ICICI Bank launches iFinance: Here's how users can access consolidated view of savings and current accounts across banks

ICICI Bank iFinance Feature: Leading private lender ICICI Bank has launched the ‘iFinance’ feature which will allow retail customers and sole proprietors to get a consolidated view of their savings and current accounts in one place. Interestingly, non-ICICI customers will also be able to avail the facility that ICICI Bank has introduced by leveraging the Account Aggregator ecosystem, on the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB) and InstaBIZ (ICICI Bank’s mobile app for businesses) platforms.
 

What is ICICI iFinance?

The ‘iFinance’ feature will provide a single-view dashboard of all accounts. Using it, users can check their account balances, get insights on their spending patterns, download statements, among other things. The ‘iFinance’ dashboard will allow users to monitor their expenses and finances. 

Key benefits of ‘iFinance’: 

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

2) Summary of income and expenditure: The facility allows users to get summary of their income and expenditure which can help monitor finances properly 

3) Track spending / payments: Users can track their spending and get category wise information of their expenses, helping managing expenses and overall financial health 

4) Complete user control: The facility will also provide increased convenience as the users can link and de-link accounts on real-time basis 

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

How to use ICICI iFinance:

1) Log in through ICICI Bank’s digital platforms — iMobilePay, Retail Internet Banking, Corporate Internet Banking and InstaBIZ 
2) Click on the ‘iFinance’ button and verify credentials 
3) After the verification is completed, all bank accounts that the users are holding with ICICI Bank and other banks, will be pre-populated 
4) The user can select the Bank to link and provide consent to link accounts 
5) Approved accounts will be displayed to the user 

Customers of other banks can avail it by following the below steps: 
1) Download the app 
2) Register with mobile number 
3) Click on ‘iFinance’ and follow the same steps mentioned above

Speaking on the launch, Sidharatha Mishra, Head- Digital Channels, ICICI Bank, said, “We, at ICICI Bank, remain committed to offer futuristic and innovative digital solutions to our customers. 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 a better control over their finances. This is the Bank’s initiative to introduce the convenience of open banking for customers by leveraging the Account Aggregator ecosystem. This unique feature also provides users with the facility to manage their expenses by analysing their spending patterns in a safe and secured place. The ‘iFinance’ facility is available across our mobile banking and internet banking platforms which provide ease of access to account information to the customers. We believe this new feature will help the users to conveniently monitor and manage their finances.”