ICICI Bank launches digital banking platform ‘ICICIStack’ for customers in times of Coronavirus

ICICI Bank announced the launch of ‘ICICIStack’, a set of most comprehensive digital banking services and APIs (Application Programme Interface) to ensure uninterrupted banking experience to customers, retail and business including retailers, 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.

ICICIStack Services:
‘ICICIStack’ offers nearly 500 services that covers almost all banking requirements of customers, in one place. 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.

Some of the prominent services available in ‘ICICIStack’ are:
1. Accounts Stack: Services like instant digital savings account with FD, PPF; instantly available salary account, current account, travel card, bill pay solutions; APIs like connected banking with ERP softwares, account management and digital on-boarding of partners

2. Payments Stack: Offers digital payments and payout services like UPI, QR scan and pay, merchant settlement and customer cashback, refund transactions, EazyPay merchant app and digital on-boarding of merchants

3. Loans Stack: Includes services like instantly available personal loan, business loan, credit card, home loan sanction, home loan top up, car loan sanction and digital small ticket 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.

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

5. Care stack: Includes services for protection for life, health, car, two-wheeler and home.  

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Interestingly, with ICICIStack, the customers can avail of these services from home or remote location, without visiting the Bank branch. With this, retail customers can enjoy enhanced convenience, while business customers can continue to improve productivity even when they are away from office in this time of ‘Social Distancing’.