ICICI Bank debuts banking and credit product package targeted at millennials

Last modified November 6, 2020. Published November 6, 2020.
A man walks past ICICI Bank in Mumbai, India, Jan. 31, 2012. (AP Photo/Rafiq Maqbool)

A man walks past ICICI Bank in Mumbai, India, Jan. 31, 2012. (AP Photo/Rafiq Maqbool)

is looking to attract India’s huge millennial population with a set of offerings that leans toward simplicity and digital-first banking and loan products, as well as a physical location targeted at the age bracket.

The suite of services, collectively called Mine, includes a checking and savings account, as well as a credit card, a mobile app, and instant personal loan and overdraft facilities, all targeted at people in the 18-to-35 age range, the Mumbai-based bank said Thursday.

“Our country is uniquely poised for a demographic dividend in the coming years with millions of youth expected to join the workforce,” said ICICI Executive Director Anup Bagchi. “We estimate that the country has around 40 million progressive young millennials, who would contribute significantly to the economy and banking in the years to come.” 

Bagchi added that the bank’s research suggests “that millennial customers want banking to be simple, digitally enabled and customized,” and “digital-first” but not “digital-only.” 

The bank will have at least one “experiential branch,” starting with one in Bengaluru, with features that have a substantial digital lean, including self-serve kiosks and digital banking terminals, as well as an area for workshops, talent shows and presentations, which will also be streamed live. Bengaluru, or Bangalore, is in southern India and is often referred to as the Silicon Valley of India.

The bank said that anyone 35 or younger may apply for an account online or through its mobile account, starting Friday.

ICICI rebounded from a rocky first half with a INR 42.51 billion ($570 million) profit in the third quarter, over six times the INR 6.55 billion ($89 million) haul from the same period the previous year.

Prior to that, the bank had scrambled to strengthen its capital position against the prospect of losses from a spike in souring loans. At the end of the second quarter, 17.5% of its loans were in moratoriums, and it had more than doubled its loss provisions from the same period the previous year to INR 75.9 billion ($1 billion).