Onboarding project | ICICI Bank

Define the ideal customer profile (ICP)

Criteria	ICP1	ICP2	ICP3
Name	Robert Bosch Engineering & Business Solutions Pvt Ltd	Air India Express Limited	Jaquar & Company Pvt Ltd
Annual Forex Potential (In US Dollars equivalent)	45 million	10 million	3 million
Top 3 currencies	GBP, EUR, USD	AED, USD, SGD	GBP, EUR, SAR
Industry Domain	Engineering	Airlines	Bathroom & Lighting products
Stage of the company	Matured scaling	Matured scaling	Early scaling stage, but in the advanced phase of it
Cardholder count	12000+	2000+	150+
Company Details	Travel management is being centralized at the organisation. Used to be spread across our multiple zones, now we have one primary & a secondary central office requesting for PAN India travel	Restructuring / mergers at the organisation. Uncertainty looms, from the perspective of who would be the decision makers; however, possibility of more card issuance for us.	A newer client to bank, multiple products onboarded very recently, we were one amongst them
Nature of international visits	Client engagements	Functional or core operations.	Business team meets & trainings
Avg. duration of stay	22 days	3 days	15 days
Organization Structure	De-centralized	Centralized	Centralized
Decision Maker	Finance Department	Directors	Finance Department
Decision Blocker	Competition cards sold by agency	Finance team (Re-negotiated waivers with them very recently)	Competition cards sold by agency
Frequency of use case	Monthly	Monthly	Quarterly
Other products of Bank	Demat accounts	Salary & wealth accounts	Transaction banking, working capital OD
Time taken for activation (our average benchmark value is 3 months)	3.5 months	2 months	1 month
Annual volume in USD	20.7 million	6.3 million	80k (in 4 months, since onboarding)
ATM % (ATM txns give very low revenue, even with no waivers)	22%	40%	12%
Rate of growth	Low	Low to Medium	Medium
Organization culture	Low to moderate on experimentation	Less experimental	Moderate on experimentation
How did they discover ICICI Forex cards?	Seller agency	Sales team pitch	Sales team pitch

Note: ICP scope expanded prom the POV of recently onboarded corporates. The best 3 profiles are shown in table above, others’ interaction details are shown in below section.

Define user goals and JTBD

Primary: Functional goal – Able / enable employees to manage foreign currency transactions is the most preliminary goal.

Secondary: Financial goal – Find the best deal / rates to cover expenses of international business trips.

From a relevance POV, the answer was similar across ICPs that the product catered to a need and not a ‘want’, and that it was a pull product. However, this seemed to apply to all solutions addressing the same need & there was not any strong link highlighted to ICICI Forex cards.

Primary JTBD did not vary across groups, secondary was highlighted by 5 out of 6 customers. One client did not seem to have financial goals in mind, while choosing Forex cards.

Owing to the maturity of overall Forex solution within Bank, the JTBD of this particular offering seems quite specific. (i.e., there are forex cards catering to other purposes; offered to retail channel; solutions specifically for forex transactions pertaining to export-import of corporates and so on).

Customer Profile	Actionability	Prioritization
ICP1	Low (User discussions have not highlighted any variation in our offering)	Medium to High (Very frequent travel)
ICP2	Medium (Low on primary goal, but medium on secondary goal. Re-structuring & competition offers seem to be triggers for this)	Very High (Travel is part of the company operations)
ICP3	High (High on primary goal, first client to undergo digital onboarding, got suggestions for improvement in transaction workflow)	Low (In comparison to our large corporate clients, not as much travel requirement)
ICP4 – Zensar Technologies	Medium (Low on primary goal, medium on secondary with waivers in 2 additional fee components)	Medium (Consistent travel requirements every month)
ICP5 – Fox Solutions Private Limited	Medium (Medium on primary goal, seeking digital onboarding for further renewals & authorization controls for setting transaction limits via dashboard)	Medium (Consistent travel requirements every month)
ICP6 – ATC Tires	Low (Volume & doorstep delivery the only points for re-evaluation of our offering)	Medium (Consistent travel requirements every month)

Onboarding Teardown

Onboarding Teardown.pdf

Defining your Activation Metric

Hypothesis 1:

FCY load of at least 5000 USD is done in 2 months, after acquisition journey has started
Reasoning: Most of our consistent clients would have a high travel requirement in place already. So, as soon as the formalities and documentation are completed, we expect our best client to initiate the first load >=5000 USD in 2 months time. Our average activation TAT is 3 months & unless an exceptional scenario or compliance roadblock pops up, the first transaction should happen within this period. There are multiple inactive corporates, for which our sales team regularly touch bases and checks up on travel requirement. However, these are not ideal customer base as the cost of getting volume from such clients would be higher.

