Throughout the COVID-19 pandemic, ICICI Bank undertook many digital initiatives to allow its prospects to satisfy their banking necessities from dwelling.
Launch of Video KYC
Throughout Q1-2021, the Bank launched Video Know Your Buyer (KYC) facility to on board new financial savings account prospects together with wage accounts, private loan account prospects and for these prospects availing Amazon Pay Credit score Card. In Video KYC, the method of verification of a potential buyer’s KYC paperwork and signature is completed by way of a video name, thus casting off the necessity of a department go to. This makes the entire course of digital, frictionless and handy for the client.
ICICI Bank’s WhatsApp banking consumer tops a million
Throughout Q1-2021, a web-based meals supply platform used ICICI Bank’s “insta wallet” providing to launch its digital pockets. Just lately, the Bank crossed a million customers on its WhatsApp banking platform launched three months in the past to allow its retail prospects to undertake a spread of banking necessities from dwelling in the course of the lockdown.
The amount of cell banking transactions elevated by 45% year-on-year in Q1-2021. The value of service provider buying transactions on Unified Funds Interface (UPI) elevated by 258% year-on-year in Q1-2021. Digital channels like web, cell banking, POS and others accounted for over 90% of the financial savings account transactions in Q1-2021.
Digital sourcing of merchandise
59% SIPs initiated by way of digital medium
63% fastened deposits sourced by way of digital channels.
Current launches like ICICI STACK and video KYC led to increased adoption of digital channels and enhance in transactions.
ICICI STACK: A complete digital banking platform, aggregating over 5 hundred banking companies at one place for the client. The platform is a sum of 5 sub stacks: Accounts, funds, investments, loans and care.
“We have been working on ‘ICICIStack’ in order to offer customers all digital banking services from one single platform for the past few years. 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,” Anup Bagchi, Government Director of ICICI Bank stated in the course of the launch of the ICICI Stack in March 2020.
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