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Eyeing market share gains ICICI open trade platform to non customers

After gaining market share in retail banking and credit cards ICICI Bank plans to open its trade platform for use by non bank customers to gain a bigger chunk of the market. On Tuesday it launched a new trade platform which will allow exporters and importers to access services like letter of credit, bank guarantee, forex, payment and collections and also value added services like credit bureaus and shipment booking.

Executive director Vishakha Mulye said the bank has improved its market share to 7.5% this fiscal from 6% last fiscal and is expecting to continue adding new clients this year.

“India Inc has bounced back from the pandemic and it is showing in the trade numbers. There are various estimates that put the total investments related to production linked incentive (PLI) schemes announced by the government at $520 billion in the next five years more than 60% of it to export led sectors. Technology will help us tap into this growing market,” Mulye said.

The bank will open its new platform called Trade Emerge to even non ICICI Bank customers just like it has done on its retail banking.

The new trade platform is close on the success the bank has got in its retail banking platform which has been able to convert users to bank customers keeping deposits or taking loans.

The bank has already seen 45 lakh downloads but more importantly, it has been successful in selling a loan or a deposit account to 10% of these customers, ET reported last week.

The bank has increased its market share in the credit card business in the last one were after RBI banned market leader HDFC Bank in December last year. The ban was subsequently lifted in August but not before ICICI closed the gap with HDFC in terms of cards issued.

Mulye said the bank is confident of adding new customers with the variety of services it is offering to traders.

The bank will tied up with companies like India Filings to help traders get key registrations and licenses such as trade license, Importer Exporter Code (IEC), GST registration.

It will also help customers, to verify counter party credibility through business information reports provided by CRIF and Dun & Bradstreet or seek shipment related support from logistic companies like Shipsy and Shipwaves.

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