MUMBAI: ICICI Bank today announced the launch of ‘ICICIStack’, a set of the country’s 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’ offers nearly 500 services that cover 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 accounts along with an instant FD or instant PPF, among others.
Speaking about the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank, said, “We have been working on ‘ICICIStack’ in order to offer customers all digital banking services from one single platform for the past few years. ‘ICICIStack’ is the result of an evolving and pioneering journey to build digital solutions and a large capacity to fulfill the vision of Digital India. In the wake of the coronavirus outbreak over the past few weeks, we have added a few new features and services to offer a bouquet of solutions to our customers so that they can experience the banking services uninterrupted.
I believe that in its current form, ‘ICICIStack’ is the most comprehensive digital infrastructure available in the country by a bank as it can facilitate crores of retail customers as well merchants, retailers, professionals, fintech, start-ups, e-commerce players and corporates, across the country to continue all their banking, digitally and from a remote location, without visiting a bank branch or office. In the recent tie-ups with payment fintechs too, it was the wide array of services, APIs and volume handling capability available within the ‘ICICI Stack’ that enabled quick integrations overnight. We believe that in these challenging times, ‘ICICIStack’ is well poised and committed to supporting customers for all their banking requirements.”
Some of the prominent services available in ‘ICICIStack’ are:
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 the office at this time of ‘Social Distancing’.
A non-ICICI Bank retail customer can get the benefits of ‘ICICIStack’ by simply opening an instant savings account with the Bank digitally, without having to visit the branch. A business entity, in case it is a non-customer of the Bank, can download ‘InstaBIZ’, the Bank’s mobile application specially curated for businesses, and enjoy the unparalleled convenience using ‘ICICIStack’. It can also apply for a current account instantly and customize its account number, which is displayed instantly. Additionally, the business entities can get access to easy bulk collection & payments of funds through multiple digital modes, automatic bank reconciliation and can undertake largely all of the export-import transactions like inward and outward remittances among others digitally.
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