INSTITUTE OF MANAGEMENT

NIRMA UNIVERSITY MBA-FT

2021-2023
SIP PROPOSAL

Sanchita Awasthy
211218

Project Title Direct to customer acquisition

strategy for merchants
Project Guide Deegpal Tomar
Project Buddy Kiran Patil

Submitted to: Prof Balakrishnan Unny

 TABLE OF CONTENTS

Contents

ABOUT THE PROJECT 2

TRADE-RELATED SERVICES AND OTHER SERVICES OFFERED BY ICICI BANK 2

OBJECTIVES 3

KEY DELIVERABLES 3

TASKS AND TIMELINE 3

PRELIMINARY SECONDARY RESEARCH DONE SO FAR 4

ORGANISATIONAL GUIDE APPROVAL FOR SIP PROPOSAL 7

 ABOUT THE PROJECT

COMPANY NAME: ICICI BANK

ORGANISATION BUSINESS SECTOR: Banking Industry

DURATION OF PROJECT: 8 Weeks [May 02-June 25, 2022]

TYPE OF PROJECT: Research-Based Project

PROJECT TITLE: Direct to customer acquisition strategy for merchants

TRADE-RELATED SERVICES OFFERED BY ICICI

BANK

● Forex Remittance Solutions- Under this the bank offers advisory services to its
customers on foreign exchange markets transactions and exchange rates. With that
bank also keeps the customers informed about the foreign exchange market situations
and provides them with a continuous report on the same.
● Export Services- Export-related services offered by ICICI Bank include export
finance, pre-shipment finance, export bill negotiation, export LC counselling, export
LC confirmation, e-softex, and e-LC.
● Import Services- ICICI Bank offers its customers LC facilities, advance import
payments, import bill collection, merchanting trade, i-BOE, and i-DOCS as part of its
import services.
● Derivative/Forward Contracts-Customers can also use products such as forwards,
futures, swaps, and options to help them execute foreign market contracts.
● Bank Guarantee- ICICI Bank also provides guarantees to ensure contract execution
and payment. Customers can get numerous sorts of guarantees, including e-
guarantees and purchasers' credit, from the bank.
 OBJECTIVES

● The project’s main objective is to understand the various aspects of merchant services
provided by the ICICI Bank and the competitive banks and a study of types current
account with requirements in changing for the banks across nations with the changes
happening at the national-international level.
● Another objective of this project is to get familiar with different products and services
at the bank and dealing with clients/customers to get a better understanding of how to
sell banking, especially trade-related products.

KEY DELIVERABLES

● Help the bank know how it has evolved in terms of various Selling points and Trade
practices.
● Various activities/happenings across the globe that has impacted the Trade and its
financing at the bank.
● Competitors of the banks and how have they changed the research and
development at their banks with the changing environment.

TASKS AND TIMELINE

1. Task
● The First task is to read and understand the products of ICICI bank offered to
the merchants.
● Next task is to learn about the Ideal Customer Profiles (ICPs) and understand
the current fit of the ICICI products with the market expectations.
● Once various customer personas are prepared, the next task is to analyze the
competitor offerings
● Visit existing Clients to know about their feedbacks and understand how to
improvise the services and product offerings for the acquisition of new
merchants.
● Lastly, evaluate the product-market fit through ICPs and Market requirements
and devise respective strategies for the acquisition of new merchants.
 2. Timeline

Internship Weekly
Plan

Wee DD/MM/YY Work To Be Done

k

Operations of Bank and Roles of Employees, Learning basics

Wee 4/5/22-7/5/22
of Bank Offerings
k1

Understanding the documents, products, and processes in

Wee 9/5/22-
various products offered to
k2 13/5/22
merchants

Research on the existing product offerings and clients at the

Wee 17/5/22-
ICICI Bank, past trends,and recent
k3 21/5/22
trends

Ideal Customer Profiles and data collection of trends in

Wee 23/5/22-
Acquisition of new merchants
k4 27/5/22

Competitive Bank identification and data collection of trends

Wee 30/5/22-
in Acquisitions of new merchants
k5 4/6/22

Wee 6/6/22- Analysis and Drawing Recommendations

k6 10/6/22

Wee 13/6/22- Final Evaluation and Check

k7 18/6/22

Wee 20/6/22- Report/Research Preparation and

k8 25/6/22 Presentation
 ECONDARY RESEARCH DONE SO FAR

Till now the research is mainly based upon the task one of understanding EazyPay (POS),
Insta-Biz (Mobile Application) and products offerings for merchants.
ABOUT EazyPay
Eazypay is a one stop solution for merchants to collect payments from their
customers. It allows Merchants to collect payments through any convenient payment mode. It
is an exclusive POS Solution to our ICICI Bank Current Account Holders. POS machines are
used for accepting payment at all retail outlets. Customer can pay through Debit Card, Credit
Card, QR code, UPI and Net banking.

