ICICI Bank on Thursday, October 12, announced the launch of ‘iFinance’, enabling customers-retail and sole proprietors, to get a consolidated view of their savings and current accounts in one place.

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Customers of other banks can also benefit from this facility, which ICICI Bank has introduced by leveraging the account aggregator ecosystem, on 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.

Using ‘iFinance’, customers can check account balances, get insights on spending patterns, download statements and more, ICICI Bank said in a statement.

Speaking on the launch, Sidharatha Mishra, Head of Digital Channels, ICICI Bank, said, “With the launch of ‘iFinance’, we are enabling our customers as well as customers of other banks to view their account data in one place and provide them better control over their finances. This feature also provides users with the facility to manage their expenses by analysing their spending patterns in a safe and secured place."

The key features of the ‘iFinance’ facility are:

Linking and viewing of all accounts: Users can securely link their savings and current accounts with all banks and view account balances in one place.

Summary of income and expenditure: The facility allows users to get a summary of their income and expenditure which helps them monitor their finances properly.

Track spending/payments: Users can track their spending and get category-wise information on their expenses. This helps them in managing their expenses and overall financial health.

Complete user control: The facility also provides increased convenience as the users can link and de-link accounts on a real-time basis.

Detailed statement(s): With this facility, users can also download consolidated account statement(s) of all linked bank accounts.

Users can avail ‘iFinance’ facility by following these steps:

Log in through ICICI Bank’s digital platform(s) namely iMobilePay, Retail Internet Banking, Corporate Internet Banking and InstaBIZ

Click on the ‘iFinance’ button and verify credentials

After the verification is completed, all bank accounts that the users are holding with ICICI Bank and other banks will be pre-populated

The user can select the bank to link and provide consent to link accounts

• Approved accounts will be displayed to the user

Also, customers of other banks can avail of this feature by following the below steps:

Download the app

Register with a mobile number

Click on ‘iFinance’ and follow the same steps mentioned above

(Edited by : Amrita)