ICICI Bank's digital push: sets up innovation lab, enters fintech tie-ups

The bank has a Rs 1 billion fund for fintech partnerships

ICICI Bank is taking the digital route for growth, by partnering and investing in financial technology companies, as well as, setting up an innovation lab and a team to conceive digital solutions.

“We want to be digital at the core, remove paper and as many people as possible and have end-to-end processes driven by technology,” said B Madhivanan, Group Executive and Chief Technology Officer (CTO), ICICI Bank. 82 per cent of the bank’s transactions by savings account customers are currently digital, excluding ATM transactions.

Madhivanan said that the bank wants to ‘think like a tech company’. The bank has set