ICICI Bank Launches India's First Digital Application Form for opening Current Accounts

ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of a digital application facility on smartphones and tablets, that enables bank officials to open current accounts of self-employed individuals and businesses swiftly in just a few hours, in comparison to an industry average of a few days.

Equipped with this unique digital account-opening-application, bank officials can now capture information about the customer & the business digitally and verify KYC documents in real-time, at the premise of the customer in a convenient and secure manner. With this, customers can now enjoy a faster and smoother account opening experience with the bank, without the hassle of arranging lengthy paper-work like physical photographs and photocopies of KYC documents of themselves and their firm.   

A first-of-its-kind digitisation process, this facility can be used to open current accounts of various kinds of businesses including proprietorship, partnership, private and public limited companies, as well as limited liability partnership firms, among others, in a few hours.

The digital application is equipped with state-of-the-art technology like ‘Optical Character Recognition’ (OCR) that recognises written characters in documents and auto-populates them in the digital application seamlessly and accurately. It also uses multiple innovative ‘Application Programme Interface’ (APIs), which allows the application to validate KYC documents of the individual and the business in real time from publically available information on government databases such as the National Securities Depository Limited (NSDL), Aadhaar and Import Export Code (IEC) among others. 

All of these innovative features of the digital application enable the Bank to significantly improve customer convenience by opening a current account opening in a few hours.

As a testimony towards encouraging collaborations with technopreneurs, this innovative solution has been developed at ICICI Bank’s state-of-the-art innovation centre along-with a fintech nurtured by the Bank.