Establishing industry benchmarks with ICICI Bank
ICICI Bank is India’s largest private sector bank with a network of 3,845 Branches and 12,012 ATM’s across India.
After the economic downturn in 2008, there was a significant rise in insecurity in the average consumer’s mind regarding the solidity of their banks. Among the worst hit was ICICI Bank. Negative sentiments were pushing customers to line up outside ATMs to withdraw their money and they were also urging others to do so.
ICICI tried to pacify customers by doing print and TV advertising, but customers were getting influenced by views and opinions expressed by others online. The bank came to us to help manage their reputation online.
ICICI Bank came to us in the early days of reputation management. We were faced with 3 key challenges:
<li>Volume – ICICI saw an average of 200k+ mentions in a regular month in India alone.</li>
<li>Customization – Mentions came from across 17 countries where the bank was operational, for a highly diversified product portfolio</li>
<li>Workflow – A publicly listed company operating in a highly regulated industry meant that ICICI’s own teams would have to sign off on every single response, real time.</li>
There were a few listening tools available – none could handle the volumes, the degree of customization and a real time workflow shared across 3 different location that we required.
What did we do?
<li>The bank trained a specially created team (which included a dozen engineers) on identifying issues.</li>
<li>We built a reputation management tool to suit our requirements from scratch.</li>
<li>We worked with them on devising responses from everything to complaints, wild speculation and everything in between.</li>
We started seeing changes in customer sentiment once the process was taken live.
ICICI Bank moved from being a not so trusted financial brand to most trusted financial brand in India through the continuing tenure of this program. Processes followed by the Bank also became an industry benchmark that other banks in India now emulate.<code></code>