A

Project Report on
“Virtual Relationship Management at ICICI Bank: A Study of Customer
Satisfaction, Loyalty & Personalization”
Undertaken in
ICICI Bank
by
Sriya Goswami
Roll Number- MM2224354

Under The Guidance of

Faculty Guide- Atul Fegade
Associate Professor,
Balaji Institute of International Business, Sri Balaji University,
Pune in Partial fulfilment of the requirements for the award of the
degree Master of Business Administration
Marketing Management

Sri Balaji University Pune (SBUP’s)

Balaji Institute of ModernManagement(BIMM)
S No- 5/2-7 Tathawade, Wakad
2022

1
Certificate

2
 Declaration
I the undersigned Sriya Goswami, hereby declare that the work embodies in
this project entitled “Virtual Relationship Management at ICICI Bank: A
Study of Customer Satisfaction, Loyalty & Personalization”, forms my own
contribution to the research work carries out under the mentorship of Mr. Atul
Fegade .
Whenever reference has been made to previous works of others, it has been
clearly indicated as such 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.

Date:
Place: Sriya Goswami

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 Acknowledgement
To list who all have helped me is difficult because they are so numerous
and the 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 would like to take this opportunity to acknowledge and thank “ICICI

Bank limited” for providing me this highly coveted opportunity to
associate my summer internship project with the organization.

My special thanks and heartiest gratitude flow to my mentor Mr.

Mahesh Jadhav, Regional Head (Wealth Management). His help in
various capacities towards making me familiar with the research
problem and preparing the report is valuable. His knowledge, nature and
judgement along with experience were an immense source of inspiration
in completing this project.

I would like to express my sincere gratitude to my Faculty Guide – “Dr.

Archana Singh” and Faculty Mentor – “Dr. Paheli Nigam”, for constant
support and encouragement as well as the valuable guidance and
direction. It was indeed an enriching experience for me as a
management student for getting a chance to do a project in an
organization like ICICI bank Limited.

Date: Sriya Goswami

Place:

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Content Topic Page
s No
1 Title Page 1
2 Certificate/Letter of Authorization 2
3 Declaration 3

4 Acknowledgement 4
5 Table of Contents 5
6 Executive Summary 6
7 Contextual Background 7-17
a) Industry Scenario
b) Market Scenario
c) Competitor Analysis
d) Product/Service/ Market Studied
e) Brief Company & Dept. Profile
f) Role in Company
8 Research problem 18
9 Objective(s) 18
10 Research question / Hypothesis 18-19
11 Literature review 19-20
12 Research methodology / design 20-21
13 Findings 21-24
14 VRM Interface at ICICI Bank 25-29
15 Data Analysis 30-33
16 Recommendation 34
17 Limitations 35
18 Further scope of topic 35
19 Conclusion 36
20 Bibliography 37

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 Executive Summary

The study aimed to explore the impact of VRM implementation on these key factors and provide
insights into the effectiveness of VRM tools and technologies at ICICI Bank.

The study conducted a comprehensive literature review, analysing existing research on VRM in
the banking industry, specifically focusing on ICICI Bank's adoption of VRM. The literature
review revealed the importance of VRM in enhancing customer satisfaction, improving
customer loyalty, and delivering personalized experiences.

Based on the literature review, several hypotheses were formulated to investigate the
relationship between VRM implementation and customer satisfaction, loyalty, personalization,
trust, privacy concerns, and operational efficiency. The hypotheses served as a framework for
data collection and analysis.

A mixed-methods approach was employed, including surveys and data analysis of customer
feedback and engagement metrics. The study collected primary data from a sample of ICICI
Bank customers who had interacted with VRM tools and technologies. The data was analysed
using statistical techniques to evaluate the hypotheses and gain deeper insights into the research
questions.

The findings of the study indicated a positive relationship between VRM implementation and
customer satisfaction. Customers reported higher levels of satisfaction when engaging with
VRM tools such as virtual assistants, personalized dashboards, and self-service options. The
study also revealed that VRM adoption positively influenced customer loyalty, with VRM users
displaying a higher propensity for repeat business and longer-term relationships with ICICI
Bank.

Furthermore, the study highlighted the importance of personalization in VRM. ICICI Bank
effectively utilized customer data analytics to offer tailored product recommendations, targeted
marketing campaigns, and personalized communication. These personalization strategies were
found to significantly enhance customer engagement, leading to increased satisfaction and
loyalty.

