India-based banking group Icici Bank announced on Tuesday the launch of its digital banking platform, ICICIStack. According to ICICI Bank, the platform will offer digital banking services and Application Programme Interface (API) to ensure banking experience to customers in retail and business industries, which includes retailers, merchants, fintechs, large e-commerce firms, corporates. The platform’s description reads:
“ICICIStack offers nearly 500 services that covers 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).”
Anup Bagchi, Executive Director, ICICI Bank, shared more details about the platform’s development by stating:
“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.”
The platform’s features are the following:
- 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 softwares, 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 cashback, 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 car loan or education loan, disbursement to customer account.
- Investment Stack: Offers instant services like FD, RD, SIP, PPF, NPS and AI led roboadvisory 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.