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44 India's Best IT Implementations of the year 2005
Continued from page: 6
Friday, June 03, 2005
Products Cross-sell ICICI Bank
Project Head: Joydeep Dutta, Jt GM
Location: All India
You want to find out how much you made on your deposit interests and you call up the ICICI call center. The executive greets you and then you both go through the exercise of identifying yourself, specifying your account and the items you want to check. At the end of the conversation, the call center executive says “By the way sir, could we interest you in a life insurance policy we have pre-approved for you?” You get curious and ask for details. At the end of it, you buy not one policy but another one for your wife too and decide to insure your car and house too. Neat.
This is called 'cross-selling'. What happens in cross-selling is that you are their customer for one or more products and they use these relationships to sell you more products. Cross-selling and the technology it leverages (data mining) have been around for years. Yet, one seldom sees data mining actually being applied for a business application such as this, which is one of the reasons that the project managed to get a slot in the top 10.
How it works
In the case of ICICI, they are leveraging their existing CRM data to first find out what relationships you have with them. Then, these are analyzed on some 90 different parameters that can range from your credit worthiness to the strength of your payments, deposits or service accounts (cards, policies, etc). Your total score is then compared with a list of services those points qualify you for, and this short list is called up on the call-center executive's screen when you call them.
Although ICICI is using this marketing technique majorly for the incoming calls- that is they pitch a product to you when you
call them up-they are also using their on-field representatives use outward calls to promote pre-approved products. Note though that you should have already qualified for being sold something. That is, they won't be selling every calling customer a product.
Systems
This pre-approval system is keyed in to their IVR system, their internal financial database as well as their data-warehousing application ('Teradata'). The front end was coded in VB 6.0 and the back end is hosted on an IIS 5.0 Web server.
Given the simplicity of the implementation, the entire project was completed in a total of 35 days from conception to going 'live'.
Costs
They have revealed that this is their 'most significant project completed in the last financial year'. They also say that the development did not cost them anything-perhaps because 3i Infotech (formerly ICICI Infotech) did their development with a team of 20 to 40 people. The project is expected to run through its life over the next five years.
Impact
Although we would find the entire concept of someone trying to sell us yet another product when we call a call center -yes, usually we call them up to shout at them, right? ICICI says the project has been immensely successful on the ground. They wouldn't give us a figure that we could print, but they are said to have sold a large number of other products to their existing customers.
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