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Digital onboarding for investment in mutual funds at ICICI Bank

November 10, 2021

ICICI Bank was founded in 1955 at the initiative of the World Bank, the Government of India, and representatives of Indian industry. The principal focus was to establish a development financial institution for offering medium and long-term project financing to Indian businesses. Until the late 1980s, ICICI Bank mainly focused its activities on project finance, offering long-term funds to various industrial projects. As India’s economy became more market-oriented and integrated with the world economy, ICICI Bank capitalised on the new opportunities to provide a diversified range of financial products and services to a broader spectrum of clients. ICICI Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI became the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the New York Stock Exchange.

In October 2001, the Board of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. Consequent to the merger, the ICICI group’s financing and banking operations, both wholesale and retail, were integrated into a single entity. ICICI Bank offers a diversified range of financial services and banking products for retail and corporate customers through a variety of delivery channels as well as various subsidiaries in the areas of asset management, venture capital, non-life insurance and investment banking, amongst others.

Founded in 1990, EbixCash Financial Technologies (ECFT) is an integral part of EbixCash, a payment solution provider emerging as one of the Financial Exchanges in India. ECFT offers a specialised suite of products and technology solutions for Banking & Finance, including Telecom Industries, which supports clients in more than 40 countries. EbixCash Financial Technologies has a comprehensive and robust suite of product offerings for Retail, MSME & Corporate Lending and Leasing, which addresses key areas of Customer Acquisition, Application Processing, Risk Management, Credit Management, Receivables Management and Debt Collections for the BFSI Sector. ECFT is headquartered in Pune, India, with additional offices in Mumbai and Chennai. The company has a strong footprint across prominent geographies such as APAC, the Middle East, Africa, and Europe.

EbixCash has solutions to address significant areas in the Telecom sector, including Customer Acquisition, Credit and Exposure Management, Debt Collection, and Commission & Incentives for Channel Partners. ECFT also offers a range of Enterprise IT services such as Application Development, Maintenance and Support to its global client base. Its next-gen products have now been implemented globally with proven value against international competition concerning functionality, technology architecture and scalability.

Challenges faced
ICICI Wealth Management division has some 400,000 (four lakh) clients in its database. Enabling digital onboarding for the entire client database with updated demographics required data migration and a clean-up. Furthermore, the solution required cross integrations across multiple entities, including core banking application, client app and portal, KRAs (Registrar agents) and RTAs (Fund Accountants) to ensure the end client is seamlessly created in the system and activated with the registrar for mutual fund transactions

MoneyWare service and functionality
The MoneyWare Integra suite spans broad investment management, including financial planning, family offices, fund accounting, trading solutions (MoneyWare Tradevizor), and revenue and incentive management. The suite can be delivered on a hosted basis, which is the supplier’s preference, or onsite.

The core functionality of the MoneyWare solution is to automate all aspects of the investment management lifecycle for client management, portfolio management, financial investment planning, revenue management and order management. Client management includes a dashboard for an online real-time view of the business and support for alternative delivery channels, including web, mobile and PDA. Transaction management supports tracking transactions through the lifecycle: initiation and execution, reconciliation, settlements, and corporate actions. Portfolio/model management for portfolio administration, offers valuations, models, and rules. The revenue management module handles all the receivables and payables, calculations and allocations and reconciliation activities. It automates the generation of periodic statements allowing access to information on demand, reporting including portfolio analysis and reports, management and transaction reports, client reports and other multi-dimensional customised reports in various formats.

Other functionalities include alerts and notifications, revenue and incentive management, risk and compliance monitoring, self-service reporting.

Implementation and benefits

Best Practices and Tools Adopted: The best practices followed include integration and load testing performance. TFS for coding and source code management had been adopted, even the release through an internal patch management system and in-house developed project management system (CMS).

Benefits: All clients of ICICI Wealth may transact online without visiting the branch or filling in physical forms. When the Covid-19 pandemic hit in 2020, this module ensured no business impact, and the AUM base increased via the digital solution.

Programme Governance

Project highlights

Key Facts

  • Bank: ICICI Bank
  • Headquarters: Gujarat, India
  • Supplier: EbixCash Financial Technologies
  • Solution: MoneyWare Wealth Management Solution
  • Go live date: April 2020
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