ICICI Bank launches comprehensive digital banking platform in India

ICICI Bank announced the launch of ICICIStack, a set of comprehensive digital banking services and application programming interfaces (APIs) to ensure uninterrupted banking experience to customers in India—retail and business, including retailers, merchants, fintechs, large e-commerce firms, corporates—at a time when they are advised to stay indoors in the wake of the coronavirus outbreak.

Many of the services are first in the industry and are available instantly on the bank’s mobile phone or internet banking platform. ICICIStack offers nearly 500 services that covers almost all banking requirements of customers, in one place. The list includes digital account opening, payment solutions, investments, insurance and care solutions.

Further, ICICIStack offers the first digital service that enables instant opening of savings account along with an instant fixed deposit or instant public provident fund among others.

Speaking about the initiative, Anup Bagchi, executive director of ICICI Bank, said, “We have been working on ICICIStack in order to offer customers all digital banking services from one single platform for the past few years. It is the result of an evolving and pioneering journey to build digital solutions and large capacity to fulfil the vision of Digital India.”

“In the wake of the coronavirus outbreak over the past few weeks, we have added a host of new features and services to our customers so that they can experience the banking services uninterrupted,” Bagchi added.

With ICICIStack, the customers can avail all the services from their homes or a remote location, without visiting the bank’s branch. With this, retail customers can enjoy enhanced convenience, while business customers can continue to improve productivity even when they are away from the office in this time of ‘social distancing’.

A non-ICICI Bank retail customer can get the benefits of ICICIStack by simply opening an instant savings account with the bank digitally, without having to visit the branch.

A business entity, in case it is a non-customer of the bank, can download InstaBIZ, the bank’s mobile application specially curated for businesses, and use ICICIStack. It can also apply for a current account instantly and customise its account number, which is displayed instantly.

Additionally, the business entities can get access to easy bulk collection and payments of funds through multiple digital modes, automatic bank reconciliation and can undertake largely all of the export and import transactions like inward and outward remittances among others, digitally.

Re-disseminated by The Asian Banker

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