertising integrated with product advertising.

-------------------------
Crane, F.G. (1990). 'The need for Corporate Advertising in the Financial Services Industry: a
Case Study Illustration'. Journal of Services Marketing, Vo1.4, No.2, 1990.
11. Subba Rao (1982)28 conducted a study to find out the influence of different media of
advertisement and different forms of personal selling on the deposit mobilization of
commercial banks both in urban and rural areas. The study suggested that the medium of
English News papers need not be used widely as its impact is very little on urban
customers and it is almost negligible on rural depositors. Personal selling or direct
contact has been suggested as the best method, since it educates the potential rural
customers into the bargain.

-------------------------
Subba Rao, P. (1982). 'Commercial banks and deposit mobilization - A survey'. Prujnan, Vol XI,
Mo.3.

12. Singh J D (1983)29 in his study examined the trends in bank advertising in the seventies
in India. The study revealed that the bank advertisements were created seemingly for the
sake of advertising rather than for creating the market or serving the customer
satisfactorily. There is lack of professionalism in bark advertising and marketing.
Suggestions were made to give stress on 'positioning the bank' rather than on selling the
products after identification and prediction of customer requirements.

-------------------------
Singh, J. D. (1983). 'Bank advertising in India -1971-1980'. Prajnan, Vol XII, No.4.
 13. Menezes (1979)20 in his study stated that the marketing system gives a professional
outlook to the development of the banking business. He said that the marketing division
can monitor the entire programme for banks by analyzing the marketing problems and
opportunities in different marketing segments and in different regions by evolving
suitable strategies for business development.

-------------------------
Menezes, William J.S., “Marketing of Bank Services: A System Approach to Business Planning
and Performance Evaluation,” Pragnan, Vol. 8, No.2, April- June, 1979.

.
14. Berry, Kehoe and Lindgreen's study (1980)22 it has been found that most frustrating
aspects of bank marketing were a) lack of management support, b) lack of
interdepartmental cooperation c) crisis management d) government intrusion e)
advertising and media problems.

-------------------------
Berry L.L., Kehoe W.J. and Lindgreen, J.H, Jr. (1980). 'How Bank Marketers View Their Jobs'.
The Bankers’ Magazine (USA), Vo1.163, No.6 35-40.
15. George and Berry (1981)23 keeping in view the intangibility of services, proposed that
in the case of services a customer is buying the performance of the service personnel and
therefore the advertising in service industries should not only restrict itself to encouraged
consumption, but it should also encourage employees to perform well. They proposed six
basic guidelines for designing effective advertising programmes.

------------------------
William R George and Leonard L berry: “Guidelines for the advertising of Services”, Business
Horizons, July-August, 1981.

16. Bapat (1981)26 emphasized on the need for marketing in banks. He suggested that the
top level management should cover innovative ideas of new services to existing
customers and new services to new customers for better marketing. He also suggested
some aspects that have to be considered for better marketing in banks like market
segmentation, product differentiation, market strategy & market research

-------------------------
Bapat, S.G., “Customer Service and Bank Marketing”, July 25, 1981, pp 27-28.
17. Peter W Turnbull (1982)27 places the branch bank manager in a central position in the
business in respect of the marketing efficiency of the banks at the local level. The study
identified three reasons which underlie the lack of marketing orientation: motivation,
ability and time and says that banks need to move quickly to ensure that branch bank
mangers can speedily meet the challenge. It was suggested that managers be given
knowledge inputs on the principles of marketing and develop in them the commitment to
implementing the principles in practice.

-------------------------
Turnbull, Peter W. (1982). 'The Role of the Branch Bank Manager in the Marketing of Bank
Services' European Journal of Marketing, Vol. 16 No. 3, 31-36.

