ICICI Bank Launches ICICIStack
ICICI Bank today announced the launch of ‘ICICIStack’, a set of the 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 account along with an instant FD or instant PPF, among others.
Speaking about the initiative, 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 large capacity to fulfil 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."
Some of the prominent services available in ICICIStack
Accounts Stack: Services like instant digital savings account with FD, PPF; instantly available salary account, current account, travel card, bill pay solutions; APIs like connected banking with ERP software, account management and digital on-boarding of partners
Payments Stack: Offers digital payments and payout services like UPI, QR scan and pay, merchant settlement and customer cash back, refund transactions, EazyPay merchant app and digital on-boarding of merchants
Loans Stack: Includes services like instantly available personal loan, business loan, credit card, home loan sanction, home loan top up, car loan sanction and digital small-ticket credit called Paylater. APIs include e-Nach based mandate, instant loan booking, disbursement to partner accounts for a car loan or education loan, disbursement to the customer account.
Investment Stack: Offers instant services like FD, RD, SIP, PPF, NPS and AI-led robo-advisory for mutual fund investments, real-time investment updates and any channel servicing. Also offers value-added products like FD with life insurance or credit card or monthly income plan or investment with SIP
Care stack: Includes services for protection for life, health, car, two-wheeler and home.
