ICICI Securities enters digital distribution of loan distribution segment
ICICI Securities on July 9 announced the diversification of its business model by entering into retail asset (loans) distribution business, thereby opening a new revenue stream.
ICICI Securities Limited (I-Sec), India’s leading technology-based securities and financial products distribution firm, on July 9 announced the diversification of its business model by entering into retail asset (loans) distribution business, thereby opening a new revenue stream for the organization. This service is inclusive of products such as personal loan, home loans, loan against property, auto loans, and credit cards offered by ICICI Bank. I-Sec will earn a distribution commission for selling these products through its online (ICICI Direct platform) and offline channels (a network of ~200 branches).
Speaking on the I-Sec diversification Vijay Chandok, MD & CEO, ICICI Securities said, “With our entry into the fast-growing retail loan distribution space, we have marked our presence in the entire financial planning journey of our customer’s lifecycle - from investment to protection to assets. This is a new revenue stream for us and we are confident that given the robustness of our platform and strength of our distribution, we will provide a lot of value to both our customers as well as principal."
See Zee Business video below:
— Zee Business (@ZeeBusiness) July 9, 2019
Over 0.5 million I-Sec customers are already pre-approved and credit cleared who can avail of personal loan through the ICICI direct platform without any documentation, which will get credited into their account within 3 seconds. For other categories too like auto and home loans, there is a pre-approved offer available to the customer.
Retail credit is a fast growing market in India, worth about Rs 22 lakh crore, growing at about 17% annually. ICICI Securities’ distribution business covers Mutual Funds, insurance (life, health and general), corporate FDs, NPS, SGBs, and now retail credit. These products are sold through the trading platform icicidirect.com and also through I-Sec’s ~200 branch offices spread across the country.