ICICI Bank has launched a tool called “iFinance” that gives millions of retail customers and sole proprietors a consolidated picture of their savings and current accounts in one place in an effort to make digital solutions accessible to the general public. The bank claims that even customers of other banks may use this new service.
In order to launch “iFinance” across all of its digital platforms, including the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB), and InstaBIZ, the bank’s mobile app for companies, ICICI Bank has tapped into the Account Aggregator network.
What Is iFinance from ICICI Bank?
Users of “iFinance” have access to a consolidated dashboard where, among other things, they can quickly check account balances, discover insightful information about their spending habits, and download statements. This extensive dashboard improves user comfort by enabling people to easily monitor their finances and exercise more control over their spending.
Benefits Of iFinance Service
1. Linking And Viewing All Accounts
Users can safely link their savings and current accounts from different banks and have a consolidated picture of their account balances in this way.
2. A Complete Overview Of Income And Expenses
The service provides a complete overview of the summaries of users’ earnings and expenses, supporting accurate financial management.
3. Tracking All The Expenses And Payments
Users may keep track of their spending and receive category-specific information about it, which helps with better expense management and overall financial stability.
4. Complete User Control
With this new functionality, users can link and unlink accounts instantly, giving them more convenience and flexibility.
4. Detailed Statements
All connected bank accounts’ combined account statements are available for download by users.
Step By Step Guide To Use ‘iFinance’ Facility
For ICICI Bank Customers
- Customers of ICICI Bank should log in using one of the bank’s online services, such as iMobile Pay, Retail Internet Banking, Corporate Internet Banking, or InstaBIZ.
- Click the ‘iFinance’ button to confirm your login information.
- All bank accounts maintained with ICICI Bank and other banks will be pre-populated upon verification.
- Users may choose the banks to link and provide permission for their accounts to be linked.
- The user will see only approved accounts.
For Customers Of Other Banks
- Download the ICICI Bank app if you are a customer of another bank.
- Create a mobile number account.
- To take advantage of this function, click on “iFinance” and follow the instructions there.
