Market manipulation is blatant but developed economies are likewise rigged
ICICI Bank’s BizCircle GlobalLinker engages and empowers 68,000 SMEs with simpler ways of doing business
ICICI Bank partnered with digital platform provider GlobalLinker to introduce the BizCircle GlobalLinker. The solution provides small and medium-sized enterprises (SMEs) an AI- powered platform with free sign-up. The platform offers customers with multiple partnership opportunities along with various services.
- ICICI Bank leverages fintechs extensively to provide services to customers
- The BizCircle GlobalLinker provides SMEs a digital, global platform with comprehensive services and seamless experience
- The bank supported SMEs during the COVID-19 pandemic
Singapore, 3 June 2021 – ICICI Bank’s BizCircle GlobalLinker was recognised as the Best Digital Customer Ecosystem Initiative at The Asian Banker International Excellence in Retail Financial Services Awards 2021.
ICICI Bank achieved higher business impact through digital customer ecosystem
Five banks were shortlisted for the final evaluation of the award. The focus of digital customer ecosystems varies from SMEs to automobile purchasers. ICICI Bank’s BizCircle GlobalLinker pioneered an innovative design and achieved broad business impact.
Innovation: ICICI Bank leverages fintechs extensively to provide services to customers
ICICI Bank’s BizCircle GlobalLinker provides services and products such as global networking opportunities, intelligent service, and access to business efficiency tools. To date, a total of 18 fintech and IT partners have offered services to over 67,912 SMEs from 38 industries as well as 210 sub-industries on the platform. Over a million connections were made and over 900 leads for business loans were generated through the platform.
Its closest contender for the award, Alliance Bank, introduced the BizSmart solution portal which is also a digital ecosystem built for SMEs. It has engaged and signed up extensive partners on its platform. However, the initiative has not tapped into a wide range of customers compared with ICICI Bank’s BizCircle GlobalLinker.
Infrastructure: The BizCircle GlobalLinker provides SMEs a digital, global platform with comprehensive services and seamless experience
ICICI Bank BizCircle GlobalLinker works on an original concept and is built on the principle of a single global community to help SMEs. Compared with other solutions that offer only one vertical for SMEs, the platform addresses the entire SME ecosystem by leveraging application programming interfaces (APIs) and digital integration through a single seamless experience. SMEs can access the same level of infrastructure and tools as large enterprises through the offerings provided on the platform.
Among the shortlisted initiatives, RHB’s financing (SME) mobile app is equipped with advanced technologies including AI, machine learning, and big data. Krungsri Auto application’s GO by Bank of Ayudhya also offers users with digital capabilities powered by various third-party APIs in the auto financing business.
Impact: The bank supported SMEs during the COVID-19 pandemic
In response to the pandemic, ICICI Bank organised a series of webinars in collaboration with GlobalLinker and Wadhwani Foundation. The bank also provided guidance to overcome business challenges. The bank also held "COVID-19 SME Forum" where over 600 SMEs took part to get their business issues addressed.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums.
The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145
Email: mkazmi@theasianbanker.com
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