Page 8 - Banking Finance November 2020

BANK UPDATE

which would result in a writeback once experiential led banking experience to Last month, IDBI Bank "implemented
government reimburses. them. the new feature of document embed-
"We have noticed that, while the ding facility with Letter of Credit/Bank
ICICI Bank launches bank- millennial customers want 'digital first', Guarantee messages over SFMS plat-
form of IFTAS through its middleware
ing stack for millennial they don't want a 'digital-only' bank.
This has led us to introduce a new for- application i@Connect-SFMS developed
customers mat experiential branch suited to the by IDBI Intech Limited," the bank said.
ICICI Bank has launched a banking stack lifestyle of millennials," he said. "The new feature will ease the current
for millennial customers which offers an process of manual verification, recon-
instant savings account, a feature- IDBI Bank launches bank- ciliation, reduce frauds, and enable
driven iMobile application that offers documentary evidence for all the par-
investment guidance, curated credit ing services on WhatsApp ties involved in the transaction," the
and debit card, instant personal loans IDBI Bank has recently introduced bank added.
and overdrafts, and an experiential banking services on WhatsApp for its
branch with social engagement space. customers. "This launch is a part of Mahagram Payments
Called ICICI Bank Mine, any millennial- sustained initiatives the Bank has taken launches BharatATM
aged up to 35 years can apply digitally to enable the customers to access Mahagram Payments Private Ltd. a
for the account from November 6 banking services remotely at their con- mumbai based 'Fintech' startup has
through the bank's website or the app. venience," the bank said.
launched BharatATM, a rural NEO
Sudipta Roy, Group Head - Unsecured WhatsApp Banking service will be of- Bank, offering banking services to ru-
lending, Cards and Payments Solutions, fered through a dedicated WhatsApp ral masses through their unique en-
ICICI Bank said the focus is on the verified number ensuring end to end gagement model with local Kirana and
millennial segment and are the wealth encryption, the bank added. The bank other retail stores across the country.
generators of tomorrow. customers will be able to avail various The platform engages the local shop
"It is open to any millennial with ac- essential banking services such as ac- and enables it to offer banking, loans,
cess to a smartphone. But the initial count balance information, last five insurance services to the citizens re-
focus is to attract customers who are transactions, request for a cheque side in rural villages.
in their first jobs or early in their ca- book and an email statement, Interest In rural India, where's there's no bank
reers, salaried customers or young Rates through newly launched branches or ATMs available, people
entrepreneurs," he told. WhatsApp banking services. The details can walk into the Kirana or any retail
of the IDBI Bank branches or ATMs in store near to them and avail the ben-
In a statement, ICICI Bank said the new the vicinity will also be available via efits of banking services starting from
banking stack also offers investment
WhatsApp. opening a saving account, recurring
guidance to customers through an al- deposits, transactions like withdrawing
together user experience focused "IDBI Bank has always focused on tak- cash or depositing, transferring funds
iMobile application. ing initiatives that adds to the cus- or buying a life or general insurance
tomer convenience in availing seamless
It has also integrated the investment banking experience. Launch of banking everything at the same place they buy
platform of Sqrrl with its mobile appli- their essentials.
services on WhatsApp is yet another
cation iMobile, to guide customers to initiative in this direction," said Rakesh It allows its customer to open bank
invest easily and in a tech-savvy way. accounts at the store by just produc-
Sharma, MD & CEO, IDBI Bank during
ing their Aadhaar & PAN Card and do-
"We intend to continue to integrate the launch.
relevant fintech offerings in the "IDBI Bank aims at creating ease of ing authentication using eKYC. Custom-
iMobile app for our millennial custom- accessibility and convenience for its ers can also use the Aadhaar Card to
ers," it further said. withdraw or deposit cash to their bank
customers by offering an instant solu- account in the same store. It also of-
Anup Bagchi, Executive Director, ICICI tion to their immediate basic banking fers its customers to transact using the
Bank said the new banking stack offers needs from the comfort and safety of debit / ATM card of any bank to with-
a mobile-first, highly personalised and their homes," he further added. draw money in the same store.

8 | 2020 | NOVEMBER | BANKING FINANCE