In a bid to onboard younger customers, ICICI Bank has launched a banking stack for millennials. Dubbed ICICI Bank Mine, it will offer a savings account, a mobile application with investment guidance features, curated credit and debit cards as well as options for personal loans and overdrafts.
Millennial customers seek a digital-first bank as opposed to a digital-only bank, Anup Bagchi, executive director of ICICI Bank, said.
“We estimate that the country has around 40 million progressive young millennials, who would contribute significantly to the economy and banking in the years to come,” he said.
The iMobile app, which is part of the stack, has been integrated with Cambridge, Massachusetts-based fintech platform Sqrrl to guide customers with investments, a statement said.
The app, with a “millennial-friendly interface”, offers a customisable personal finance management tool, which utilises real-time artificial intelligence-based analytics for information such as budgeting, history of transactions, spending tracker and product recommendations.
It also provides an easy savings feature to assess savings requirements and help users plan their investments, the statement said.
Adults under 35 years can open a savings account on the application using the Aadhaar or PAN card, it said. They will be provided with an account number and a virtual debit card.
Additionally, customers can avail two instant credit facilities through iMobile. The ‘insta personal loan’ facility offers loans of upto Rs 25 lakh in three seconds, while the ‘insta flexicash' provides overdraft facilities linked to the ICICI Bank Mine account.
Credit cards under the programme allow users to choose a suitable plan every month and avail cashback offers from multiple digital brands.
The bank has also set up an experiential branch for millennials at Manyata Tech Park in Bengaluru, which will offer digital self-service kiosks and digital banking terminals. The bank will also host ‘Mine Live’, a virtual event that will include workshops, panel discussions, talent shows on travel, food, health and entertainment.