According to an ICICI Bank press release, “‘iFinance’ provides a single-view dashboard of all accounts. Users can check account balances, get valuable insights on spending patterns, download statements and more. The dashboard offers significant convenience to users and assists them to exercise better control over expenses and monitor their finances in a seamless manner.”
How customers of other bank can access iFinance
This facility, which ICICI Bank introduced by utilising the Account Aggregator ecosystem, is available to customers of other banks on the bank’s digital platforms, including the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB), and InstaBIZ, the bank’s mobile app for businesses, as per the ICICI Bank press release.
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What are the key features of ‘iFinance’ facility?
The key features of ‘iFinance’ facility are:
- 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
- Summary of income and expenditure: The facility allows users to get insightful summary of their income and expenditure which helps them monitor their finances properly
- Track spending / payments: Users can track their spends and get category wise information of their expenses. This helps them in managing their expenses and overall financial health
- Complete user control: The facility also provides increased convenience as the users can link and de-link accounts on real-time basis
- Detailed statement(s): With this facility, users can also download consolidated account statement(s) of all linked Bank accounts.
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How to avail ‘iFinance’ facility?
Users can avail ‘iFinance’ facility by following these steps:
Step 1: Log in through ICICI Bank’s digital platform(s) namely iMobilePay, Retail Internet Banking, Corporate Internet Banking and InstaBIZ
Step 2: Click on the ‘iFinance’ button and verify credentials
Step 3: After the verification is completed, all Bank accounts that the users are holding with ICICI Bank and other banks, will be pre-populated
·Step 4: The user can select the Bank to link and provide consent to link accounts
Step 5: Approved accounts will be displayed to the user.
How customers of other banks avail this feature
Customers of other banks can avail this feature by following the below steps:
Step 1: Download the app
Step 2: Register with mobile number
Step 3: Click on ‘iFinance’ and follow the same steps mentioned above.