“India’s Icici Bank has launched banking services on the popular messaging app WhatsApp, enabling customers to undertake a slew of financial transactions during the national lockdown.“
Retail customers can check their savings account balance, last three transactions, credit card limit, get details of pre-approved instant loan offers and block/unblock credit and debit cards. Additionally, they can also get details of the nearest three Icici Bank ATMs and branches in their vicinity.
“Anup Bagchi, executive director, Icici, states: ‘Our retail customers can execute a host of their banking requirements on their own, without visiting a branch. The services are instantaneous and secure. With the growing prominence of social media in every-day life, we believe that this would add immense convenience to our customers, as it allows them to bank while they are on social media.’”
Icici Bank pushed banking services to “Whatsapp” as an additional convenience to its customers with two strategies in mind. First, for consumers to obtain basic account information from the popular social media app “Whatsapp”, which has over 400 million users in India alone.
Second, to provide information to those who are dealing with the lockdowns due to the coronavirus and are not currently using its mobile app. Icici Bank has a robust mobile app known as “iMobile” which is feature rich.
“The move follows the recent launch of IciciStack, a digital banking platform offering nearly 500 services covering the full gamut of banking requirement for personal and business customers. The platform incorporates digital onboarding and features a full suite of APIs and digital banking services covering accounts, payments, loans, investments and insurance”.
Icici Bank has 18.5 million customers, making it the second largest bank in India.
Overview by Sue Brown, Director, Prepaid Advisory service at Mercator Advisory Group