ICICI Bank Marketing Strategy 2024: A Case Study

ICICI Bank, a leading private sector bank in India, has developed a robust marketing strategy for 2024, focusing on reimagining banking and leveraging digital capabilities to provide a seamless and customer-centric experience. By adopting innovative approaches and exploring opportunities in various ecosystems and micromarkets, ICICI Bank continues to strengthen its position in the financial industry.

Since its inception, ICICI Bank has been committed to growth and expansion. In 2000, it made history by becoming the first commercial bank from India to list its stock on the New York Stock Exchange (NYSE). Today, ICICI Bank’s equity shares are listed on the Stock Exchange, Mumbai, and the National Stock Exchange of India Limited. Additionally, its American Depositary Receipts (ADRs) are listed on the NYSE, solidifying its global presence.

With a free float market capitalization of about Rs. 308 billion (US$7 billion), ICICI Bank ranked third among all the companies listed on the Indian stock exchanges as of April 4, 2005. The bank’s continuous growth is fueled by its international banking group, which was established in fiscal 2002 to cater to cross-border client needs and leverage its domestic banking strengths to offer products globally.

ICICI Bank operates subsidiaries in the United Kingdom and Canada, with branches in Singapore and Bahrain. It also has representative offices in the United States, China, United Arab Emirates, Bangladesh, and South Africa, enabling it to serve a diverse range of customers worldwide.

Key Takeaways:

  • ICICI Bank is a leading private sector bank in India with a global presence.
  • The bank’s equity shares are listed on the Stock Exchange, Mumbai, and the National Stock Exchange of India Limited.
  • ICICI Bank’s American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
  • The bank experienced significant growth in core operating profit and reported a net profit of US$5.3 billion as of FY24.
  • ICICI Bank takes a customer-centric approach and focuses on micromarkets and ecosystems to achieve profitable growth.

Introduction to ICICI Bank

ICICI Bank, established in 1955, is a prominent player in the Indian banking sector. It was founded by the World Bank and the Government of India with the goal of providing financial assistance to large industrial projects. Over the years, ICICI Bank has grown to become India’s second-largest bank, offering a wide range of banking products and financial services to corporate and retail customers.

With a network of over 3,800 branches and 11,162 ATMs in India, ICICI Bank has established a strong presence in the domestic market. It has also expanded its operations globally, operating in 19 countries around the world.

Regulated by the Reserve Bank of India (RBI), ICICI Bank adheres to the capital adequacy norms set by the central bank to maintain financial stability and ensure the safety of customers’ funds. This regulatory oversight ensures that ICICI Bank operates in accordance with the guidelines and regulations prescribed by the RBI.

ICICI Bank takes pride in its diverse workforce, with over 200,000 employees from various backgrounds working together to deliver exceptional banking services. The bank’s tagline, ‘Hum Hain Na,’ reflects its commitment to providing credible and trustworthy solutions to its customers.

As of March 31, 2015, ICICI Bank’s total assets were valued at Rs. 6,461.29 billion (US$ 103 billion), showcasing its robust financial position. The bank’s profit after tax for the same fiscal year amounted to Rs. 111.75 billion (US$ 1,788 million), underlining its strong performance.

ICICI Bank has embraced the digital revolution, with close to 60% of its total transactions for savings account customers conducted through new-age digital channels. This shift towards digital banking highlights the bank’s commitment to leveraging technology for enhanced customer experiences and convenience.

Statistics Value
Total Assets Rs. 6,461.29 billion (US$ 103 billion)
Profit After Tax Rs. 111.75 billion (US$ 1,788 million)
Employees Over 200,000
Branches in India 3,800
ATMs in India 11,162
Presence in Countries 19

Company Profile of ICICI Bank

ICICI Bank, established in 1994 as a subsidiary of ICICI Limited, has grown over the years to become one of India’s largest banks. Today, it is the second largest bank in the country in terms of assets and is also the largest private sector bank. With a customer base of more than 52 million and a presence in 17 countries, ICICI Bank has established itself as a prominent player in the international banking group.