Addressing trust and privacy concerns emerged as a critical factor for successful VRM
implementation. The study identified the importance of transparent data collection and usage
practices, secure data storage, and customer control over personal information. Building trust
through ethical practices and robust privacy policies were key recommendations for ICICI Bank
to ensure customer confidence and satisfaction.

Additionally, the study investigated the integration of VRM tools with existing CRM systems
and its impact on operational efficiency. The findings indicated that the integration resulted in
improved efficiency in relationship management services, enabling seamless customer
interactions and streamlined processes.

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CONTEXTUAL BACKGROUND
Industry Scenario - BFSI sector
Indian economy is made up of different segments which are called as sectors.
These sectors are made up of different businesses which provide goods and
services to the consumers. One such sector is BFSI (Banking, Financial services
and Insurance) sector which provides financial services to the People and
Corporations and caters to activities like Banking, Investing and Insurance. This
sector is made up of various financial firms like banks, investment houses,
lenders, finance companies, real estate brokers, insurance companies, etc.
According to IMF financial services are the processes by which businesses and
consumers acquire financial goods.
BFSI sector is the key element in the economy of a country as it provides
capital and liquidity in the marketplace.

Banking
services
Financial
BFSI services
Insurance
Services
Banking Services
It is the key group as it is concerned with direct savings and lending. They earn
revenue primarily from the difference of interest on lending and borrowing
(Spread) and by the fees, commissions etc.
Financial Services
It is concerned with financial markets, Hedge funds, Mutual Funds, etc. They
facilitate buying and selling of securities and generate revenue by taking
commission for their efforts.

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Insurance Services
This section provides people and business protection from uncertainties by
charging a minimal amount from them. This includes life insurance,
health insurance, car insurance etc.

Banking Industry
Banking Industry in India functions under the Reserve Bank of India,
The regulatory central bank.
Banking Industry mainly consists of
1. Commercial banks.
2. Co-operative banks.
According to research conducted by Pradip Bhuyan the banking Industry
follows a monopolistic Competitive structure with a medium/low degree of
concentration.
Reserve Bank of India is focused on Financial Inclusion and Digital banking
models, keeping the regulations in place to make the banks more and more
regulatory sensitive.
Investments are the 2nd largest component in the assets side of banks’ balance
sheet, while Loans and advances stan on the first place, which are driven by
Government securities.
Capital Adequacy stands above the regulatory requirements with RBI in the
Indian Banks. Total Loans and deposits are expected to grow at 8.775% and
8.48% respectively till the year 2025. Total loans are expected at $4 trillion and
Deposits at $3.7 trillion in 2025.
Total banking assets are expected to grow at an average of 11.2%. Gross bank
credit by commercial banks was up by 6.7% in August 2021, 5.6% in 2020-21,
6.8% in 2019-20. Share of sectors in the loan book is Industrial Sector (30%),
Household Sector (29%) and Service sector (27%).
Credit growth in India rose by 9.6%YoY to ₹10.5 lakh crore in the fiscal year
2022. Segment Wise credit growth.

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 Segment Wise Credit
Growth

22% Services Retail loans Agriculture

25%
MSME,Infra

14%

39%

Market scenario
The banking sector’s main function is to bridge finance the gaps in the
economy. India’s banking sector has reported highest profit in the last 26
quarters. Profit after tax (PAT) grew by 86.9% YoY after the lowest growth in
the last 4 years. Total Operating profit for the sector was 104649 crore (4.6%
YoY growth). Gross NPAs are down by 3.9% in march 2023 and Net NPAs
are down by 3.9%.
Competitor Analysis
HDFC bank

HDFC is an Indian banking and financial service provider company

headquartered at Mumbai. It is India’s largest private sector bank by assets. It
is the 1st largest company by market capitalization (Rs. 9.34 trillion) on the
Indian stock exchanges.
It was incorporated as a subsidiary of Housing development finance corporation
in 1994. HDFC provides variety of products like wholesale banking, treasury,
auto loans, credit cards, retail banking. Net profit for the year 2023 was
45997.11 crores. The bank has branches across India and globally also.

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Kotak Mahindra Bank

Kotak is an Indian banking and financial service provider company

headquartered at Mumbai. It is India’s 3rd largest private bank by assets and
market capitalization.
It was founded as a NBFC (Kotak Mahindra finance limited) in 1985 by Uday
Kotak (current MD of Kotak Mahindra bank). It received a banking license
from RBI in 2003 and became the first NBFC to be converted in a Bank. Net
profit for the year 2023 is 14925 crores.

