ICICI Bank launches ‘iFinance’ for retail and sole proprietor clients

13 Oct 2023 , 02:21 PM

The launch of ‘iFinance’ by ICICI Bank will give millions of retail and sole proprietor clients access to a unified picture of their savings and current accounts in one location. The Account Aggregator ecosystem has enabled ICICI Bank to offer this facility to customers of other banks on the bank’s digital platforms, including the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB), and InstaBIZ, its mobile app for businesses.

‘With the introduction of ‘iFinance,’ we are giving our clients and those of other banks the ability to examine all of the information related to their accounts in one location and give them more control over their money. 

The ‘iFinance’ feature is accessible through both our online and mobile banking platforms, giving consumers quick access to account information. According to Siddhartha Mishra, Head of Digital Channels at ICICI Bank, ‘We think that this new feature will make it easier for users to conveniently monitor and manage their finances.’

Features of ICICI Bank’s ‘iFinance’

1) Secure linking and viewing of all accounts: Users can examine all banks’ account balances and safely link their savings and current accounts.

2) account of income and expenditure: The service enables users to obtain a comprehensive account of their income and expenses, assisting them in maintaining adequate financial control.

3) Track payments and spending: Users can keep track of their payments and receive category-specific information on their outgoing costs. This aids them in budgeting and maintaining their overall financial stability.

4) Complete user control: The ability for users to link and unlink accounts instantly adds to the facility’s convenience.

5) Detailed statements: Users can get combined account statements for all linked Bank accounts using this feature.

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