ICICI Bank has a rich history and has been a pioneer in various aspects of the Indian banking sector. It played a crucial role in raising funds from international markets, which helped to boost the development of the banking industry in India. The bank has also been at the forefront of technological advancements, with a focus on digital capabilities and market share.

The bank’s focus on retail loans has been a key driver of its growth, with retail loans accounting for 66.7% of the total loan portfolio. The retail loan portfolio, including rural and business banking portfolios, grew by 19.9% year-on-year to ₹4,892.20 billion at March 31, 2021. This growth is a testament to the bank’s commitment to providing financial support to individuals and businesses across the country.

In addition to loans, ICICI Bank has also seen substantial growth in its deposit base. Total term deposits grew by 18.4% year-on-year to ₹5,008.99 billion, while total savings account deposits increased by 20.3% year-on-year to ₹2,954.53 billion at March 31, 2021. These figures highlight the trust that customers have in ICICI Bank as a reliable financial institution.

With a network of 5,275 branches and over 4,000 customer service points, ICICI Bank has a strong presence throughout the country. The bank has made a strategic effort to expand its network in rural and semi-urban areas, with 51% of its branches located in these regions. The inclusion of 649 branches in previously unbanked villages further demonstrates ICICI Bank’s commitment to financial inclusion and access to banking services for all.

ICICI Bank’s international presence and partnerships make it a truly global player. The bank’s market capitalization of $75 billion and its acquisitions, such as the 5% ownership in Yes Bank, have further strengthened its position in the banking industry. Moreover, ICICI Bank has played a pivotal role in the development of the Indian banking sector, with milestones like the establishment of CRISIL as India’s first credit rating agency, and the inclusion of CIBIL as a repository of credit information.

ICICI Bank’s comprehensive approach to banking, combined with its marketing strategy targeting professionals, regular wage-earners, and middle and upper-middle-class individuals, has resulted in a loyal customer base. The bank’s advertising campaigns with rational and emotional appeal, showcasing digital banking services and products like savings accounts for women, have resonated with its target audience.

ICICI Bank: By the Numbers

Statistic Amount
Market Capitalization $75 Billion
Customer Base More than 52 million
Number of Branches 5,275
Number of ATMs 13,846
Presence 17 countries

Core Operating Profit and Business Growth

ICICI Bank has consistently demonstrated strong financial performance, with a focus on core operating profit and sustainable business growth. In fiscal year 2023, the bank’s core operating profit increased by an impressive 36.4% year-on-year to ₹13,866 crore (US$1.7 billion) in the quarter ended March 31, 2023.

This growth can be attributed to the bank’s strategic initiatives and effective management of its domestic loan portfolio. ICICI Bank has achieved a compound annual growth rate (CAGR) of around 17% in loans from fiscal years 2022 to 2024, highlighting its ability to capture market opportunities and meet the evolving needs of its customers.

While the bank’s loan portfolio comprises various segments, it is worth noting that unsecured loans, including credit cards and personal loans, represent approximately 14% of ICICI Bank’s total loan portfolio. This diversified portfolio helps mitigate risks and ensures a healthy balance between secured and unsecured lending.

ICICI Bank’s core fees have also witnessed a robust growth of approximately 16% in fiscal year 2024, driven by the retail, SME, and business banking segments. This underscores the bank’s ability to generate sustainable revenue streams, further supporting its core operating profit.

In addition to its focus on revenue growth, ICICI Bank is committed to maintaining a stable deposit profile and optimizing its cost of funds. The bank maintains a loan-to-deposit ratio of 82.3% for its domestic book, reflecting its prudent approach to managing its deposits and utilizing them for lending activities.

Furthermore, ICICI Bank’s provision coverage ratio (PCR) stands at approximately 81%, showcasing its strong asset quality measures and diligent credit risk management practices. The bank has also allocated contingent provisions of around INR 131 billion to keep credit costs low and maintain the quality of its assets.

