ICICI Bank announced the launch of ‘iFinance,’ allowing crores of retail and single proprietor clients to obtain a consolidated view of their savings and current accounts at one place. Customers of other banks can also benefit from this facility, which ICICI Bank has introduced on the Bank’s digital platforms, namely the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB), and InstaBIZ, the Bank’s mobile app for businesses, by leveraging the Account Aggregator ecosystem.
‘iFinance’ gives a dashboard with a single view of all accounts. Users can view account balances, gain important insights into spending habits, download statements, and much more. The dashboard provides great convenience to consumers by allowing them to exercise more control over their expenses and monitor their accounts in real-time.
Speaking on the launch, Sidharatha Mishra, Head- Digital Channels, ICICI Bank, said, “We, at ICICI Bank, remain committed to offer futuristic and innovative digital solutions to our customers. With the launch of ‘iFinance’, we are enabling our customers as well as customers of other banks to view their account data in one place and provide them better control over their finances. This is the Bank’s initiative to introduce the convenience of open banking for customers by leveraging the Account Aggregator ecosystem. This unique feature also provides users with the facility to manage their expenses by analysing their spending patterns in a safe and secured place. The ‘iFinance’ facility is available across our mobile banking and internet banking platforms which provide ease of access to account information to the customers. We believe this new feature will help the users to conveniently monitor and manage their finances.”
The following are the primary elements of the ‘iFinance’ facility:
- All account linking and viewing: Users can safely link their savings and current accounts with all banks and view account balances in one place.
- Overview of income and expenditure: The service provides users with an informed overview of their income and expenditure, allowing them to better manage their money.
- Track spending/payments: Users can track their expenditures and get expense statistics broken down by category. This aids in the management of their expenses and general financial wellness.
- Complete user control: The facility also increases convenience by allowing users to link and de-link accounts in real-time.
- Detailed statement(s): This feature allows users to get consolidated account statement(s) for all linked Bank accounts.