18. Daniel et. carol (1970)3 in his paper “Ten commandments for Bank Marketing” has
framed a set of Ten Commandments for bank marketing as is very much clear from the
title itself. According to him inclusion of marketing functions within the marketing
participation in key banking decisions, product orientation, learning curve of chief
marketing executives, quality of marketing personnel, development of a record of
accomplishment and use of outside services etc. are the main commandments for
successful bank marketing

-------------------------
Duniel T. Carol, “Ten commandments for Bank Marketing”, 1970.
19. George William R and Hiran C Barksdale (1974)5 on the marketing activities in the
service firms discovered that service marketing is generally on the low ebb. Service firms
tend. to be less marketing oriented; less likely to have marketing mix activities carried
out in the marketing department; less likely to perform analysis in the area of service
product; more likely to undertake advertising internally rather than go to specialized
advertising agencies; less likely to have overall sales plan; less likely to develop sales
training programmers; less likely to utilize the services of marketing consultants and
marketing research firms; and less likely to spend much on marketing, as a percentage of
gross sales.

-------------------------
William, George K and Barksdale, Hiran C. (1974). 'Marketing Activities in the Service
Industries'. Journal of Marketing, 65-70.

20. Bessom, Richard M and Donald W Jackson Jr. (1975)7 of 400 service and marketing
firms revealed that service firms are less likely to have marketing departments, to make
use of sales planning and training, and to employ marketing professionals like
consultants, advertising firms and market research agencies.

-------------------------
Bessom, Richard M., and Donald, Jackson Jr. D. (1975). 'Service Retailing- A strategic
Marketing Approach'. Journal of Retailing, 75-84.
21. Geiger's (1975)8 study was to establish the needs of customers. Social structure of the
bank's customers and the image that the customers had of the banks were studied along
with customers judgment of the range of services that the banks had to offer, the
effectiveness of various advertising and other sales promoting measures, and the
customers' will to save and other habit. Findings indicate that satisfied customers are
more positively minded than those who are critical of what their banks have to offer
them.

-------------------------
Geiger, H (1975). 'Standard Surveys for Analysing Local Bank Competition'. in 'The Use of
Market Research in Financial Fields', ESOMAR, 85-95.

22. Sasser (1978)17 defines security, consistency, attitude, completeness, condition,

availability and training as important attributes of service quality. In banking industry all
such attributes are very pertinent and imperative to customers as possessions are very
risky and customer concern is very much. The most important research in to service
quality is strongly customer oriented.

-------------------------
Sasser, W. E.R.P. Plson and D.D. Wyckoff. 1978. Management of Service Operations. Allynand
Bacon, Boston, M.A.
23. Kamath (1979)18 conducted a study on the marketing of bank service and customer
service with special reference to the customers of the branches of Syndicate Bank in
Bombay City. The study concluded that quick and better services offered by a bank
would be the most important variable in attracting and retaining a bank customer. Price
and Place mixes have less relevance in the marketing mix of banking products and
services

-------------------------
Kamath, K M. (1979). 'Marketing of banking services with special reference to branches in
Bombay of Syndicate Bank Customer service'. BMP thesis, NIBM, Pune.

24. Gitlow (1978)14 suggested that price not only influences the market position but also
significantly affects customers’ perceptual positioning. It is, therefore, important to keep
market position in mind while deciding on pricing strategy.

-------------------------
H S Gitlow, “Abortion Services: Time for Discussion of Marketing Policies,” Journal of
Marketing, vol. 42, April 1978, pp.71-82
25. Meidan (1984)30 observed that the rising importance of marketing in banking sector is
underlined by four major factors e.g. increased competition for customers, increased
sophistication of these customers, increased use of technology and become one of the
major targets in the bands of bankers to increase their future business. increased cost of
meeting customer needs . Marketing is also relevant in banks as the customers are
changing in terms of their wants, needs, desires and expectations peak-time efficiency
routines can be introduced, facilities for future expansion can be delivered, and increased
consumer participation can be encouraged. He further observed that the firm is unable to
store or transport services that only direct distribution is possible, thereby potentially
limiting the number of markets the firm can cover. Apart from the stress laid on ‘right
place’ and ‘right time’ in case of distribution goods, there is additional importance given
to the performance of service in the ‘right way’ as well.

