Lab rat

ICICI Bank also wants to be a fintech

A bank that has relied on buying technology for years wants to build tech of its own. It must now let what it builds compete with what it has nurtured for years

Arundhati Ramanathan, 31 May 2018

ICICI Bank wants to react to change faster so it's building fintechs of its own

No bank in India has built tech from the ground up thus far

Banks need to prove their digital capabilities to keep their valuations strong

The real challenge lies in the integration of newly built solutions with existing business lines

In mid-2017, B Madhivanan, the chief technology and digital officer of ICICI Bank, met Rohan Angrish, the chief technology officer of online lender Capital Float. Madhivanan had questions about online lenders’ small-ticket loans. Fintechs like Capital Float lend to underserved segments like kirana stores that banks don’t normally touch. Madhivanan wanted to know more about how technology can help banks reach these segments, and how these segments will evolve.

AUTHOR

Arundhati Ramanathan

Arundhati is Bengaluru-based. She is interested in how people use money in the digital age and how new economies will take shape based on that interaction. She has spent over 10 years reporting and writing on various subjects. Previous stints were at Mint, Outlook Business and Reuters.

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ICICI Bank also wants to be a fintech