India's largest private bank explores blockchain

Rage Comment : After ICICI, India's largest private bank, made internal personnel and department adjustments for blockchain technology in May, it once again emphasized the use of blockchain technology to improve customer experience and internal management, and said it would take into account both internal development and cross-field cooperation. As ICICI's official website said, they are tirelessly pursuing technological advantages and attach importance to the contribution of banks to economic and human development. Therefore, the core goal of its blockchain technology exploration is to improve user services.

Translation: Annie_Xu

India's largest private bank, Industrial Credit Investment Bank of India (ICICI Bank), is committed to using blockchain to improve customer experience and service security. Indian media reported that ICICI Bank, headquartered in Mumbai, will set up a new position - Chief Technology and Digital Officer (CTDO) for this purpose.

The CTDO will be in charge of the bank's newly formed Technology and Digital Group, which will expand the bank's digital and technology offerings, and will report directly to ICICI Managing Director and CEO Chanda Kochhar.

Adopting blockchain technology

Banks require complex clearing and settlement systems, and blockchain can achieve this function.

The focus of ICICI Bank’s blockchain development is to provide a better customer experience. ICICI hopes to reduce duplication of data acquisition, while the blockchain-based system can be more scalable and cost-effective.

Chanda Kochhar

Chanda Kochhar says:

"For example, this is not limited to banking. If we want to expand trade and import and export, can we directly connect the export location, export license issuing agency, certification bank and paying bank? Or suppose the port of inspection changes. If all these processes are placed on an open ledger, the process will be transparent, thereby reducing fraud; it can also reduce data entry errors and bank data mismatches. "

ICICI sees opportunities in Internet finance

ICICI Bank decided to take a comprehensive approach, building its own services while considering cross-sector collaborations.

“While there are players in specific niche markets (referring to internet finance and mobile wallet companies), banks can fully develop them in-house as long as they ensure sufficient technological advantages and optimized solutions.”

In addition to customer experience

Since the emergence of Bitcoin, its underlying technology, blockchain, has been attracting the attention of the banking industry. ICICI Bank hopes to build a system to improve customer experience and daily management at the same time. Bank employees can use the products of the technology and digital group to take leave, complete work, and query data and personal information.

ICICI did not provide further details on the application of blockchain technology.