Hypothesis 2:

At least 5 employees would have travelled within 3 months of acquisition
Reasoning: Our product & portfolio operate on scale. The main purpose of giving corporate such an offering, with multiple fee components waived off is also to benefit from economies of scale. If the firm has less than 5 travellers in a period of 3 months, the lifetime value of firm is likely to be quite low. Most such firms of ours have become inactive over a period of year or more. The reason would not be due to any particular feature / facility, but a lack of travel need in the first place.

Hypothesis 3:

More than 1 variant of card or personalised card issued to firm in 6 months of initial load
Reasoning: Some of our customised card offering is in place to cater to travel of director / top officials, & firm would be willing to pay the fees for such limited cards. In our ideal firm, which is large-scale or centralized in nature, this requirement is bound to have come up. Although not right after load, we receive requests over a period of 4-7 months. At times, we have seen requests for personalised card without any additional perks. This is because of our product’s late entry into this space, and the traveller may already have credit card or other cards with features. The firm would not pay extra fees to get the custom variant.

Hypothesis 4:

Enhancement of credit limits for firms taking credit line, up to 10% in a period of 1 year
Reasoning: Issuing credit limit comes with risk & for new corporates especially, a highly careful approach will be taken. However, once we have experience dealing with such clients in the corporate forex domain & have sufficient data to track firm’s regular repayment / consistent load, the vintage and behaviour will be factored in for annual enhancement. We have had few cases, where the limit was enhanced as much as 25%. However, such cases are rare and a benchmark enhancement rate for us is 10%.

Hypothesis 5:

Consistent monthly load of at least 10k USD after 3 months of initial load
Reasoning: As an extension of reasoning given in point 1 & 2, we expect monthly travel requirement for our firms. An initial buffer is expected to transition and get adjusted to our processes, finalise decision on whether they will require implant and who should be the implant. Subsequent to all of this, if a firm’s volume remains passive, it is a point of concern for us and we will have to re-evaluate our relationship & check if we should service them via another channel.

All metrics that we would be monitoring & how:

Direct feedback once a quarter, for clients giving us more than 50k USD monthly volume: We would allocate dedicated relationship managers who would visit or touch-base with firm in the mode of their choice and take feedback on the experience / pain points / what else can they avail from us.
% of activation per channel in a 3-month window: There are about 300-500 logins that happen in our system (ID creation for corporate) across channels. However, we get load dump for all cards of the firms and measure how many have done a load of 2000 USD in 3 months. Although this is not our ideal customer in any way, this is the bare minimum value used to see if the client is at least active. This would also pave way for sales team to decide future course of action.
Acquisition channel for the clients who touch 10k consistently: Mapping of where we got the lead from, how the lead was converted is tracked in detail and informed Pan India as well to our product head. This is so that sales team can explore or identify potential leads from such teams based out of their location or for our leadership to further cement synergy between our teams and enable joint onboarding.
Transaction currencies & the volumes for each currency: This is tracked for our product roadmap & does not have any correlation identified so far to client quality or behaviour. This is for us to see if our product needs to add more wallets, have more Nostro accounts set up to accept foreign currency payments, if there are any more potential tie-ups for such destinations that we can onboard as our partner.
Lifetime value at client level: For our mature corporates, we measure the cost we bear for them vs. their contribution to our revenue. This is a basic portfolio check and forms basis for financial negotiation for further renewal or even at a macro level, if we can waive off any more components or increase fee value or keep any restriction (e.g.: ATM withdrawal limits) for the product or at least at a channel level.
Servicing TAT: Currently, our online experiences are measured only from this angle. Weekly load, reload, refund TATs are checked. If there are outliers or patterns seen with high values, then logs are taken to examine root cause in detail and fix the same, if it is bound to be a recurring issue.