Core Operating Profit and Business Growth at a Glance:

Metric Value
Core Operating Profit (Q4-2023) ₹13,866 crore (US$1.7 billion)
Loan Portfolio Growth (FY22-24 CAGR) Around 17%
Unsecured Loans as % of Total Loan Portfolio Approximately 14%
Core Fees Growth (FY24) Approximately 16%
Loan-to-Deposit Ratio 82.3%

Despite a slight compression in net interest margins (NIMs), ICICI Bank has managed to maintain stable NIMs, emphasizing its ability to balance profitability with prudent lending practices.

ICICI Bank’s commitment to digital transformation and data analytics has further enhanced its business growth and asset quality. The bank’s strategic focus on digital banking is evident from the launch of various innovative digital products such as iLens and Insta Export Packing Credit. These initiatives help streamline operations, improve customer experience, and drive efficiency.

In summary, through its focus on core operating profit, prudent lending practices, and a customer-centric approach, ICICI Bank has achieved remarkable business growth while maintaining strong asset quality. This positions the bank as a trusted and reliable financial partner for individuals and businesses alike.

Customer-Centric Approach

ICICI Bank’s marketing strategy is built upon a strong commitment to a customer-centric approach. The bank understands that in today’s digital age, customers expect personalized solutions and seamless experiences. To meet these expectations, ICICI Bank has developed innovative digital customer journeys that cater to the specific needs and preferences of its customers.

Through its customer 360º approach, ICICI Bank strives to gain a comprehensive understanding of each customer by leveraging data and analytics. This allows the bank to anticipate customer needs and provide tailored solutions that address their financial goals and aspirations.

The bank has invested in cutting-edge technologies and platforms to create a truly digital banking experience. By leveraging digital processes, ICICI Bank has reduced response times for customers, improved efficiency, and enabled instant loan approvals. Customers can now open accounts, apply for loans, make payments, and manage their investments and insurance needs from the comfort of their homes.

One of the key digital platforms offered by ICICI Bank is iLens. This end-to-end loan journey platform has revolutionized the loan application process, streamlining it and enhancing the overall customer servicing experience. With iLens, customers can now apply for loans online, receive instant approvals, and track the progress of their application in real-time.

The bank’s focus on digitization and automation has not only improved customer experiences but has also led to significant cost efficiencies. Robotic processes have been implemented to reduce turnaround times and enhance operational efficiency, ensuring that customer requests are handled swiftly and accurately.

ICICI Bank understands that true personalization goes beyond digital journeys. The bank has also invested in capability building through in-house functional academies and industry academia initiatives. By training its employees to be experts in their respective domains, ICICI Bank aims to provide customers with the highest level of expertise and personalized service.

The Emphasis on Customer 360º

As part of its customer-centric approach, ICICI Bank has established cross-functional teams that cover various market segments. These teams work collaboratively to deliver personalized solutions to customers, taking into account their unique financial needs and aspirations.

Moreover, ICICI Bank places a strong emphasis on ethics and integrity as core values in all customer interactions. By fostering a culture of trust and transparency, the bank builds long-lasting relationships with its customers, earning their loyalty and ensuring their financial well-being.

In conclusion, ICICI Bank’s customer-centric approach, backed by digital innovations and personalized solutions, sets it apart in the banking industry. By leveraging technology, data, and cross-functional teams, ICICI Bank is able to deliver exceptional customer experiences that meet the evolving needs of its customers.

Micromarket and Ecosystem Focus

ICICI Bank applies a strategic approach to cater to specific customer segments through its micromarket focus. By leveraging data analytics and other relevant factors, the bank customizes its offerings for each micromarket, providing tailored propositions to meet the unique needs of its customers.

Through its micromarket insights, ICICI Bank gains valuable information that allows it to make informed decisions regarding optimal locations for business centers, realignment of its distribution network, and the launch of targeted marketing campaigns. This approach ensures that the bank maximizes its presence in every micromarket it serves.

A key aspect of ICICI Bank’s strategic approach is the development of customer ecosystem propositions. These propositions are designed to address the specific requirements of various customer groups, such as start-ups, capital market participants, and students. By offering tailored banking solutions, ICICI Bank aims to create a seamless and efficient banking experience within each customer ecosystem.