-------------------------
Meiden, Arthur (1984); Bank Marketing Management, Macmillan, Hong Kong, p.16.

26. Meidan (1976)12 had also revealed the fact that about 90% of the respondents banked at
the branch nearest to their home place and place of work. Convenience, in terms of
location, was also found to be the single most important factor for selecting a branch.

-------------------------
Meidan A (1976), “Branch Manager’s Attitude on Bank Objectives and Operations”,
Proceedings of the European Academy of Advanced Research in Marketing Conference, France,
pp. 215-228.
27. Ashok Kumar (1991)44 made an attempt to review and assess the extent of application
of marketing concepts and techniques in the banking sector. It was recommended that
while formulating marketing strategy, a bank should focus attention on consumer
sovereignty, on the attitude, responsiveness and personal skills of their staff, on
revitalizing the marketing department, on top management support to the marketing
department, and on participation of marketing personnel in key bank decisions. Efforts
should be made by the banks to understand and estimate the attitude and perceptions of
their customers as accurately as possible to enable them to plan the market segments and
design service offerings to suit their customer.

-------------------------
Kumar, Ashok (1991), 'Marketing Strategies in the Banking Sector'. IBA Bulletin, Vol.No.6. 13-
14.

28. Bal and Jena (1991)46 evaluated the performance of the banks regarding the marketing
of services. They suggested that in the present environment, there has a great need of
application of marketing approach to find the proper outlets for banking services. They
emphasized on the development of marketing as on organizational philosophy that would
enable banks to understand the customers and their needs in a better way and to respond
to this needs.

-------------------------
Bal, R.K., Jena, R.K., “Customer Services in Banks: The Need for Marketing Approach,”
Investment Banking and Customer Services, Edited by C.R. Kothari, 1991, pp 72-79.
29. Bal (1992)50 suggested that growing competition, emergence of new range of banking
services, need for innovative product development, compulsions in the area of
profitability of business, coverage of new spatial areas, ensuring optimum use of vast
banking infrastructure, need for ensuring a better focus on customer satisfaction,
improving the extent of professionalization in banking, and a better appreciation of long-
term perspectives are some of the valid reasons that can be cited to bring home the need
for total marketing orientation in the banks

-------------------------
Bal, R.K, (1992); Promotion of Services and Deposit Mobilisation in Indian Banking Industry: A
Marketing Approach, Unpublished Thesis Submitted to Utkal University, pp. 21-48.

30. Dr.Chidambaram (1994)54 studied the promotional mix available to bankers for the
marketing of services such as direct marketing, public relations, social banking and
customer meets. The study concludes that a good promotional mix is one that a) that
takes into account the objectives of the bank and lays emphasis on those services which
are of current significance, b) reaches various customer segments very effectively, c)
creates a desire to seek out the services offered, d) builds a positive image for the bank,
and e) strike a balance between cost and effectiveness.

-------------------------
Chidambram R M. (1994). 'Promotional Mix for Bank Marketing'. IBA Bulletin, Vol. 16, No.3,
24-26.
 Chapter 4: Data Analysis and Interpretation

Introduction:
This chapter analyzes and discusses the data collected through the
questionnaire. Analysis pertaining to the service quality dimensions of
customer perception, satisfaction and loyalty, the demographic profile of the
respondents and the association between the clusters of customers and their
awareness on various core services and customer perception on service quality,
satisfaction and loyalty are presented here. This research aims to identify the
effectiveness of Marketing Strategies of ICICI Bank and to analyze the
performance of Marketing Strategies of ICICI Bank.

A Sample survey was conducted for the project study titled Marketing
Strategies of ICICI Bank. The sample size of the survey is 100. The survey
was done online.
 Question 1 :

In which bank do you hold the account?

a) HDFC
b) ICICI
c) SBI
d) Dena
e) Other

HDFC 21
ICICI 23
SBI 14
Dena 8
Other 34

40

35 34

30

25 23
21
20
Types of Bank

15 14

10 8

0
HDFC ICICI SBI Dena Other

Interpretation : The above diagram shows that majority of Indians have accounts in
other than 4 major Indian banks i.e. HDFC,ICICI,SBI and Dena.34% of people have
accounts in Banks other than above mentioned banks while 23% of people have
accounts in ICICI Bank.

