ICICI to offer more options to UK customers
August 8, 2008
Indian bank ICICI, which has become known for some of the excellent interest rates it has been offering to savings customers in the UK, has announced that it plans to offer more services to UK consumers in a bid to expand within the UK. ICICI is a subsidiary of the second largest bank in India, and plans to expand the services on offer over the next year. It plans to offer customers current accounts, insurance services, and personal loans.
ICICI has also stated that it will be improving on its customer response times – at present it can take between 24 and 48 hours to respond to customer queries. However, although the bank has been offering good interest rates and plans to offer much more to consumers as it expands many consumers may avoid the bank simply because they have never heard of it. The bank will therefore need to improve on its marketing strategies within the UK to make more people aware of what it is and what it offers.
Another thing that may put consumers off is that until recently the bank had refused to sign up to the UK’s Banking Code, which some people were worried about. However, officials from ICICI stated that this was due to a technical problem with Chip and Pin, which was not used but was required under the Banking Code. An official from the bank stated: ‘The major obstacle was that our cards weren’t compliant. Customers can now change their pin numbers as they like and, as our systems have become more automated, we have cut down on the time it takes to open a new account to bring it in line with the industry average.’
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