To support this focus on micromarkets and customer ecosystems, ICICI Bank continuously analyzes market trends and engages with its customers to ensure that its offerings remain relevant and aligned with their evolving needs. By staying close to its customers, ICICI Bank can deliver personalized solutions that drive customer satisfaction and loyalty.

Micromarket Insights Tailored Propositions Customer Ecosystem Propositions
ICICI Bank utilizes data analytics and market insights to understand specific customer segments. The bank customizes its offerings to meet the unique needs and preferences of each micromarket. ICICI Bank develops tailored banking solutions for start-ups, capital market participants, and students.
The bank identifies optimal locations for business centers based on micromarket insights. By tailoring its propositions, ICICI Bank aims to provide the most relevant and valuable products and services in each micromarket. These propositions are designed to offer a seamless and efficient banking experience within specific customer ecosystems.
Market trends and customer feedback guide the bank’s decisions on realigning its distribution network. ICICI Bank’s tailored propositions ensure that its offerings remain competitive in each micromarket. By focusing on customer ecosystem propositions, ICICI Bank aims to foster strong and lasting relationships within specific customer groups.

Digital Capabilities and Market Share

ICICI Bank recognizes the importance of digital capabilities in today’s fast-paced banking industry. To stay competitive and capture a significant market share, the bank has been investing in advanced technologies and digital innovations.

One of the key initiatives by ICICI Bank is the development of its “Insta” products, which offer end-to-end digital journeys for customers. These products provide convenient and seamless banking experiences, allowing customers to perform various transactions quickly and securely.

In addition to developing its own digital capabilities, ICICI Bank has also formed strategic partnerships with digital companies and fintech firms. These collaborations have helped the bank differentiate its franchise and expand its reach in the digital space.

By leveraging its digital capabilities, ICICI Bank attracts new customers and strengthens its relationship with existing ones. The bank aims to capture profit pools across segments, sectors, and ecosystems, deepening its wallet share.

ICICI Bank’s digital initiatives have been successful in driving customer adoption of digital banking services. Approximately 50% of the bank’s transactions are conducted through mobile and internet platforms, highlighting its strong digital capabilities and customer-centric approach.

The bank’s focus on digital transformation has positioned it as a pioneer in the industry, enabling it to effectively compete with fintech firms and non-banking financial companies (NBFCs).

Through its digital capabilities, ICICI Bank has gained a significant market share within the Indian banking industry. It boasts a customer base of over 52 million and holds a market share of 34%. The bank dominates the retail and High Net Worth Individual (HNI) segments, with a market share of 65% in these areas.

ICICI Bank’s extensive distribution network, with 4,100 branches and a vast network of ATMs, ensures its accessibility to customers seeking banking and financial services.

To further enhance its digital capabilities and maintain its market share, ICICI Bank continues to invest in research and development, strategic partnerships, and ongoing innovation to provide customers with convenient, secure, and innovative financial solutions.

Example of table

Key Statistics ICICI Bank
Number of Employees Over 70,000
Customer Base Over 52 million
Market Share 34%
Branches 4,100
Distribution Network 11,162 ATMs and 3,800 branches within India

Recruitment Strategy: User Personas

To attract and retain the right candidates, organizations need a recruitment strategy that goes beyond generic job postings. ICICI Bank understands the importance of targeting the right audience and tailoring their recruitment campaigns accordingly. One effective approach they use is the creation of user personas.

User personas are semi-fictional representations of the ideal job candidates. These personas are developed through a careful analysis of demographic and psychographic data, as well as an understanding of job seeker behavior. By creating personas, ICICI Bank can better resonate with their target audience and increase the chances of attracting candidates who are the perfect fit for their roles.

Once the user personas are defined, ICICI Bank leverages online targeting to reach their desired candidates. They utilize various online channels, such as Google Display Ads, Facebook Ads, and Quora Ads, to specifically target individuals who match their user personas. This ensures that their recruitment campaigns are seen by the right people, increasing the chances of receiving applications from qualified candidates.

