ICICI Bank launches ‘ICICIStack’, a comprehensive digital banking platform, IT News, ET CIO

Bombay: ICICI Bank today announced the launch of ‘HERE Battery‘, a set of the most comprehensive digital tools in the country banking services and Apis (Application Program Interface) to ensure an uninterrupted banking experience for customers – individuals and businesses, including retailers, merchants, fintechs, large e-commerce companies, enterprises – at a time when it is advised to them to stay indoors following the coronavirus epidemic. Many of these services are the industry’s first and are available instantly on the Bank’s mobile phone or online banking platform.

‘ICICIStack’ offers nearly 500 services that cover almost all customer banking needs, in one place. The list includes digital account opening (instant savings and checking account opening), loan solutions (instant personal loans, instant credit cards, instant home loan penalties, instant auto loans, instant overdraft facility, business loans snapshots), payment solutions (digital payment solutions like UPI, bill payments using Bharat bill payment system), investments (instant robo-advisory FD, PPF, NPS and AI for other investments), insurance (term and health insurance digitally) and care solutions (protection of life, health, car and home).

In addition, “ICICIStack” offers the first digital service that allows instant opening of savings account with instant FD or instant PPF, among others.

Speaking on the initiative, Mr. Anup Bagchi, Executive Director of ICICI Bank, said: “We have been working on ‘ICICIStack’ to offer customers all digital banking services from a single platform. form in recent years. “ICICIStack” is the result of an evolutionary and pioneering journey to create digital solutions and a great capacity to realize the vision of Digital india. Following the coronavirus outbreak in recent weeks, we have added some new features and services to offer a bunch of solutions to our customers so that they can enjoy banking services without interruption.

I believe that in its current form, “ICICIStack” is the most comprehensive digital infrastructure available in the country by a bank as it can facilitate millions of retail customers as well as merchants, retailers, professionals, fintechs, start-ups , e-commerce players and businesses, across the country, to continue all their banking operations, digitally and remotely, without visiting a branch or bank office. In recent reconciliations with payment fintechs, it was also the wide range of services, APIs and volume management capabilities available in the “ICICI stack” that enabled rapid overnight integrations. We believe that in these difficult times ‘ICICIStack’ is well positioned and committed to supporting clients with all their banking requirements.

Some of the main services available in “ICICIStack” are:

· Account stack: services like instant digital savings account with FD, PPF; payroll account, checking account, travel card, bill payment solutions available instantly; APIs such as connected banking with ERP software, account management and digital partner integration

Payments Stack: Offers digital payment and payment services such as UPI, QR scan and payment, merchant settlement and customer refunds, refund transactions, the EazyPay merchant app and the digital merchant integration

Loan Stack: Includes services like instant personal loans, business loans, credit cards, home loan penalties, home loan top ups, auto loan penalties, and a small digital credit called Paylater. APIs include e-Nach based mandate, instant loan booking, disbursement to partner accounts for car loan or education loan, disbursement to customer account.

· Investment Stack: Offers instant services like FD, RD, SIP, PPF, NPS and AI for mutual fund investments, real-time investment updates and any channel service. Also offers value added products like FD with life insurance or credit card or monthly income plan or investment with SIP

· Care stack: includes life, health, car, motorcycle and home protection services.

With ICICIStack, customers can benefit from these services at home or remotely, without going to the bank branch. As a result, retail customers can enjoy increased convenience, while business customers can continue to improve their productivity even when they are away from the office in this time of “social distancing”.

A non-ICICI Bank retail client can benefit from the advantages of “ICICIStack” by simply opening an instant savings account with the Bank digitally, without having to go to a branch. A commercial entity, in the event that it is not a client of the Bank, can download “InstaBIZ”, the Bank’s mobile application specially designed for businesses, and enjoy the unparalleled convenience of “ICICIStack”. He can also request a checking account instantly and customize his account number, which is displayed instantly. Additionally, business entities can access easy bulk fund collection and payments through multiple digital, automatic modes. Bank reconciliation and can largely undertake all import-export transactions such as inbound and outbound remittances, among others, digitally.

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