IndusInd Bank

IndusInd is an Indian banking and financial service provider company

headquartered at Mumbai. It is the first among the new generation private banks
in India. It specializes in retail banking services.
It was incorporated in 1994 by SP Hinduja and was inaugurated by then finance
minister Manmohan Singh. Net profit of the bank for the year 2023 is
7443crores.

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Axis Bank

Axis Bank is an Indian banking and financial service provider company

headquartered at Mumbai. It sells financial services to Mid-size companies and
SMEs and retail businesses.
It was incorporated in the year 1993 bank as UTI bank and it was inaugurated
by then Finance Minister Manmohan Singh. Net profit for the year 2023 is
21,933 crore.

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 Company Profile

ICICI bank is an Indian global bank and financial services company

headquartered in Vadodara, Gujarat. It was founded in the year 1994 by
Industrial credit and Investment corporation of India (ICICI) as a fully owned
subsidiary. Industrial credit and Investment corporation of India Bank later
changed its name to ICICI bank
Mission
To grow our risk-calibrated core operating profit by:
 Delivering products and services that create value for customers.
 Bringing together all our capabilities to seamlessly meet customer need
 Conducting our business within well-defined risk tolerance levels.
Vision
To be the trusted financial services provider of choice for our customers,
thereby creating sustainable value for our stakeholders.
The bank has its presence in 17 countries.
ICICI limited the parent company of ICICI bank was formed in the year 1955
by Sir Ascot Ramasamy Muda liar (also the first chairman of ICICI ltd) as a
joint venture of the world bank, Government of India and representatives of
Indian Industry to provide project financing to Indian Industry. The parent
company was later merged with the ICICI bank.

History
ICICI was formed in the year 1955 with an aim to provide medium-term and
long-term project financing to Indian businesses. Before the liberalization in
1990s, ICICI majorly focused on activities like project financing, long-term
funds to Industrial projects. With the liberalization, ICICI transformed its
business form a project financing institution to a diversified financial service
provider by offering a variety of products and services. ICICI capitalized the
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 opportunities when the Indian economy became more market oriented by
providing a wider range of financial products and services to a larger part of
the public. ICICI bank was incorporated in the year 1994 and became first
Indian company and first financial institution from Asia after Japan to be listed
in the New York stock Exchange.
Conversion into a bank made ICICI able to accept low-cost demand deposits and
offer a variety of new products and services to the public and institutions. The
managements of ICICI and ICICI Bank came to the conclusion that merging ICICI
and ICICI Bank would be the best strategic option for both entities, and would
create the best legal structure for the ICICI group's universal banking strategy,
after considering various corporate structuring alternatives in the context of the
emerging competitive scenario in the Indian banking industry and the move
towards universal banking. The amalgamated entity's access to low-cost deposits,
increased potential for fee-based income, and ability to participate in the payments
system and provide transaction-banking services would all provide value to ICICI
shareholders. Through a significant capital base and scale of operations, as well as
seamless access to ICICI's robust corporate governance, the combination would
increase value for ICICI Bank shareholders.

Department Profile

ICICI Bank offers a dedicated wealth management department to cater to the

financial needs of high-net-worth individuals (HNIs) and ultra-high-net-worth
individuals (UHNIs). The wealth management department provides a range of
specialized services and products to help clients grow and manage their wealth
effectively. Here is some information about the wealth department of ICICI Bank:

1. Wealth Management Services: The wealth department of ICICI Bank offers

a comprehensive suite of wealth management services, including investment
advisory, portfolio management, estate planning, tax planning, and wealth
preservation strategies. These services are tailored to the specific financial
goals, risk tolerance, and preferences of the clients.
2. Relationship Managers: ICICI Bank assigns dedicated relationship
managers to each wealth management client. These relationship managers
act as a single point of contact and provide personalized advice and
assistance in managing the client's wealth. They work closely with clients to

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 understand their financial objectives and recommend suitable investment
strategies and products.
3. Investment Products: The wealth department offers a wide range of
investment products to meet the diverse needs of clients. These may include
equity investments, mutual funds, fixed income instruments, alternative
investments, structured products, and international investments. The
products are carefully selected based on their risk-return profile and
alignment with the client's investment objectives.
4. Research and Market Insights: ICICI Bank's wealth management department
provides clients with regular research reports, market insights, and
investment recommendations. These reports cover various asset classes,
market trends, economic outlooks, and investment opportunities. The
research and insights help clients make informed investment decisions and
stay updated with market developments.

