The bank claims to have introduced an array of futuristic and industry-first services in the revamped iMobile application.
Celebrating the milestone of crossing 20 years of digital banking journey in the country, ICICI Bank has announced the launch of revamped iMobile app with many industry-first features. The bank claims to have introduced an array of futuristic and industry-first services in iMobile like –
- Inclusion of the country’s first and only software robotics algorithm led investment advisory application on mobile, ‘Money Coach’.
- Introduction of paperless KYC and online registration process for mutual funds in a single click.
- Rolling out feature to manage security of credit cards from mobile phones, a first among banks in the country.
- Introducing country’s first fund transfer service using voice commands.
- Enabling instant digital credit of upto Rs 20,000 – the first bank to do so.
Money Coach is aimed to manage the entire investment journey of a customer from building an investible corpus to investing in recommended portfolios and tracking it 24×7. It also brings in a paperless KYC and online registration process for mutual funds in a single click, which is a first among banks. This facility brings in a new level of convenience and experience to customers as it replaces a lengthy and paper-intensive process of registering their KYC for mutual funds.
The Bank also leveraged upon Apple’s virtual voice assistant, ‘Siri’ to enable seamless peer-to-peer fund transfer to registered payees using voice commands.
Talking about the milestone, B Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI Bank said, “We are proud to share that our journey of pioneering digital channels has completed the milestone of 20 years, a first in the industry.”
“To celebrate this milestone, we are unveiling an array of futuristic features on our digital channels including voice based services, biometric recognition led login, single click registration of KYC for mutual fund investments, intelligent algorithms to display portfolio status and spend patterns,” he added.
Commenting on the trend in digital banking, Madhivanan futher said, “I believe that the future of internet banking lies in digital loans and quick investments. For mobile banking, I foresee that in the near future, growth will be led by voice based services and technology, AI (artificial intelligence) led personalised suggestions and services for every customer and ‘satchet’ like financial products with small ticket digital loans and insurance.”
The new features on iMobile include:
1. Money Coach: A software robotics based automated personal finance and investment advisory platform which helps customers plan their future investments in a seamless manner. The service is offered free of cost and enables goal based investment advisory. After the introduction of this facility, the Bank has witnessed manifold increase in customers investing through iMobile.
2. ‘Discover’, one view dashboard with spend patterns: Another first of its kind feature, it displays transactions across all savings account, credit cards and Pockets wallet held with the Bank in one place. It offers a host of services such as a consolidated statement of transactions done through the year, a graphical representation of spending patterns, suggestions for future transactions based on past transaction records as well as an option to track deliverables and service requests.
3. Voice based payments: Leverages upon voice assistant service that allows customers to transfer funds to their registered payees through voice based commands
4. 3D Touch: This feature allows users to initiate transactions such as bill payments, fund transfer or scan a QR code by simply long pressing the iMobile icon.
5. In app merchant payments: With this feature, customers can make instant payments for day-to-day transactions such as ordering food, hotel bookings, travel etc. from within iMobile, directly from their bank account.
6. Instant digital credit: It enables customers to buy small ticket items immediately in a completely digital and paperless manner. Using the facility, customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.
7. Securing card transactions: ICICI Bank is the first bank in the country to enable users to pre-set limits on their credit and debit cards for domestic as well as international transactions. Additionally, the Bank has recently introduced a new feature in iMobile that gives customers the power to control the security of their cards from their own phones at just the flick of a button, 24×7.
8. Swipe to check balance: Customers can now check their account balance without logging in to the app. Customers can swipe on the non-logged-in page to glance through their account balances and credit card outstanding amount.
9. Favorite Transactions: This particular feature allows users to tag their frequent transactions as ‘Favorite’ that enables seamless payments in future.