When an Indian private bank, ICICI, entered the retail banking market in the 1990's with little technology infrastructure, capital, and retail expertise, had expected it to triumph. Public-sector banks, holding 75 percent of deposits, were controlling the retail banking market, and foreign giants had cornered the market for high-net worth people residing in the major cities across India.
With a strategy to offer credit cards to the middle class, abolish annual fees, and enter into partnerships with leading retailers, ICICI quickly proved the skeptics wrong. The exalted number one standing was attained ICICI's head of retail, by Vaidyanathan, and his team. Their progressive initiatives were focused on improving consumer service encounters and developing new products.
As the 2008-2009 fiscal crisis tripled the percentage of nonperforming assets in the Indian banking industry, Vaidyanathan had to plan ICICI maintain industry leadership and would adapt to the brand new environment.
PUBLICATION DATE: June 24, 2011 PRODUCT #: HKU935-HCB-ENG
This is just an excerpt. This case is about ORGANIZATIONAL DEVELOPMENT
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