10/09/2019 Banking Innovation


InstaBanking, is ICICI Bank’s offering to the digital era customers for what they want most; an easy, secure and quick self-service in banking through kiosks, desktops, tablets and mobile to help customers initiate the transactions anywhere, anytime as per their convenience and get priority service upon visiting a Bank Branch.

Innovation presentation

ICICI Bank, being at the forefront of leading transformations in the Indian banking industry, has always been quick to adopt emerging technologies. With each launch of such technologically advanced features entailing Digitalisation, the Bank has emerged as a dominant provider of extensive functionality, user experience, coupled with exceptionally strong assisted-service features in digitising the Banking world.

In our endeavor to re-evolve the Banking ecology, we carried out an analysis to identify the transactions which compels customer’s branch visits & constitute bulk of the day-to-day transactions; which could otherwise be automated and migrated. The analysis further indicated that a majority of transactions could be directly serviced through a medium of devices and kiosks with minimal human intervention thereby, allowing consumers to initiate the transactions at their convenience.

Basis this in-depth analysis of transaction pattern at branches, emerged an opportunity to enhance the customer experience and as well as to migrate high volume routine transactions to self-service channels where customers may initiate a transaction on one channel and complete it on another.

Instabanking, our strategic self - servicing channel, has been designed and further revamped to provide a superior banking experience to our customers through kiosks, desktops and mobile to increase employee productivity and enable instant banking. This integral channel of our automation strategy, is built upon the pillars of convenient, safe and easy banking. With the growing focus on digitization and adoption of technology, which is necessary to handle the customer foot fall more efficiently; Insta Banking is being used by customers for pre-staging of transactions as well as complete processings, to help remove the requirement of many interventions.

Uniqueness of the project

Availability of some widely used kiosk features in ICICI mobile app is helping customers to initiate the transactions anywhere, anytime as per their convenience and get priority service upon visiting a Bank Branch. With this, Customers now feel more empowered thanks to self-service. The advent of technology and availability of options for carrying out transactions has significantly improved user experience. The simple and easy to use interface helps customers do their transactions with minimal or no assistance, helping them cut down wait time and overall transaction time.

Some of the key initiatives taken by the Bank to strengthen the digital drive among customers through Insta Banking service are as follows:

• E-Withdrawal (Cheque less cash withdrawal): This service helps facilitate the Cheque less and paperless cash withdrawal transactions by pre-staging these Withdrawals

• Pre-processing of Credit Card payment via cash, NEFT & RTGS: This service initiates a prestaging of Credit card payment via cash transaction on Instabanking as customer can now initiate it as per his convenience, and is later processed by the branch staff on his arrival for completion of transaction. It also facilitates NEFT/ RTGS transaction on Instabanking channels

• Enabling of Home Loan related service requests on Instabanking: An array of service requests has been made available for customers from Instabanking kiosks (Home Loans module) where customers can now raise these service requests through self-service kiosks, instead of engaging the branch staff thereby providing an enhanced customer service.

The 7 enabled Service Requests are:

- Issuance of Pre-Payment Statement

- Welcome Letter

- Reset Letter

- Reschedule Letter

- List of Documents

- Loan Agreement Copy

- Sanction Letter

• Pre-processing of School / College Fee payment via Cash: The customer can now initiate School/college fee payment transaction on Instabanking by filling necessary details (like: Institution code, student details amount, mobile number etc.

• Instabanking on Tablet (InstaOnTab): To enable branch digitization goals and to meet the current age customer expectations, various self-service channels have been enabled at branches. Service propositions have been constantly reviewed, based on best practices across banking and service sectors, blended with feedback from our branches.

Along with this development, pre-staging of transactions can now be carried out through tablets at branches. These services are of great assistance during peak hours and is an efficient tool for lobby management as it creates capacity for quality customer engagement.

In-Depth Analysis

The Reason Behind

As the volume of transactions increased rapidly day by day, utmost importance was given in ensuring stability of the systems to serve existing customers and attract new customers.

Being reknown for our commitment to introduce innovative solutions for customers and take steps to re-imagine existing products & services and creating new offerings by leveraging technology and digitisation for creation of world-class front-end experience. One such offering from the Bank is Instabanking.

It’s aim is to reduce the Turnaround Time as far as possible, thereby enhancing customer experience and employee productivity. The newly evolved avatar of Insta Banking is an outcome of our continuous effort to cater the dynamic customer expectations, in line with our vision for branch banking transformations.

Instabanking, our strategic self - servicing channel has been designed to provide:

• A superior banking experience to our customers through kiosks, desktops, mobiles and tablets

• Increase employee productivity and enable instant banking.

With Insta banking, ICICI Bank is offering service that helps the bank increase employee productivity while enabling instant banking. Insta banking is being used by customers for pre-staging of transactions as well as complete processing. The interface between the Insta banking channel and Finacle’s Core Banking system helps pre-populate details in the Core Banking System, thereby saving valuable time and resources


'- Cost Savings:

With the recent integration of these services in Instabanking, we have made huge manual cost savings (approximate to 7836 man hours per month).

- Employee Productivity

A significant shift in transactions through Insta Banking channel, has helped customers self-navigate, thereby enhancing their experience and increasing employee productivity

- Improving Market Share

he growth of 32% Instabanking transactions in the last one year, indicates an effective adoption by customers.

Key Dates

  • Launch date 1 January 2019

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
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