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Award for ICICI Bank

ICICI Bank has been presented with an award for the best lending platform project at the eighth Asian Banker Technology Implementation Awards program. The award is for the bank’s MARC, a mobile-based automation of receipts on collection activities processing system, whch allows the bank’s customers to make payments anytime, anywhere while eliminating the need for hand-written receipts. The bank has implemented the system in association with Nucleus Software, its technolgy partner. The software has been implemented on Android and Symbian OS. It updates transaction details, generates payment receipts on a paired blue-tooth printer, and pushes SMS and e-mail confirmations of transactions to the customer. The system enables straight-through processing and tracks payment on a real-time basis and has resulted in considerable cost savings by freeing up over 200 bank employees involved in physical receipt issuance and reconciliation and manual updating of receipt details into core systems. It has been implemented at 50 locations with 150 channel partners. Nucleus Software’s product is aimed at empowering field collection agents with information and tools to serve end-customers and enhance their experience. The application ensures optimal utilization of resources and increase in the overall debt recovery by tracking the ‘floating monies’ and reduces the dependency of paper based collections.

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