Tuesday, July 7, 2015

ICICI Bank-Strategy to reach 100 lacs mobile banking users

          Today’s post is inspired by ICICI Bank’s faith in Indian banking customers to opt for Digital Banking.

Today ICICI Bank unveiled its new version of Mobile Banking christened ‘iMobile’.

The highlight of iMobile is the access to 110+ services.

The bank is pulling out all stops to increase its mobile banking users from the 50 lac mark to the 100 lacs mark. The internal target to reach 100 lacs user base is this year end.

The new features have been introduced after intense customer feedback.
          Top features of the 110 iMobile services:-

Upload Personalised Photo – In order to provide personalised experience, now users can upload photo through this feature which will display on Dashboard.
Hamburger – Grouping of all quick links through Hamburger (left panel) for easy accessibility
Search – Introduced Search feature on Dashboard for easy navigation. Users can search any services available in the app by using this tab from Dashboard.
Favourite Transactions – Users can mark any transactions as Favourites post completing the same. They can use this feature to transact fast in future without entering same details again
Investments & Insurance – Users will be able to view their linked General Insurance and Life Insurance policy and also be able to pay premium through new iMobile.
Offers – Introduced a separate offer zone where users will find all offers at a single place.
Apply Now – Users can apply for various new products by using Apply Now tab

Accounts & Deposits:
Linking of Accounts – Now users will be able to link their various accounts / relationships by using Account Linkage feature.
Passbook – Users will be able to get access to their account statement by using Passbook feature incorporated within the new iMobile.
E-mail Statement with Export to PDF – Now users will get an option to send statement on their e-mail ID as well as export it to PDF.

Funds Transfer:
RTGS - Users can transfer funds through RTGS now.
Pay To Contacts - By using this feature now users can transfer funds to their contacts or any other mobile number just by entering payee's mobile number / e-mail ID.
Cardless Cash - Users can use Cardless Cash services through new iMobile wherein users can transfer funds to Beneficiary, even though Beneficiary does not have any Bank Account.
Schedule Transaction - Now users can schedule their transactions through New iMobile channel.

Bill Payment:
Registration of new biller – Register a biller for bill Payment
Set A Reminder – Providing a feature to Set up a Reminder for any Bill Payment transaction.

Card Blocking – New iMobile provides blocking of debit card / credit card feature to users for handling emergency situation.
iTrack – Users can track their deliverables by using Track Your Deliverables services available in new iMobile.
iLoans – Users can View Loan Summary, Access IT Certificate, EMI Schedule etc. by using new iMobile
Chat – To provide online assistance to our users within the app, we have provided Online Chat services through which users can communicate with our Customer Service Associate

One of the major concerns about users would be the security aspects.
To safeguard account information and transactions, a number of security features have been built into iMobile:

  • Secure Login - Mobile Banking via iMobile app requires secure login for access. No one is able to access your account information without knowing your unique USER ID and Password.

  • Data Encryption - Only limited information such as account numbers, and nicknames of your payees and billers are stored locally on your mobile device. All other account-related data resides at ICICI Bank - just as with Internet Banking. All data placed into local storage on the mobile device is encrypted.

  • No Identifiable Information – SMS texts or alerts from ICICI Bank never include any personally identifiable information, such as customer’s full account number, email address or mobile number.

  • Grid Card Authentication - All financial transactions are accepted after entering the grid values on the reverse of your debit card for a final confirmation.
As a promotional offer, on activation of ICICI Bank Internet Banking or iMobile, bank customers will get a free* watch from Provogue.
Please note that this offer is valid till stock lasts. Offer valid from June 05 to July 31, 2015. Of course, *Rs. 299 shipping and handling charges is payable to Provogue.

Apart from the volumes, ICICI Bank is also aiming to grow the transaction value through the mobile banking channel by up to 500 per cent over last year's Rs 16,000 crore.

Link to the complete list of services and ways to avail them in the iMobile app.
Back on popular demand.

          I am eagerly waiting for the next launch by other private sector banks.