Measuring the success of their recruitment strategy is essential for ICICI Bank. They track key metrics such as the number of resumes received and the resume acquisition cost. By optimizing their campaigns based on these metrics, they can continuously improve their recruitment process and reduce costs.

Implementing a well-optimized recruitment campaign has several benefits. It can decrease the cost per hire and the time taken to fill open positions. Moreover, by attracting candidates whose skills and values align with the organization, ICICI Bank can potentially reduce turnover rates and enhance employee satisfaction.

In addition to these advantages, optimized recruitment campaigns also address the costs associated with vacant positions. These costs include lost productivity, overworked staff, and missed business opportunities.

However, recruitment campaigns do come with their own set of challenges. The landscape of job seeker behavior is constantly evolving, necessitating adaptability. Furthermore, handling vast amounts of data and standing out in a competitive market can be daunting tasks for recruiters.

To overcome these challenges, it is crucial to set SMART goals in recruitment. SMART goals are specific, measurable, attainable, relevant, and time-bound. By establishing clear goals, organizations can create more targeted and efficient recruitment campaigns.

Aligning recruitment objectives with business goals is key. This ensures that hiring practices support the strategic direction of the company and contribute to its overall success.

In conclusion, user personas and online targeting play a vital role in ICICI Bank’s recruitment strategy. By understanding their target audience and tailoring their campaigns accordingly, the bank increases their chances of attracting the right candidates. Implementing an optimized recruitment campaign leads to cost reduction, better candidate fit, and improved overall recruitment efficiency.

Common KPIs in Recruitment Campaigns

KPI Definition
Time to Hire The number of days it takes to fill a position from the time it is opened
Quality of Hire The overall performance and fit of the candidate after being hired
Cost per Hire The cost incurred to hire a candidate, including advertising, recruiting fees, and onboarding expenses
Applicant Drop-off Rate The percentage of applicants who abandon the application process before completion
Offer Acceptance Rate The percentage of candidates who accept a job offer after it is extended

Branch Transformation and Business Centers

ICICI Bank has undergone a significant branch transformation to adapt to the changing needs of its customers. The bank has reimagined its branches as dynamic business centers focused on enhancing customer engagement and providing personalized solutions.

With a customer-centric approach, ICICI Bank has revamped its processes and utilized technology solutions to streamline interactions and deliver seamless experiences. The transformation has strengthened the bank’s branch network, enabling constructive customer engagement, efficient decision-making, and enhanced accountability.

The business centers of ICICI Bank are designed to cater to local market insights and customer preferences. By leveraging data analytics and customer feedback, the bank tailors its propositions and marketing campaigns to address specific customer needs.

Key Highlights of ICICI Bank’s Branch Transformation:

  • Redesigned branches as business centers to enhance customer engagement
  • Streamlined customer interactions through technology solutions
  • Strengthened branch network for constructive customer engagement, decision-making, and accountability
  • Focused on local market insights to tailor propositions and marketing campaigns

The branch transformation initiative reflects ICICI Bank’s commitment to providing exceptional customer experiences and staying ahead in the competitive banking landscape. By combining innovative technologies, personalized solutions, and localized strategies, the bank aims to foster long-term customer relationships and drive business growth.

Achievements and Impact:

The branch transformation strategy has yielded positive results for ICICI Bank. As of March 31, 2019, the bank witnessed substantial growth in its retail loan portfolio, which accounted for 60.1% of the total loan portfolio, a significant increase from the previous year.

In addition, the bank witnessed a 13.3% increase in total savings deposits, reaching ₹2,276.71 billion. To further expand its reach, ICICI Bank added 431 insta-banking kiosks during fiscal 2019, bringing the total count to 1,167 by March 31, 2019.

With a robust branch network comprising 4,874 branches and a strong presence in rural and semi-urban locations, ICICI Bank ensures last-mile access through on-field staff and business correspondents. This approach helps cater to the banking needs of customers in remote areas and contributes to the bank’s commitment to financial inclusion.