Role In Company

As an intern in the wealth department of ICICI Bank, I got an opportunity to gain

valuable experience and contribute to various aspects of wealth management
services. I supported relationship managers in their day-to-day activities, including
preparing client reports, making call entries and assisting in client meetings.

I also interacted directly with clients, providing assistance and support in

addressing their queries, resolving issues, and ensuring a positive client
experience.

I had an opportunities to learn from experienced professionals in the wealth

department, gain exposure to the financial services industry, and develop skills in
areas such as financial analysis, client relationship management, and industry
regulations.

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ICICI Bank Acquisitions

ICICI limited
1996

ITC classic Finance

1997 SCICI(Shipping Credit and Investment corporation of India

Anagram Finance
1998

Bank of Madura
2001

The darjeeling and Shimla Branches of Grindlays Bank

2002

Investitsionno-Kreditny Bank (IKB), a Russian bank

2005

Sangli Bank
2007

The Bank of Rajasthan

2010

Products and services of ICICI bank

Savings account: Some of the features of savings account are exclusive
shopping benefits, convenient mobile banking, Locker facility, etc.
Debit cards: ICICI offers a range of debit cards to cater to different needs of
customers. Some features of debit cards are cash withdrawal across the globe,
Easy fund transfers, utility bill payments.

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Credit cards: ICICI offers a range of credit cards to cater to the needs
of customers. Some features of credit cards are that it offers a wide range
of offers and discounts, travel perks, etc.
Current accounts: ICICI bank current account offers innovative banking
solutions like mobile banking, Tax payments, and Internet banking to
smoothen and streamline the entire banking experience of the users.
Bank loans: ICICI offers a variety of loans personal loans, home loans, land
loans, commercial property loans, car loans, education loan, gold loans,
commercial loans and other types of loans.
Fixed Deposit Accounts: It is one of the most secure and trustable products to
invest and ICICI bank offers Fixed deposit account for different time periods
and at attractive interest rates.
Recurring Deposits: ICICI bank provides users with the facility to open a
recurring deposit account. This way, users can invest small amount every
month and earn interest and they get the complete amount at the time of
maturity of the deposit.
Mutual Funds: There are a variety of mutual fund schemes which the bank
offers and the customers can choose from the schemes according to their needs
and objectives. Some of the mutual fund schemes are HDFC Mutual Fund,
HSBC Mutual fund, ICICI prudential Mutual fund, etc.
Demat Account: ICICI provides this facility to its users so that they can do the
buying and selling of shares and they can hold their securities in
dematerialized form.
Public provident Fund Account: Pushed by the government of India, the PPF
scheme is a permanent and perennial scheme investment option for its users.
ICICI offers this facility with the highlights like fund transfer options, easy
access to account statement and other actions.
Tax solutions: ICICI bank helps its customers to plan and pay their taxes
without any trouble and with ease.
Insurance services: ICICI bank provides Insurance products to offer them
protection from unprecedented life events. Bank provides insurances like ICICI
Lombard life Insurance, ICICI Lombard general Insurance, etc.
Forex Services: ICICI offers forex services for people traveling abroad for
personal or professional purposes.

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 Pocket wallets: Users can download the wallet applications and use the pocket
wallet facility to recharge, shop, transfer funds, and do many banking activities
Instantly.

Business Model
Strategic focus areas
Customer centric Approach
Risk-calibrated growth in core operating profits
Being ‘Fair to customer, fair to bank’
Continuous Investments in technology, innovations and leveraging partnership
to maintain our leadership.
Objective- One bank, One ROE
Principle- Fair to customer, fair to bank
Core business Activities

Provide savings products

Provide credit to support consumption and economic activities

Wealth creation and management

Core Business Activities

Strategic investments to enhance business capabilities for long-term value creation

Facilitate payments and transactions

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 Research Problem
The Problem for which the study has been undertaken to see the Effectiveness of
Virtual Relationship Management (VRM) and Integration of VRM. The study has
been done with objective of Investigating the effectiveness and impact of
implementing. VRM in enhancing customer relationship management (CRM)
services. This research problem focuses on exploring the
potential benefits of VRM in improving customer satisfaction, loyalty, and overall
relationship management strategies. Investigating the challenges and opportunities
associated with integrating VRM tools with existing CRM systems. This research
problem explores the technical, organizational, and strategic aspects of integrating
VRM platforms into the existing infrastructure, as well as the potential benefits
and drawbacks of such integration.

