ICICI Bank upgrades its Core Banking System

ICICI Bank is upgrading its core banking system to the next generation in the month of May, 2015. According to the bank, this is an upgrade to seamlessly offer banking solutions to the customers. The bank has issued a alert to its existing customers about the planned upgrade that might disturb some of its services during the upgrade process.  However, the bank has claimed that there would be no problem in its regular services such as ATM, check and fund transfer through its mobile application. 

Most of the banks are trying to move to the next generation core banking solutions as their current CBS is old and needs a lot of support. The CBS upgradation is a huge business opportunity for players such as Infosys. This market was cited to be around Rs 1000 crore in the domestic market.

However, the bank has not disclosed the implementation partner and the solution which it is implementing. It is learnt that the bank is on a massive digitization drive after it is facing competition from the foreign banks. 

Here is the bank communication to the customers:

Dear Customer, Customer convenience has always been hallmark of ICICI Bank's Khayaal Aapka promise. As a part of this promise we continually improve our products, services and systems. We would like to inform you that we are upgrading our core banking system to serve you better. This activity will start at 12 noon on May 9, 2015, Saturday and will continue till 9 a.m. on May 11, 2015, Monday. All the services at our branches will be available till 12 noon on May 9, 2015 (Saturday). During the period of upgrade the following important services will continue to be available: At our ATMs, cash withdrawal, balance inquiry, cheque book requests and Funds Transfer On our website and iMobile, funds transfer between ICICI Bank accounts, IMPS, generate password, FD/RD creation Phone banking will continue to be available during the period of upgrade There will be no change to your User ID, Password and PIN due to this activity. If you receive any calls or e-mails asking you to share these details, please do not respond to them. ICICI Bank officials will never ask you to share these details on phone or e-mail. Only a limited number of services will be impacted during this activity. To know more about these services, please refer to the Important Information mentioned below or you may call our Customer Care or visit the nearest ICICI Bank branch. Sincerely, Aanchal Kapoor Head - Privilege Banking