ICICI Bank unveils a full-stack digital banking platform
By MYBRANDBOOK
To see the Covid -19 outbreak, ICICI Bank launches ‘ICICIStack’, which is a comprehensive digital banking platform,it offers nearly 500 services that cover almost all banking requirements of customers, in one place.
The ‘IciciStack’ platform incorporates digital onboarding and features a full suite of APIs and digital banking services covering accounts, payments, loans, investments insurance, 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.
Further, the list includes digital account opening (instant savings and current account opening), loan solutions (instant personal loans, instant credit cards, instant home loan sanctions, instant car loans, instant overdraft facility, instant business loans), payment solutions (digital payment solutions like UPI, bill payments using Bharat Bill Payment System), investments (instant FD, PPF, NPS and AI led robo-advisory for other investments), insurance (term and health insurances digitally) and care solutions (protection for life, health, car and home).
Further, ‘ICICIStack’ offers the first digital service that enables instant opening of savings account along with an instant FD or instant PPF, among others.
Anup Bagchi, executive director, Icici Bank, says: “We have been working on IciciStack in order to offer customers all digital banking services from one single platform for the past few years. 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."
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 crores of retail customers as well merchants, retailers, professionals, fintechs, start-ups, e-commerce players and corporates, across the country to continue all their banking, digitally and from a remote location, without visiting a bank branch or office. In the recent tie-ups with payment fintechs too, it was the wide array of services, APIs and volume handling capability available within the ‘ICICI Stack’ that enabled quick integrations overnight. We believe that in these challenging times, ‘ICICIStack’ is well poised and committed to support customers for all their banking requirements.”
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