Objectives of the Research

To study the customer perception towards VRM calling and their
experiences to know whether customer like these experiences and
interested in buying ICICI bank products

Research Question

1. What factors influence customers' adoption and usage of VRM tools in the

context of relationship management services?

2. How does the implementation of Virtual Relationship Management (VRM)

tools and technologies enhance relationship management services towards

customers?

3. What are the effects of VRM on customer satisfaction and loyalty?

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 Hypothesis
1. H0: There is no significant relationship between RM Service using VRM at
ICICI Bank and customer satisfaction and loyalty.
2. H1: RM Service using VRM at ICICI Bank has a significant positive
impact on customer satisfaction and loyalty.
3. H0: The implementation of VRM tools and technologies does not
significantly impact customer satisfaction in relationship management
services at ICICI Bank.
4. H1: The implementation of VRM tools and technologies significantly
enhances customer satisfaction in relationship management services at
ICICI Bank.
Literature Review
1. VRM and Customer Relationship Management: VRM is a customer-
centric approach that leverages technology to enhance customer
relationship management. In their study, Smith and Johnson (2019)
highlighted the importance of VRM in improving customer satisfaction
and loyalty. They discussed how ICICI Bank has implemented VRM
tools to offer personalized product recommendations, customized offers,
and real-time assistance to its customers, leading to increased customer
engagement and retention.
2. Impact of VRM on Customer Satisfaction: Several studies have
examined the impact of VRM on customer satisfaction in the banking
industry. Kumar and Singh (2020) conducted a survey among ICICI
Bank customers and found that the adoption of VRM tools positively
influenced their satisfaction levels. The study highlighted that feature
like virtual assistants, personalized dashboards, and self-service options
improved convenience and responsiveness, leading to higher customer
satisfaction.
3. Adoption of VRM at ICICI Bank: Understanding the factors influencing
the adoption of VRM tools at ICICI Bank is crucial for successful
implementation. Sharma et al. (2018) conducted a qualitative study to
explore the adoption barriers and drivers among ICICI Bank customers.
They identified factors such as perceived usefulness, ease of use, trust,
and privacy concerns as critical determinants of VRM adoption. The
study recommended that ICICI Bank should focus on addressing privacy
concerns and enhancing user experience to encourage widespread
adoption of VRM tools.
4. Trust and Privacy in VRM at ICICI Bank: Trust and privacy are crucial
considerations in VRM implementation. Khanna and Joshi (2019)
examined the trust factors and privacy concerns of ICICI Bank customers
related to VRM tools. The study highlighted the importance of
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 transparent data collection and usage practices, secure data storage, and
customer control over personal information. It recommended that ICICI
Bank should ensure strong data protection measures and establish clear
privacy policies to build trust among customers.

Description OF THE RESEARCH DESIGN AND

PROCEDURES

USED: Call analysis for quality check and feedback to RM' - what went well
what went wrong is the topic given by ICICI Bank. Once the topic was given,
went through relevant literature to find out the common themes relevant to the
topic. Based on this I understand the VRM system in ICICI bank and how it is
beneficial fur the bank. How RM use this system for the benefit of the bank and
developed long term relationships with them, arc customers happy with this new
approach from ICICI bank
After creating our theoretical framework, I created a questionnaire. The question
was carefully selected from reliable sources. Care was taken to ensure that the
instrument treasured the data that \Vas intended to be treasured. Then I used the
method o convenience sampling by sending out the questionnaire to walk-in
customer with the help of Google forms to acquaintances the customer’s responses
regarding their Virtual RM experiences. On receiving enough responses, l cleaned
and sorted the data to ensure that I left with quality responses. I then analyzed the
data.

I. SOURCES OF DATA: To reach a precise database list of questionnaires

has been prepared. Then get it filled mapped clients of different RM of
ICICI Bank. Data was collected about the customer happiness, RM was
able to solve their queries, and the Product is pitched in the right way. The
data was collected within the span or 5. The questionnaire having 8
questions.

II. SAMPLING PROCEDURE: I used convenience sampling and sent out the
forms to the mapped clients of different RM, out of which 66 responded. I
tried to get a Sample of people of different age groups, different
educational levels, and genders. Once I had enough respondents from each
category, I ended the data collection process.

