Prudential ICICI Sees Rs 2 Cr Investment Via Web

by Hinesh Jethwani    Jun 28, 2004

Establishing the fact that online business portals are bankable ventures, Prudential ICICI has seen a dramatic return from its online transaction web portal. With an initial setup cost of only Rs 6-7 lakh, the investment through the website has touched a significant Rs 2 crore. What’s more, the benefits have come with just a minimum effort spent in campaigning the online concept.

Speaking to CXOtoday, Kalyan Prasath, VP-IT, Prudential ICICI, said, “Within a year of first going live, registration on our online transaction website has grown from just 2,000 users to a current 11,000 plus audience. That’s a significant achievement in itself. What’s more, the investments through the website have touched the Rs 2 crore mark. A significant number of NRI’s have registered on the website, and we receive traffic from the Middle East as well.”

Regarding the Return On Investment (ROI), Prasath said, “We purchased the entire web infrastructure for about Rs 6-7 lakh. The TCO has been realized within a year of operation. The online model has become popular due to the fact that it offers our customers the convenience of remotely logging on from their residence, and make complete transactions online.”

The online transactional portal has six payment gateways, including ICICI Bank and UTI. “Registered users can simply select any of the six banks with which they have a valid netbanking account, and make secure transactions online. Payment is authorized online, and the system directly credits the amount,” explained Prasath.

Quashing any security concerns about online money transfers, Prasath added, “KPMG has established concrete security guidelines and set a robust framework for our organization by conducting extensive audits. Paladion Networks has carried out the hardening of our systems. Our security is complete with a firewall, IDS, and vulnerability assessment tools running on the server. VeriSign provides 128 bit encryption necessary for secure online payment.”

Prudential ICICI is an asset management company - a joint venture between Prudential, UK based insurance company and ICICI Bank.

Tags: Web portal