ICICI Bank : Selling Framework Compliance

Tuesday, June 03, 2008

ICICI Bank's International Private Banking serves High Net Worth Individual clients globally through dedicated teams for Relationship management & Research and Operations. The challenge is in complying with the myriad of complex rules followed by different countries. To complicate it more, lets say the customer is living in US and he is a citizen of India and his two nominees (lets say his kid and wife) are staying in Hong Kong and London. Then while selling a product to the customer the laws of all the countries namely US, India, Hong Kong and London will be applicable to him. This used to make the whole process very complicated for the RMs in the past.

The conflicting objectives of compliance within acceptable TATs have to be met. In the earlier process, Excel (file based) toolkits were used, which were not scalable for frequent changes and there was 100% reliance on human verification of all compliance requirements. Due to this Human compliance, a lot of misspellings from the end of the Relationship manager used to happen. Then it used to go to the verification team who would find those miss-sellings and inform the RMs and customers. But with so many miss-sellings at the level of the RM happening there was a constant risk of reputation loss and penalty. Hence ICICI deployed this application called IntelliRadar from Herald Logic to provide a very agile workflow and decision support system that can be easily updated by business users regularly without the need of any developer intervention.

This project, which has been deployed, can change compliance rules and grids on the fly by business users with ZERO involvement from IT. Plus, it has reduced the number of human touch points required for servicing clients, thereby improving TAT and improving client satisfaction with near zero risk of noncompliance consequent penalties. In the future, the bank is planning to extend the project to front -end order management processes and other front-end modules to improve its client servicing.

Vivekanand Sharma, Chief Manager

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