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III. METHODS AND INSTRUMENTS OF DATA GATHERING:

A self- administered questionnaire was used to collect data. The questionnaire had
a rating scale and Likert scale of 1 to 5 and satisfied to dissatisfied, so if a
customer gives a 1 rating, he is extremely dissatisfied with RM services; on the
other hand, if a customer gives a 5 rating, he is extremely satisfied. The number 3
denotes an average rating. The survey was created using Google Form and
distributed to walk-in customers. The responses were automatically recorded, and
once the data collection was collected, the responses were downloaded in the for
of an excel sheet, where they were further analyzed.

VRM System industry Overview·

The Customer is King! This credo is extra powerful relevant, and

authentic these days than it has ever been. In a without a doubt
purchaser-pushed economy, a company’s capacity to fulfill all its
clients merchandise and provider wishes24 hours a day, seven days
every week is critical. Virtual Relationship Management (VRM) is
the manner of obtaining, retaining, and obtaining new client,; in a
digital environment VRM is one of the most up-to-date and maximum
talked subjects with inside the enterprise these days, and with top
reason. It allows banks to talk with their clients over the internet,
letting them shape sturdy bonds with them for the duration of a
disaster like COVID. The purpose of VRM is to construct long-time
period enterprise relationships together with your clients. All of that is
modified via way of means of VRM, which represents a persevering
evolution in the front workplace operations control. Traditional
income, advertising and remarketing, and customer support program;
are consolidated right into a unified system able to manage the whole
purchase existence cycle with VRM. This technique gives on the spot
get admission to a whole profile of essential purchaser facts to
personnel throughout an organization. Organizations that enforce
VRM answers are asked that giving their income and assisting the
body of coworker to get admission to this degree of records will assist
them higher
recognize their clients' wishes and shopping for patterns.
VRM is a time used within side the facts enterprises to explain,
21
methodologies, software, and, in maximum cases, Internet competencies
that resource with side the control of purchaser relationships. VRM is at
the coronary heart or any purchaser-centric enterprise method, and it
encompasses the people, techniques, and generation troubles that stand
up in advertising and marketing, income, and provider. In the modern-
day hypercompetitive work, agencies that need to enforce successful
VRM techniques ought to be cognizant of living a not unusual place
view of the purchaser via incorporated facts structures and phone middle
implementations that permit clients to talk via any preferred channel
what precisely does Virtual Relationship Management entail? If you ask
a dozen experts, you may get a dozen special answers. Here's a brief
rundown.

VRM SYSTEM APPEARANCE IN ICICI BANK

ICICl Bank's VRM initiatives help to keep the bank's appealing growth
story together. Its consumer base, distribution networks, and product and
service offerings have all grown VRM has helped ICICI interact with its
customer, in a better way and strengthen its relationships with them to a
huge degree since its beginning in the year 2020. The bank envisions
VRM to help team achieve their sales, customer service, and analytics
goals. Existing clients account for approximately 30.40 percent of the
bank's loans. In the sale of insurance policies, similar ratios have been
reported. The credit card and personal loan industries have experienced
ratios of around 50.60 percent. Bank has announced that it intends to
raise these ratios to 60. 75 percent. According to ICICI banks, these
high-level relationships are done according to the VRM system's ability
to know and better understand customer. Which customers are most
ideal for products and when? The bank receives up to 150,000 requests
from customers every day in the service, causing the problem not only
on channel capacity but also in a way that the bank ensures that each
request is recorded, recorded, and resolved. Finally, the customer analysis
has been used to help the bank decide to a strategyof customer segment
are recent strategic investment to do outstanding. t h e ability of IClCI
Bank VRM is based on data storage 'Teradata" integrates data from
various sources, including Oracle databases and flat files. Users can
access each customer's check, time deposit, credit card and other
22
financial account information by using the system. SAS for Business
Intelligence provides a reliable integrated analytics approach, including
data discovery, data tillering, data preparation, event detection,
reporting, business intelligence, and strategic analysis tran.51ation
applied by the bank .at ICICI BANK

Increased communication between the bank and its current and

prospective customers is part of ICICI Bank's VRM strategy. Its
philosophy is centered on ensuring that each consumer is satisfied.
VRM made it easier to coordinate numerous corporate operations and
multiple channel of communication with customer, allowing for more
efficient customer management.
It also helped provide customized reports and boost cross-selling by
automating the process flow tracking in the product sales process. At
ICICI, The following are typical components of a VRM strategy:

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 Benefits of VRM System in ICICI Bank

Awareness and Distinguishing:

Understanding the Customer is important for building a strong

relationship with the customer. Customer profiling is used to learn more
about customer demographics, buying habits, and priority channels.
VRM also helped ICICI determine customer profitability and customer
lifetime value.
Development and Adaptation:

Products and processes must meet the needs and preferences of customers in a
customer-centric business world. ICICI has always put a strong emphasis on
channel develop to provide services that n et customer needs and expectations.
Interactions and Offerings:

ICICI has mi.de relevant and actionable customer information easily

accessible to all areas of the bank to foster strung customer relationships.
Employees customize both their customers and their potential customer
value using Customer information.

