Mumbai: ICICI Bank (www.icicibank.com) has won the DM Review World Class Solution Award 2003 in the Business Intelligence category for its Teradata enterprise data warehouse solution.
Teradata (www.teradata.com), a division of NCR Corporation (www.ncr.com), today announced that ICICI Bank is the first organisation in Asia Pacific to receive the prestigious award from the American business intelligence and analytics magazine.
Ron Powell, publisher and editorial director of DM Review, says: "Selected by our judges as a World Class Solution Award winner in the Business Intelligence category, ICICI Bank has recognised the value of a single version of the truth to correctly identify and target current and prospective customers."
The award-winning Teradata enterprise data warehouse (EDW) solution has enabled ICICI Bank to establish business intelligence market leadership in the fast-growing Indian financial market. The bank uses its Teradata platform to develop tailored marketing campaigns that have boosted customer acquisition rates significantly.
It has serviced over 11 million unique customers around the country. In addition, ICICI Bank's credit cards and retail loans business units attribute 25 and 20 per cent respectively of their new/incremental business in the past year to cross-selling activities facilitated by the data warehouse.
The Teradata solution has also helped the bank optimise its delivery channels across 400 shopfronts, 1,600-plus ATMs, multiple call centres and Internet banking services. ICICI Bank is currently expanding its Teradata EDW to incorporate information from call centres and web-based transactions. Non-branch transactions have grown from 5 per cent to 50 per cent of all transactions in a two-year period, representing an important revenue source for the bank.
"Winning this award is an incredible achievement for ICICI Bank and Teradata," says Teradata business manager (India) Amrish Rau. "The solution was the first large-scale CRM implementation in the Indian banking sector. Teradata commends ICICI Bank for its vision and willingness to take on such a monumental project. This shows how an Indian company embracing enterprise data warehousing solutions can very quickly rise to stand alongside the very best businesses in the world. ICICI Bank has set a precedent that others can follow."
The Teradata solution centres on a CRM platform. Information from various legacy and transaction systems is fed into a single enterprise-wide data warehouse. This allows the bank to generate a single view of every one of its customers. ICICI Bank is also using Teradata tools such as Behaviour Explorer and Communication Manager for better understanding of its customers.
"The World Class Solution Award is the result of tremendous effort, ground-breaking work and singular dedication to the vision by the joint ICICI Bank and Teradata teams over the last couple of years," says ICICI Bank head (customer service and CRM) Smita Aggarwal. "The next few months will be crucial as we make a shift in the way we use the technology to enhance our business. This award will be the inspiration and springboard from which we can aim for greater achievements."
Teradata, a division of NCR Corporation, is the global leader in enterprise data warehousing and enterprise analytic technologies and services. NCR Corporation is a leading global technology company helping businesses build stronger relationships with their customers. NCR's ATMs, retail systems, Teradata data warehouses and IT services provide Relationship Technology solutions that maximise the value of customer interactions. Based in Dayton, Ohio, NCR employs approximately 29,600 people worldwide.
ICICI Bank is India's second-largest bank with an asset base of Rs 1,06,812 crore. The bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. It services a growing customer base of more than 7 million customers and 6 million bondholder accounts through a multi-channel access network. This includes about 450 branches and extension counters, 1,690 ATMs, call centres and Internet banking.
ICICI Bank posted a net profit of Rs 1,206 crore for the year ended 31 March 2003. It is the only Indian company to be rated above the country rating by the international rating agency Moody's and the only Indian company to be awarded an investment grade international credit rating. The bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies.