Mumbai, May 16: ICICI Bank has won an award from The Asian Banker Excellence in Retail Financial Services programme for the bank"s outstanding performance in its remittance business in 2007.
The bank received the award at The Asian Banker Excellence in Retail Financial Services 2007 Awards ceremony, held in conjunction with the region"s most prestigious retail banking event, the Excellence in Retail Financial Services Convention. The ceremony was held at The Westin Grande Sukhumvit hotel in Bangkok on the evening of 16 May 2008. About 150 senior bankers from award-winning banks in 23 countries across the Asia Pacific, the Gulf region and Central Asia, attended the glittering event, a first class celebration of the region"s best retail bankers that recognises their efforts in bringing superior products and services to their customers.
The awards programme, administered by The Asian Banker and refereed by prominent bankers, consultants and academics from around the world, is the most prestigious award of its kind. The scorecard used to determine the winners and the position of the different retails banks in the region is attached.
ICICI Bank retains the Excellence in Remittance Business award for the second year in a row.
ICICI Bank has won the 'Excellence in Remittance Business 2007' award in The Asian Banker Excellence in Retail Financial Services programme. The new product category was introduced to the Awards programme in 2006 to recognise the bank with the strongest proposition and most notable achievements in its remittance business across the Asia Pacific region.
ICICI Bank"s strong hold on the market and the exemplary growth it had enjoyed despite the onset of sharp business and market challenges from domestic competitors, licensed and unlicensed non-bank remitting houses and regulatory restrictions on foreign market expansion is a significant achievement. It has maintained exemplary growth and seen substantial increase in remittance customers domestically and internationally.
The bank stood out amidst intense competition with over a quarter of local market share.
In this year"s programme, ICICI Bank was ranked against three other banks with strong remittance programmes, and each a dominant player in its respective market based on market share and growth rates. The bank has claimed over a quarter of local market share in 2007, and has shown substantial remittance customer increases domestically and internationally, with attention to both affluent and non-affluent demographics.
Leveraging customer willingness to pay for convenience and speed reliance on currency conversion revenue, ICICI Bank has introduced a slew of timely fee-based premium products and services in 2007. The bank"s instant online remittance fee product has become the single largest channel in its key UK and Canadian markets and has exceeded contributions from its biggest branches three months after the launch. Significantly, ICICI Bank has also opened a new instant call-in remittance service, expanding fee and cross-selling opportunities.
Over 150 banks and financial institutions in 23 countries across Asia Pacific, the GCC region and Central Asia were evaluated as part of the Excellence in Retail Financial Services programme.
"This year over 150 banks and financial institutions in 23 countries across the Asian region were evaluated as part of the Excellence in Retail Financial Services programme," said Mr Phillip Strause, chairman of the Excellence in Retail Financial Services programme and an International Resource Director for The Asian Banker.
The award evaluation process uses a comprehensive methodology to evaluate the strength of individual banks" retail banking businesses that involved extensive research and probing interviews, and taps the combined experience of a team of experienced researchers. The process also incorporates an AC Nielsen customer perception survey to gauge the strength and reputation of retail banks in the different countries.
Mr Strause has close to 40 years" experience working with commercial banks, investment banks, brokerage firms, insurance companies and other specialised financial institutions, further added: "The Asian Banker Excellence programme was instituted in 2001 on the premise that an outstanding player in the retail financial services industry should build business franchises that are sustainable, competitive and profitable over a period of time".