ICICI Bank onboards the Account Aggregator platform.

 ICICI Bank has introduced 'iFinance,' a groundbreaking service aimed at providing millions of customers, including both retail customers and sole proprietors, with a comprehensive view of their savings and current accounts across multiple banks.

This innovative offering leverages the Account Aggregator ecosystem, facilitating the linking of accounts across various financial institutions. Here's a closer look at the key details and features of 'iFinance':

Overview: On October 12, 2023, ICICI Bank unveiled 'iFinance,' a solution designed to empower customers with a unified perspective of their financial accounts.

Notably, this service caters to ICICI Bank customers as well as individuals who hold accounts with other banks.

Users can access the 'iFinance' dashboard through ICICI Bank's digital platforms, including the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB), and InstaBIZ (a mobile app for businesses).

 

Features:

Linking and Viewing of All Accounts: Users can securely link their savings and current accounts from multiple banks, offering a centralized view of their account balances.

Summary of Income and Expenditure: 'iFinance' provides users with valuable insights into their income and expenses, aiding in comprehensive financial monitoring.

Expense Tracking: Users can track their spending and receive category-specific expense information, promoting effective expense management and overall financial well-being.

Complete User Control: The service allows real-time linking and de-linking of accounts, giving users full control over their account connections.

Detailed Statements: Users can conveniently download consolidated account statements for all linked bank accounts, simplifying financial record-keeping.

 

How to Access 'iFinance':

ICICI Bank customers can access 'iFinance' by following these steps:

Log in to ICICI Bank's digital platforms (iMobile Pay, Retail Internet Banking, Corporate Internet Banking, or InstaBIZ).

Click on the 'iFinance' button and verify your credentials.

After verification, all your accounts with ICICI Bank and other banks will be pre-populated.

Select the bank accounts you wish to link and provide consent.

Approved accounts will be displayed for your convenience.

Customers of other banks can also benefit from 'iFinance' by following these steps:

Download the app. Yes, this is mandatory.

Register with your mobile number. Yes, this is mandatory.

Click on 'iFinance' and follow the steps outlined above for linking and accessing accounts.

With 'iFinance,' ICICI Bank is facilitating greater financial control, transparency, and convenience for customers, making it easier to manage their finances and gain insights into their spending patterns across multiple accounts and institutions.

 

Disclaimer: Personally, I am not a big fan of Account Aggregators. Lots more user-friendly features are required. The only aim is Safe ePayments.