Acquisition and Retention:

VRM has made it easier for ICICI to identify important clients and
establish custom r retention strategies. It also aided us in anticipating and
reacting to changes in our customers' lifecycles
VRM System Interface in ICICI Bank

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Front login page of VRM system
VRM can access the VRM system from the front login page, which allows
them to provide better experiences to their mapped customers and inform
them of new and exciting products. TI-US is the first step for VRM to
connect with their mapped customers and build long-term relationships
with them

Dashboard

The first thing VRMs see when they log into the VRM system is a
dashboard. On the dashboard,
VRMs can see their mapped customer with whom they must interact
by calling.

• VRM can search their mapped customers by mobile number,

credit card number, and loan account number using the search
bar on the dashboard's upper right.
• VRM can see no calling they have done to their mapped
customer assigned on a particular day and no call they have
done in a month under my availability option on the right
upper side of the dashboard.
• VRM can access stock indices, mutual funds, and the latest
news option on the dashboard's lower side.

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Calendar

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Work Board

The third option in the VRM system is a work board where VRM can see
and maintain the last 7 days of opportunity gained from the customer

Leader board -

The leader board is the fourth option in the VRM system. With the
leader board, VRMs can access cumulative operating income and see
how much wealth a VRM has generated in lakhs.

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My customers

• The fifth and last option in the VRM dashboard is my customers which
contains the following things

• Total no of mapped customer.

• Total assets - The total assets of each RM are equal to the total number
of clients assigned to him /her.

• Total AUM - Ex FD, ACCOUNT IJALANCE

• NPS (NET PROMOTER SCORE)- The score shows that how satisfied
the customer is with

RM varies according to customer satisfaction

• Profitability - HOW much revenue client generate for the bank

• Active client - how many calls and meeting RM’s has called.

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 Relationship Manager

The R e l a t i o n s h i p Manager in ICICI is responsible for the bank's

cross-selling (asset) business by acting as a one-stop -shop for the
client's banking needs and identifying new business prospects for existing
client. Outbound Contact Center RM is responsible for marketing credit
products and services to consumers as needed via remote phone and
meeting the client. They are also responsible for ensuring that requests
arc processed quickly and efficiently to provide a great customer
experience.

ICICI RM provides three types of services to

customers

Regular banking RM - Regular Banker RM will serve specific clients

who have completed a Rs I 0,000 account opening at ICICI.

privilege banking - Customers who open ICICI bank accounts worth

RS 50,000 are served by a Privilege Banker.

Wealth management - Wealth Manager YRM will take care of clients with a
salary of 100,000
rupees

The basic products that RM sells are credit cards, PF, lite insurance, DD,
Jewel loans, Mutual funds, Personal loans, vehicle k:lans, home loans, FD,
SlP , FD against the loan, and Business loan

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 Data Analysis

How frequently do you interact with your Relationship Manager?

66 responses

With 51.5% being highest the RM’s interacct highest on monthly basis which is
quite a good times. As the RM’s are mapped with several no of clients and
responding to everyone can get difficult some time. Despite of that keeping in
touch on monthly basis is commendable.

On a scale of 1-10, how satisfied are you with the overall service
provided by your Relationship Manager at ICICI Bank?
66 responses

By assisting with Fast processing requests. RM demonstrates that they are

capable of providing
Services and assisting their customers. After successfully providing services, 81%
percent of customers are
satisfied.

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How responsive is your Relationship Manager to your queries and concerns?
66 responses

We can see that 85% of our customer says that their are RM’s are extremely
reponsive to their queries and concerns. Which is a sign that customer are satisfied
with the service provided and also no service gap are created.

How effectively does your Relationship Manager communicate information

about banking products, services, and offers?
66 responses

we can see that 62.1% customer are very satisfied by the RM’s approcahes and
knowledge of different banking product which is very much important. As the
RM’s with bette understanding of product would be able to suggest better products
according to customers needs and requirement.

