Digital Banking: India’s ICICI Bank Introduces Virtual Bank Solutions for Corporates and their Ecosystem Partners

ICICI Bank Ltd, a privately-owned Indian development finance institution with its registered office in Vadodara, Gujarat, and corporate office in Mumbai, Maharashtra, has launched “ICICI STACK for Corporates,” which is described as a complete set of digital banking services for corporates and their promoters, group companies, employees, dealers, vendors and various other stakeholders.

The extensive range of solutions should allow corporates to easily address different banking requirements of their clients in an efficient manner. With this digital banking product launch, ICICI Bank says that it wants to become the preferred bank partner for firms and their affiliates.

The environment in which corporate clients conduct business is now quite dynamic and competitive, especially due to the accelerated adoption of all-digital platforms that are now streamlining key business processes.

In this rapidly-evolving environment, a banking partner, which may serve corporates and the ecosystems in which they do business, adds considerable value to corporate clients, the announcement from ICICI bank noted. With this in mind, the bank has implemented “ICICI STACK for Corporates” to serve the firms and their ecosystem by bringing the complete bank to the clients.

The “ICICI STACK for Corporates” aims to offer specialized digital banking solutions to firms operating in more than 15 key industries– like financial services, IT/ITES, pharmaceuticals, steel, among many others  — and their ecosystem.

These services may be customized for firms and their partners.

The ICICI STACK for Corporates includes digital banking solutions for companies; digital banking services for channel partners, dealers and vendors; digital banking services for employees and  curated services for promoters, directors and signatories.

ICICI Bank has established eight ecosystem branches — five are located in Mumbai and three are based in the National Capital Region (NCR). The company intends to establish another four branches during this year.

Vishakha Mulye, Executive Director, ICICI Bank stated:

“In an increasingly competitive and dynamic environment with rapid digital transformation impacting every industry, corporates look towards a banking partner, which can offer the breadth and depth of solutions for the entire ecosystem. With an objective to cater to the ecosystem of every corporate, we have launched a digital ‘ICICI Stack for Corporates’ with many industry first features. It offers banking solutions to corporates with backward and forward integration for their entire network of employees, dealers, vendors and all other stakeholders. We look forward to partnering with our customers for the banking needs of their entire ecosystem and unlock the full potential.”

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