Question 2 :

Do you know about ICICI bank

(a) Yes - 92%

(b) No - 8%

8%

Yes
92% No

Interpretation : The above diagram shows that 92% people know about ICICI bank
and remaining 8% people didn’t know about ICICI bank.
Question 3 :

Have you ever opted for services & products from ICICI bank?

(a) Yes - 61%

(b) No - 39%

100% 100% 200% 200%

70%

61%
60%

50%

40% 39% East

30%

20%

10%

0%
Yes No

Interpretation : The above diagram shows that 61% people are opted for service and
products from ICICI bank and 39% are not opted for service and products form ICICI
bank.
Question 4 :

What do you think how much brand image plays important role for banks?

a) Low
b) Moderately
c) Highly
d) Very Highly

Low 5

Moderately 24

Highly 38

Very Highly 33

33 24

Low
Moderate
Highly
Very Highly

38

Interpretation-The above diagram shows that brand image plays high role for
customers for selecting banks.
Question 5 :

Have you ever seen any advertisement of ICICI bank?

a) Yes
b) No

Yes 86

No 14

100

90 86

80

70

60

50 Other Banks'
Advertisement
40

30

20
14
10
0 0
0
Yes No

Interpretation: The above diagram shows that majority of people have seen
advertisements of the ICICI bank.
 Question 6 :

If yes, then what kind of advertisement?

a) TV Commercials
b) Print Ads
c) Hoarding
d) Online Advertising

TV Commercials 51

Print Ads 22

Hoarding 9

Online Advertising 18

18

9 TV Commericals
Print Ads
51 Hoardings
Online Advertising

22

Interpretation: The above diagram shows that TV Commercials is the major source
of advertisement for ICICI banks while Print Ads and Online Advertisement also
plays a significant role for advertisement.
 Question 7 :

Have you ever seen the advertisement of any other bank?

a) Yes
b) No

Yes 91
No 9

100
91
90

80

70

60

50
Sales
40

30

20
9
10
0 0
0
Yes No

Interpretation: The above diagram shows that people have seen advertisements of
banks other than the ICICI bank.
 Question 8 :

If yes, then which?

a) HDFC
b) SBI
c) Dena
d) Other

HDFC 33

SBI 24

Dena 2

Other 41

33

41
HDFC
SBI
Dena
Other

2 24

Interpretation: Majority of people have accounts have seen advertisements of

other Banks and then HDFC Bank and SBI Bank respectively.

Question 9 :
 Out of advertisements you have seen, which bank advertisement can you recall
easily?

a) HDFC
b) ICICI
c) SBI
d) Dena
e) Other

HDFC 33
ICICI 37
SBI 24
Dena 2
Other 4

40
37
35 33

30

25 24

20 Attractive Bank
Advertisements
15

10

5 4
2
0
HDFC SBI Dena ICICI Other

Interpretation: The above diagram shows that the most easily recallable
advertisements are from ICICI bank. The other bank which use attractive
advertisement is HDFC bank and then comes SBI and Dena bank.

Question 10 :

How much does branding role play for you whole selecting a bank?
a) Low
b) Moderately
c) Highly
d) Very Highly

Low 3
Moderately 28
Highly 38
Very Highly 31

31
28

Low
Moderately
Highly
Very Highly

38

Interpretation-The above diagram shows that branding plays an important role for
customers while selecting a bank as most of the people have chosen branding option
as VERY HIGHLY played role while selecting a bank.

Question 11 :

From the following option which one matters you the most while selecting a bank?

a) Size of the bank

b) Branding
c) Service
d) Product

Size of the Bank 18

Branding 34
Service 24
Product 24

40

35 34

30

25 24 24

20 18 Criteria for Bank Selection

15

10

0
Size of The Bank Branding Service Product

Interpretation-The above diagram shows that branding plays the most important role
for customers while selecting a bank, Service and Product plays equal role for
customers for selecting a bank.