Features of POS:
● Digital POS onboarding (paperless)
● Variety of swipe machines available
● No late settlement charges
● Value added services at no additional cost
● 24*7 transaction history is available
Some terminologies related to EazyPay:
● Merchant Category Code: is an ISO defined standard to classify merchant categories
in retail payments across all payment modes, including UPI. It is regulated by national
Payments Corporation of India.
● Merchant Discount Rate: is basically a fee that a merchant is charged by their issuing
bank for accepting payments from their customers via credit and debit cards. (There is zero
MDR for fuel merchants/ petrol pumps)

CURRENT ACCOUNT DOCUMENTS/PRODUCTS AND SERVICES

The Current Account documents are the ones that ultimately work as the major documents for
the customer as well as providing different products for the customer provided by the banks
across the nation.
Hence few of the major documents are:
1. Individual:
 ID Proof (PAN Card, Driving License)
 Address Proof (Aadhar Card, Passport, etc.,)
 Business Proof (ITR, Degree)
2. Sole Proprietor:
 ID Proof (PAN Card, Driving License)
 Address Proof (Aadhar Card, Passport, etc.,)
 Business Proof (ITR, Degree)
 Entity Proof
3. Partnership:
 ID Proof (PAN Card, Driving License)
 Address Proof (Aadhar Card, Passport, etc.,)
 Business Proof (ITR, Degree)
 Entity Proof
 Partnership Deed
 PAN of Entity

4. Private Limited:
 ID Proof (PAN Card, Driving License)
 Address Proof (Aadhar Card, Passport, etc.,)
 Business Proof (ITR, Degree)
 Entity Proof
 MOA
 AOA
 PAN Entity
 Certificate of Incorporation
 TERM PLAN:

ICICI Pru iProtect Smart is a comprehensive and flexible term insurance plan that financially
secures your loved ones in your absence. You can design your own plan by choosing from a
range of benefits it offers. The plan also provides options to get covered against 34 critical
illnesses and increase your cover against accidental death.
Reasons to choose I-Protect Term Plan:
Guaranteed 1-day claim settlement: Quick and easy claims service assured for your loved
ones. In case of any delay after one working day, interest paid on entire claim amount
Tax Savings: You can save tax up to Rs 54,600 under Sections 80C and 80D. The claim
amount received is also tax-free under Section 10(10D)1.
Critical Illness Benefit: You can increase your family’s security by adding accidental death
cover up to Rs 2 crore. In case of death due to an accident, your family will receive this
additional cover along with life cover+.
Premium Guarantee: Your premium for term insurance will remain the same for the entire
policy term and your premium for critical illness cover will be the same over the next 30
years
Longer Life Cover: You can get a longer life cover till the age of 99 years.
Terminal Illness Benefit: The entire cover amount will be paid out to you on the diagnosis of
terminal illness (including AIDS).
Award Winning Product: Our term plan has been awarded “Product of the Year” in Life
Insurance category by Nielson for FY 20196. ICICI Prudential Life Insurance has also been
adjudged "Customer Service Company of the Year” by India Insurance Summit & Awards
2020
Flexible Payout Options: You can decide how your nominee will get the claim amount in
your absence.
Special premium rates for life cover and Accelerated Critical Illness benefit for women.
Covers female organ cancers such as breast cancer and cervical cancer under Accelerated
critical Illness benefits for women.
Various Benefit Options:
Life: Death Benefit + Terminal Illness + Waiver of premium on permanent disability
Life Plus: Death Benefit + Terminal Illness + Waiver of premium on permanent disability +
Accidental Death Benefits
Life and Health: Death Benefit + Terminal Illness + Waiver of premium on permanent
disability + Accelerated Critical Illness Benefits
All in One: Death Benefit + Terminal Illness + Waiver of premium on permanent disability +
Accidental Death Benefits + Accelerated Critical Illness Benefits.
Eligibility Conditions: