Indian multinational banking and financial service company, ICICI Bank had introduced India’s first banking program, ‘ICICI Bank Mine’ for millennial customers. The bank had found that their millennial customers need digitally enabled, customized, and user-friendly banking services. This is the reason behind the new launch. The bank focuses to extend this benefit in the age group of 18 years to 35 years.
The newly launched ‘ICICI Bank Mine’ program adds a physical presence of an experiential branch targeted at millennials. It offers instant savings account to the targeted customers, a feature-driven ‘iMobile’ application to provide investment advice that outfits the demand of millennials, carefully organized credit cards and debit cards, instant personal loans, and overdraft facilities.
Through this banking program, a millennial can simply open a savings account immediately on the bank’s website or iMobile model using his/her Aadhaar card and PAN card. The account quantity and a digital debit card are generated within a short time and can be used by clients to begin their transaction process and make funds online.
The iMobile model permits the millennial clients to eliminate the wastages in his or her targets. Customers can decide on their funding possibility, as per their aim and danger profile. The bank offers this service in connection with Sqrrl, a distinguished mutual fund fintech. They intend to offer a 360-degree holistic and comprehensive proposition in a single place across their life stages for the millennial customers.
Millennial clients can avail of certain other credit services using the ‘iMobile’ model. Pre-approved clients can get ‘Insta Personal Loan’ facility as much as Rs 25 lakh in just three seconds for his or her one-time necessity. Further, the clients can also fund unexpected month-to-month recurring bills by availing the service of Insta Flexicash which is an overdraft linked to their ‘ICICI Bank Mine’ account.
ICICI Bank proposes the nation’s first Flexi-plan credit card. It permits the ‘ICICI Bank Mine’ clients to decide on a plan each month that go well with their lifestyle and month-to-month requirements. The card further offers multi-brand alliances with key digital manufacturers such as Amazon, Swiggy, Zomato, Myntra and also provides cashback of as much as 5% spend on key digital manufacturers.
As per the bank’s estimate, India had around 40 million young millennials, who can give a significant contribution to the economy and banking sector in the coming years. Therefore, this newly launched banking program will be a great insight into the bank’s millennial customers.