New Delhi: ICICI Bank on Thursday launched a comprehensive banking programme for millennial customers, in the age bracket of 18 years to 35 years called ‘ICICI Bank Mine’.
It offers an instant savings account, a feature driven iMobile application that offers investment guidance to suit the demand of millennials, curated credit and debit card, instant personal loans & overdrafts, and even an experiential branch with social engagement space.
The key offerings of ‘ICICI Bank Mine’ are as follows:
Instant savings account opening: A millennial can easily open a savings account completely digitally and instantly on the Bank’s website or iMobile application using his/her Aadhaar and PAN card. The account number and a virtual debit card are instantly generated which can be used by customers immediately to start transacting and make payments online.
New look iMobile: The customers get instant access to a new-look ‘iMobile’, the Bank’s mobile banking app, with a refreshed UI/UX and millennial friendly language. The new version provides two additional benefits, in addition to the already existing bouquet of features, to customers. One, it provides a customisable personal finance management tool that uses real-time AI based analytics to create one’s own budget, provide insights on history of transactions, a spending tracker with alerts on utlisation of budgets and recommendations for other products based on the spends. These recommendations include credit/debit card upgrade, reward redemption, investment among others. Two, this version of ‘iMobile’ enables the millennial customers to save for their goals in a simple way. Customers can pick up their investment option, out of a list of three, as per their goal and their risk profile. The Bank offers this service in association with Sqrrl, a prominent mutual fund investment fintech. The Bank also intends to continue to integrate relevant fintech offerings in this version of the iMobile app for its millennial customers.
New credit card with curated features: ICICI Bank offers the country’s first flexi-plan credit card to enable ‘ICICI Bank MINE’ customers to choose a plan every month in order to suit their lifestyle and monthly requirement. They can pick a plan from a bouquet of three just by a click on iMobile. The card also offers muti-brand alliances with key digital brands Amazon, Swiggy, Zomato, Myntra among others and offers cashback of up to 5% on spends on key digital brands.
Instant personal loan and overdraft facility: Millennial customers can avail two instant credit facilities through ‘iMobile’ in order to fulfil their aspirations. One, pre-approved customers can avail of ‘Insta Personal Loan’ facility up to Rs 25 lakh in just three seconds for their one-time requirements like purchase of consumer durables, wedding, relocation among others. Two, they can also fund unforeseen monthly recurring expenses by availing the facility of Insta Flexicash, an overdraft linked to their ‘ICICI Bank Mine’ account.
Different looking ICICI Bank branch with experiential engagement area: For advisory on banking products like investments and full range of loans, the Bank has added a physical presence of an experiential branch targeted at millennials. Its uniqueness lies in its format that provides an experiential space with full digital self-service kiosks, digital banking terminals and dedicated area for engagement and entertainment sessions. Also, the branch at times will serve as the venue for ‘Mine Live’, an event platform that hosts specially curated virtual events in the form of workshops, panel discussions, talent shows on travel, food, health and entertainment. The first experiential branch for millennials has been opened at Manyata Tech Park in Bengaluru.
Any millennial aged up to 35 years can apply digitally for an ‘ICICI Bank Mine’ account from November 6, 2020. The person can do so on the Bank’s website or by downloading iMobile from Google Playstore for Android.