Moreover, the bank’s focus on digital capabilities has resulted in the successful launch of the ‘iMobile’ mobile application, offering over 250 services across all mobile platforms and catering to a vast user base. The introduction of the ‘Mera iMobile’ app for rural customers has further increased accessibility and processed millions of financial and non-financial transactions.

By embracing branch transformation and leveraging the potential of business centers, ICICI Bank continues to innovate and enhance customer experiences, solidifying its position as a leading player in the banking industry.

ICICI Bank’s Branch Network and Digital Solutions

Branches ATMs Insta-banking Kiosks POS Terminals Cash Acceptance Machines
4,874 14,987 1,167 391,625 1,451


In conclusion, ICICI Bank’s marketing strategy has proven to be highly effective in driving the bank’s growth and success. By adopting a customer-centric approach and leveraging digital capabilities, ICICI Bank has been able to enhance customer engagement, gain market share, and create new markets through ecosystems.

The bank’s core operating profit less provisions recorded an impressive growth of 43.0% during fiscal 2023, reaching ₹424.73 billion. Additionally, the domestic loan portfolio increased by 20.5% year-on-year to ₹9,855.29 billion, indicating the bank’s solid performance.

ICICI Bank’s focus on micromarkets and industry-specific solutions, such as the launch of over 20 STACKS catering to various sectors, has further strengthened its position in the market. The merger of the retail and rural business groups, along with the appointment of ‘State Business Heads,’ has allowed the bank to capture opportunities in non-metro locations and strengthen its organizational structure.

Overall, ICICI Bank’s commitment to innovation, technology resilience, and sustainable business practices positions it strongly in the Indian banking sector. With its global presence, strong financials, and customer-centric approach, ICICI Bank is well-equipped to continue driving financial success and delivering value to its customers.


What is ICICI Bank’s marketing strategy?

ICICI Bank’s marketing strategy focuses on a customer-centric approach, leveraging digital capabilities, and targeting specific micromarkets and ecosystems.

How does ICICI Bank attract and retain customers?

ICICI Bank attracts and retains customers by offering holistic banking solutions, using data analytics to tailor products, and investing in digital capabilities.

What is ICICI Bank’s approach to customer segmentation?

ICICI Bank adopts a micromarket approach to understand and serve specific customer segments, using data analytics to tailor its products and solutions accordingly.

What is ICICI Bank’s digital marketing strategy?

ICICI Bank’s digital marketing strategy includes the use of various online channels, such as Google Display Ads, Facebook Ads, and Quora Ads, to target specific user personas.

How has ICICI Bank transformed its branches?

ICICI Bank has transformed its branches into business centers to enhance customer engagement, streamlining processes, and leveraging technology solutions.

How does ICICI Bank leverage digital capabilities?

ICICI Bank leverages digital capabilities by offering end-to-end digital journeys on its “Insta” products and establishing digital partnerships to differentiate its franchise.

What is ICICI Bank’s recruitment strategy?

ICICI Bank’s recruitment strategy involves identifying specific user personas through demographic and psychographic analysis and targeting them through various online channels.

How does ICICI Bank achieve profitable growth?

ICICI Bank achieves profitable growth by focusing on core operating profit less provisions, increasing its domestic loan portfolio, and maintaining a competitive advantage in cost of funds.

What is ICICI Bank’s brand positioning?

ICICI Bank positions itself as a trusted financial partner by focusing on transparency, suitable banking solutions, and strong governance and risk management practices.

What sets ICICI Bank apart from other banks?

ICICI Bank differentiates itself through its customer-centric approach, digital capabilities, focus on micromarkets and ecosystems, and commitment to building a sustainable business.
About the author

Nina Sheridan is a seasoned author at Latterly.org, a blog renowned for its insightful exploration of the increasingly interconnected worlds of business, technology, and lifestyle. With a keen eye for the dynamic interplay between these sectors, Nina brings a wealth of knowledge and experience to her writing. Her expertise lies in dissecting complex topics and presenting them in an accessible, engaging manner that resonates with a diverse audience.