Categories: Digital Banking

India's ICICI Launches Banking Services On WhatsApp

As retailers determine the best ways to reach retail customers during the coronavirus pandemic, ICICI Bank launched its banking services on Monday (March 30) on WhatsApp.

The initiative allows consumers to bank from their home at a time when everyone has been advised to stay indoors in the wake of the nationwide lockdown to fight the virus.

“It has always been our endeavor to offer improved convenience to our customer,” said Anup Bagchi, the Mumbai-based bank’s executive director, in a statement. “...With the growing prominence of social media in everyday life, we believe this would add immense convenience to our customers, as it allows them to bank while they are on social media.”

By using WhatsApp, customers can check account balances, their last three transactions, credit card limit and details of instant loan offers, and can also block or unblock their credit and debit cards. Additionally, users can get details of the nearest ICICI Bank ATMs and branches, all from the social platform.

Earlier this month, the bank debuted ICICIStack, a set of digital banking services and application program interfaces (APIs) intended to ensure uninterrupted banking for retail and business customers –including retailers, merchants and large eCommerce firms – amid the coronavirus outbreak.

ICICIStack offers nearly 500 services that cover almost all customer banking requirements, including account opening, personal loans, credit cards, car loans, overdraft protection and business loans. It also provides digital payment solutions including UPI, bill payments using the Bharat Bill Payment System, investments, and various types of insurance protection for life, health, car and home.

Using ICICIStack, customers can access these services from a remote location without visiting the branch. Retail customers can enjoy enhanced convenience, while business customers can continue to improve productivity even when they are away from the office in this time of social distancing, the company said.

Non-ICICI Bank retail customers can access the benefits of ICICIStack by opening instant savings accounts online. In the case of a non-customer, a business entity can download InstaBIZ, the lender’s mobile app. They can also apply for an account instantly and customize its account number. Additionally, businesses can access easy bulk collection and payments of funds through multiple digital modes and automatic bank reconciliation.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.