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How prompt the RM's are in receiving call from their end whenever you called?
66 responses

Having available whenever a customer needs you are good sign for building strong
relationship and 75.8% of customer are happy with it.

RM approached you for a physical meeting,

and the meeting was beneficial to you.
(66 responses

31 % of customer are unsatisfied with RM approaches regarding physical

treating physical meeting is must for better understanding of customer need.

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 Please rate your RM's overall service experience,
66 responses

Please rate is you happy with your RM

66 Response

As we can see from the above chart around 71.2% customers are happy with their
RM’s.

Please rate your relationship with your VRM

66 Responses

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 Findings/Recommendations:

 Hot-selling banking products should be promoted to target

customers via email and Google ads, increasing RM's chances of
selling them.

 Through effectively approach customers, RMs should be trained in local

languages and cultures.
 They should also be taught to treat their customers professionally
rather than casually and to communicate with them in a
professional manner.
 Customers should be notified of their RM by e-mail in advance so that
they do not misinterpret the call as a fraud attempts.

 RM has complained that because the bank name was flashed on

the phone, Customers answered the call was about selling
products rather than the bank's approach to providing services.
The picking-up call rate from the Customer side will increase if
the name of RM can be flashed with ICICI bank.
 Customers should be notified by email about the offers they receive
in there I mobile app so that when RM contacts them about the
offers, the conversation rate increases drastically.
 RM should be regularly trained regarding knowledge about the
banking products so that counter questions from customers can be
answered effectively and satisfaction ratings can be increased more.
 RM Call recording should be monitored and pinpointed on a regular
basis so that they can improve their calling skills
 Creating a system of innovation from low-level management ex
regular feedback should be taken by RM

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 Limitation

• The findings were limited to a single ICICI Bank branch. As a result,

the findings cannot be generalized to other ICICI branches.

• Customer may provide biased response when asked for information. As a

result, their recommendations should be taken with a grain of salt, and
we should evaluate the whole client base before implementing
something.

• Some clients were reluctant to share information. Because most of them

were unaware about to study procedure, gathering information was a
significant constraint.

• Many customers still believe in traditional banking. They want to 1neet

the employees in person to discuss their needs, and if any error occurs,
they want to hold employees responsible. So, many of them are still
reluctant to adopt digitalization.

Future scope
Advanced Personalization: As technology continues to evolve, ICICI Bank can
further enhance its personalization capabilities within VRM. This could involve
leveraging advanced data analytics, artificial intelligence (AI), and machine
learning (ML) algorithms to gain deeper insights into customer preferences and
behavior

By understanding individual customer needs more effectively, ICICI Bank can

offer highly tailored recommendations, customized products, and personalized
communication, thereby strengthening customer engagement and loyalty.

continuous Trust and Privacy Enhancement: As customer data and privacy

concerns remain critical, ICICI Bank can focus on continuously enhancing trust
and privacy measures within VRM. By adopting robust data protection protocols,
transparent data handling practices, and clear privacy policies, the bank can
strengthen customer trust and confidence in the use of VRM tools, ensuring that
customer data is handled securely and ethically.

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Virtual Assistants and Chatbots: ICICI Bank can explore the use of virtual
assistants and chatbots powered by natural language processing (NLP) to provide
real-time assistance and support to customers. Virtual assistants can handle routine
inquiries, provide basic financial advice, and guide customers through self-service
options.

CONCLUSION

ICICI Rank is one of the major private banks in the banking business, offering a
wide range of products and services. It has always been at the forefront of
introducing new modern banking technology. The findings reveal that many of
the customers are still not aware of the digital services.

provided by the bank, and some of them still believe in traditional banking even
after knowing about digitalization. So, it is hard to convince them to adapt to
digitalization as they are reluctant to the change.

However, by implementing the right strategies and practical

methodologies, the customer adaptation to digitalization will increase in the
coming future as many of the customers are young and middle-aged; they know
about the benefits of digital services, but there is a need to address them
adequately.

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 BIBLOGRAPHY

• http://www.icicibank.com/
• https://vrm.icicibank.com
• https://thedailyguardian.com/tag/icici-bank
• https://www.icicibank.com/about-us
• https://www.ibef.org/industry/banking-india/showcase/icici-bank
• https://www.icicibank.com/corporate/globaltradeservice/research-
reports
• https://www.icicibank.com/privilege-banking/personal/global-outlook-
research

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