If You have multiple bank accounts, must know this important information
To simplify financial management for customers, Axis Bank and ICICI Bank have launched a single-view dashboard that displays account information across bank accounts on their mobile apps and online banking platforms.
Most of the depositors have multiple bank accounts and it is always difficult for customers to visit different bank branches or navigate different banking applications to know the balance and expenses in these accounts.
To simplify financial management for customers, Axis Bank and ICICI Bank have launched a single-view dashboard that displays account information across bank accounts on their mobile apps and online banking platforms.
Axis Bank’s single view dashboard is called One-View while ICICI Bank’s dashboard is called iFinance. “This feature offers a seamless banking experience and convenience to customers by eliminating the need for multiple mobile banking apps,” said Sameer Shetty, President and Head of Digital Business and Transformation, Axis Bank.
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“With iFinance, we are enabling our customers and customers of other banks to view their account data in one place and provide better control over their finances,” said Siddhartha Mishra, Head, Digital Channels, ICICI Bank.
How does it work?
Existing customers of ICICI Bank can access iFinance through its online banking portal and mobile app. To start the process, log in to your ICICI Bank internet banking or mobile app.
Select iFinance and proceed with mobile OTP verification. The OTP will be sent through Setu, an account aggregator controlled by the Reserve Bank of India.
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Then select the bank accounts you want to link. Check accounts via OTP and track your bank accounts using the iFinance feature.
To link your accounts with the one-view feature on Axis Bank’s mobile app, the process is the same. Here, the OTP for mobile verification is sent by Finvu, another RBI-regulated account aggregator.
Insights into your saving, spending patterns:
Customers get a comprehensive view of transactions of all bank accounts (savings and current) at one place.
“It gives you a comprehensive view of your bank statements including bank balance, top expenditure and income categories, expenditure breakdowns, daily inflows, expenses and balance analysis,” said Mishra.
It allows customers to download transaction details from their linked accounts and receive email.
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Can accounts from other banks be delinked at any time?
Yes, you have the flexibility to delink your accounts from other banks as per your convenience. For this, go to iFinance in ICICI Bank Net Banking or Mobile App and withdraw consent using the link provided. This will remove that bank account data from iFinance.
Is a linked bank account safe?
“Yes, linked bank account data is secure. We prioritize the security and privacy of your financial data. We adhere to industry leading security standards to protect your information,” says Mishra.
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