Question 12 :

Amongst the following which bank is more technologically advanced?

a) HDFC
a) ICICI
b) SBI
c) Dena
d) Other
 HDFC 27
ICICI 38
SBI 20
Dena 7
Other 27

27

20
HDFC
ICICI
SBI
Dena
Other

38

Interpretation: The above diagram shows that ICICI bank is the most
technologically advanced bank amongst all other banks.The other bank which follows
this trend is HDFC and SBI bank.

Question 13 :

Does advertisement really plays an important role in selection of bank?

a) Low
b) Moderately
c) Highly
d) Very Highly

Low 9
Moderately 24
Highly 34
Very Highly 33
 9

33

24
Low
Moderately
Highly
Very Highly

34

Interpretation: The above diagram shows that advertisement plays very important
role for customers while selecting a bank as most of the customer agreed that they go
for advertising for selecting a bank.

Question 14 :

How do you like the Marketing strategy by different banks?

(a) Good - 68%

(b) Average - 19%

(c) Bad - 13%

 Good
13% Average
Bad

19%

68%

Interpretation: The above diagram shows that liking wise 68% people have
good experience, 19% people have average experience and 13% people have
bad experience for ICICI bank

Question 15 :

Gender

gender Response
Male 36
female 17
 Gender
40
male; 36
35

30

25

20
female; 17
15

10

0
male female

Interpretation: Out of 53 people survey the male respondents is more then

female investors in Marketing Strategies of ICICI Bank and there are 36 male
and 17 female respondents in Marketing Strategies of ICICI Bank.

Question 16 :

Age of the Respondents

❑ 15-20

❑ 20-25

❑ 25-30
❑ 30 & above

Age Respondents
15-20 9
20-25 21
25-30 14
30&above 8

age
age

21

14

9
8

15-20 20-25 25-30 30& above

Interpretation: Out of 53 respondents 21 belong to age 20-25 while 14

belong to 25-30 & 9 respondents belong to 15-20 and remaining 8 is belong to
30 & above.

Question 17 :

Qualification of Respondents

SSC

HSC

Graduated

Post graduated
 Qualification Respondents
SSC 10
HSC 16
Graduated 20
Post graduated 7

qualifi cation
SSC HSC Graduated Post graduated

13%
19%

38%
30%

Interpretation: In the 53 respondents 20 investors are graduated 16

investors are HSC Qualified 10 investors are SSC qualified & 7 investors are
post graduated.

Question 18 :

Mention your annual income

Below 100000

100000-3000000

300000-500000

500000& above

Annual income Respondents

100000 below 23
 100000-300000 15
300000-500000 5
500000& above 9

annual income

25

20

15

10

0
below 100000 100000-300000 300000-500000 500000& above

annual income

Interpretation: Income of the 23 respondents is below 100000 & for 15

respondents it is 100000-300000 for 5 respondents it is 300000-500000 & for
9 respondents it is 500000 & above.

Chapter 5: Finding and Conclusion

5.1 Findings

ICICI bank is largest private sector bank in India; recently it has acquired the position of
universal bank. Universal bank with extensive network of branches that provide many
different financial services and are principally engaged in commercial banking, investment
banking, securities and even
insurance.
ICICI bank offers innovative services to customers.
ICICI bank believes in technological up gradation in distribution of its services.
Customers of ICICI bank are satisfied with various services offered by ICICI bank.
SBI also one of the successful private sector banks in India. It is the bank that has pioneered
many services first time in India. SBI was the first to offer a product called one view by
which customers are able to view their accounts in six banks on one page on their website.
SBI Bank also the pioneer, in introducing a product called Net safe, which makes online
shopping on net using debit card, making it safer.
Housing Loan, which is SBI’s domain, will no longer remain the same because; ICICI bank
is slowly capturing the housing loan market. In fact both the banks do not have very
significant difference in terms of marketing its products to customers and also in terms of
customer
satisfaction.

