Mumbai: ICICI Bank has launched ‘iFinance’, an application that allows customers to view their savings and current accounts across banks in one place. The service is available for customers and non-customers through the bank’s digital platforms, including the iFinance app.
The private bank has facilitated this single-view service by plugging into the account aggregator system – a consent-based service enabled by the Reserve Bank of India.
The one view is available across the bank’s digital platforms, namely the iMobile Pay app, retail internet banking (RIB), corporate internet banking (CIB) and InstaBIZ, the bank’s mobile app for businesses.
‘iFinance’ provides a single-view dashboard of all accounts. Users can check account balances, get valuable insights on spending patterns, and download statements. The dashboard offers significant convenience to users and assists them in exercising better control over expenses and monitoring their finances.
“This is the bank’s initiative to introduce the convenience of open banking for customers by leveraging the account aggregator ecosystem. This unique feature also allows users to manage their expenses by analysing their spending patterns safely and securely. We believe this new feature will help the users to monitor and manage their finances conveniently,” said Sidharatha Mishra, head- digital channels ICICI Bank.
Besides getting a summary of their income and expenditure, users can track their spending and get category-wise information on their expenses. The facility also provides increased convenience as the users can link and de-link accounts in real time.
