Trust as the Foundation: ICICI Bank’s Vision for the Digital Future of Banking
From the computerization wave of the 1980s to today’s AI-driven landscape, banking has undergone a profound technological shift. Yet, amid this digital transformation, one principle remains unchanged: trust.
In the LeadershipConneX – Future of Banking podcast, VV Balaji, CIO (CGM) at ICICI Bank, explores how trust continues to underpin customer relationships even as digital channels redefine engagement.
The Enduring Value of Trust
While a majority of banking interactions have moved online, VV Balaji highlights that physical branches still serve as vital touchpoints. He states,
“Branches will still be one of the big touch points as far as banking is concerned. The other point is that there is scope for many banking players in the country, despite many fintech players coming in. They will not be able to replace banks. Banking is a trust business, and creation of trust is a long-term act.”
Contrary to the belief that only a few players will dominate, Balaji believes the future will see a diverse ecosystem of banks, each sustaining their unique trust-driven relationships with customers.
Fintech: Partnering for Progress
Balaji views fintech not as a threat but as a complement. He notes, “Fintechs can disrupt the payment space. Fintechs can disrupt a bit of the loan space. But the liabilities part is where the banks come into the picture.” Collaborating with fintech allows traditional banks to innovate while preserving the core element that sets them apart: credibility.
Augmenting Humans with AI
With artificial intelligence becoming a part of the tech innovation happening in the banking space, VV Balaji sees it as a welcome part of the technological evolution. He points out that when computerization came in, there was a fear that there would be a job loss, but to the contrary, banks have been net adding manpower. With the Indian economy growing, he says. Today, AI enhances banking by breaking language barriers, simplifying documentation, and improving accessibility, augmenting human intelligence rather than replacing it.
India’s Leadership in Banking Security
Even with AI and new technologies coming in, banking in India is still one of the safest in the world. From early adoption of two-factor authentication to stringent process controls, and with digital inclusion in the JAM trinity, all built in a secure manner.
“Even with mobile phones, all the digital guidelines that RBI has issued has lots of safeguards for banks. We have excellent identity and access management solutions; we are securing the customer’s debt. In a world, where there is a lot of data intrusion into the system of banks globally, I think India has far fewer incidents compared to its global peers,” adds Balaji.
Sustainability and Future-Readiness
ICICI Bank is integrating environmental responsibility into its operations, including the use of solar-powered data centers. Looking ahead, Balaji describes the dual challenge for CIOs as akin to “performing a heart transplant while running a marathon” continuously evolving tech infrastructure while ensuring seamless, secure operations.
Embracing the Symbiosis of AI and Human Intelligence
Balaji’s advice for future technologists is clear: change plan. No system remains relevant forever. The future of banking lies in combining AI with human insight, not as substitutes, but as collaborators.
LeadershipConneX – Future of Banking, presented by AdaniConneX in association with Financial Express, brings together India’s most forward-thinking banking leaders to discuss how technology is shaping the next chapter of finance.