 It is observed that people consider brand image as an important element while

opening an account in any bank
 The brand image of ICICI bank is much more developed than other banks.
 Advertisement has created awareness among people regarding banking services. It has
also helped build brand image of the banks.
 ICICI bank is considered technologically more advanced than any other banks.

5.2 Conclusion

The study concludes to be valuable to ICICI bank is based on the opinion of customers and
bank employees (marketing staff). It is useful for other private sector banks also in
formulating their policies regarding launch of new banking product, in order to reach the
level of success
achieved by banks. It also point out reasons for dissatisfaction among bank customers and
provide meaningful solution to their problems. The study conducted will help the private
Sector Banks and in addressing the marketing problems and difficulties faced by these banks
while
marketing their services to customers. The study also helps in solving the problems faced by
the customers and the effective implementation of marketing strategies of private sector bank.
After completing my thesis I can say that ICICI is one of the top banks performing in India. It
was started in 1955 and since then it has kept it’s dignity in spite of increasing competition. It
has collaborated with certain foreign companies in order to increase its asset value and
goodwill. It has been dealing in many products like accounts, demats, loans, cards etc.
The marketing strategies adopted by the bank are innovative and impressive. Since majority
of population stays in villages the bank has to explore the rural markets also. In addition to
this the bank should have a branch in every city of the country. By keeping a regular check
the operating cost can be minimized.
The main aim of the bank should be bringing money from other countries to india. From the
findings it is clear that there is an intense competition in banking industry and as a result
prices are declining at a regular pattern. The reason for this increasing competition is the
increase in demand and aggressive promotional campaigns done by the banks.

From the analysis conducted, it could be concluded that advertisement and branding plays an
important role for banking business to sustain and survive in the competition and also for the
overall growth and development of the bank.

ICICI bank has developed a good brand image by using the 7 Ps of Marketing Mix in an
efficient manner and developed different marketing techniques from other banks.

ICICI Bank has developed many innovative products to develop better brand image and also
made technological innovations to ease out banking procedures and thereby increase
customer satisfaction.

Through Social Strategy it maintained continuous relationship through various social

networking sites thus getting acquainted with customer wants and needs.

ICICI Bank used various sources of media to promote and advertise their products and create
customer awareness regarding the banking products.
 Annexure

Question 1 :

In which bank do you hold the account?

Question 2 :
 Do you know about ICICI bank

Question 3 :

Have you ever opted for services & products from ICICI bank?

Question 4 :

What do you think how much brand image plays important role for banks?

Question 5 :

Have you ever seen any advertisement of ICICI bank?

Question 6 :

If yes, then what kind of advertisement?

Question 7 :

Have you ever seen the advertisement of any other bank?

Question 8 :

If yes, then which?

e) HDFC
f) SBI
g) Dena
h) Other
Question 9 :

Out of advertisements you have seen, which bank advertisement can you recall easily?

f) HDFC
g) ICICI
h) SBI
i) Dena
j) Other

Question 10 :

How much does branding role play for you whole selecting a bank?

e) Low
f) Moderately
g) Highly
h) Very Highly

Question 11 :

From the following option which one matters you the most while selecting a bank?

e) Size of the bank

f) Branding
g) Service
h) Product

Question 12 :

Amongst the following which bank is more technologically advanced?

b) HDFC
e) ICICI
f) SBI
g) Dena
h) Other
 Question 13 :

Does advertisement really plays an important role in selection of bank?

e) Low
f) Moderately
g) Highly
h) Very Highlu

Question 14 :
i) How do you like the Marketing strategy by different banks?
j) (a) Good
k) (b) Average
l) (c) Bad

Question 15 :

Gender

Question 16 :

Age of the Respondents

❑ 15-20

❑ 20-25

❑ 25-30

❑ 30 & above
Question 17 :

Qualification of Respondents

SSC

HSC

Graduated

Post graduated

Question 18 :

Mention your annual income

Below 100000

100000-3000000

300000-500000

500000& above

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