BEAT THE CURVE

Season 2

TEAM NAME: The Bankers

PROBLEM STATEMENT
ICICI Bank is looking at the next big innovation that will take over the banking sector
by 2025. ICICI Bank wants a new vision for superior customer experience that will
transform banking forever. It looks forward to a breakthrough technology to help
deliver a quick and safe customer experience.

CURRENT TECHNOLOGIES INCORPOARTED BY ICICI BANK

1) E-locker and Pockets
2) Akodara- First Digital Village
3) Smart Vaults
4) Robotic Arm in Note Sorting
5) Mera iMobile, Revamped iMobile
6) Pay Later- Digital Credit
PROPOSED SOLUTION
ATMs transformed the bank tech system when they were first introduced in 1967. 
ATMs are undergoing continuous developments through these years for a safer and
convenient customer experience. We propose ICICI Banks to install biometric ATMs.
Biometric ATMs are self-service automated teller machines (ATMs), or cash machines,
that use a biometric measure to identify customers and allow them to withdraw cash.

Biometric authentication may be the only customer identifier used, or it may be used
in conjunction with another format, such as a payment card, a mobile device or an
additional security credential, such as a PIN. The biometric measures used generally
include palm or fingerprint biometrics, although they may also include other
functionalities such as iris recognition or face recognition.

The driving factor for biometric ATM adoption is that biometric technology shortens
transaction time. It also provides security unlike other measures in common use.
Using biometrics can deter crimes like Internet banking fraud, money laundering, and
identity theft.
Emerging trends in consumer behaviour and opportunities
Managing an increasing number of passwords is becoming a challenge for almost all
digital consumers. In response, consumers have taken a number of different paths.
Using the same passwords for all accounts. Obviously the worst of all options due to
the “domino effect,” allowing all accounts with the same password to be breached.
Using different password variations. This combines a perceived increased level of
security with a relative ease of use.

The use of fingerprints, retina scans, facial recognition, voice recognition and more is
where authentication seems to be heading. The most common example is Apple’s
Touch ID. While the majority of progress in this space is with mobile devices, banking
sector has huge opportunity and is catching up the trend. This technology has highest
opportunity of growth in Tier-1 and Tier-2 cities where security of accessing accounts
due to increased data breaches and a desire for greater ease of use is of utmost
importance.
THANK YOU