ICICI Bank on Thursday unveiled a first of its kind 'banking stack for millennial customers' referred as Mine. The comprehensive banking solution is for customers in the age bracket of 18years to 35 years. Here are listed out the different offerings under the banking package:
1. Instant savings account:
This account can be opened online by the millennial customer and facilitate instantaneous transactions. For digital opening of the account either on the app or bank's website one needs to have his Aadhaar as well as PAN. On successful opening of the account, account number as well as virtual debit card will be generated for immediate use.
2. iMobile app guiding on investments:
A feature loaded new-look iMobile app that will extend investment guidance to millennial customers. For the purpose, the bank has combined Sqrrl investment platform, which is a leading fintech from the investment world, with its iMobile app.
Besides in additional to the usual feature, the new edition of the app offers a be-spoke personal finance management tool that makes use of real time AI based analytics for creating one's budget, provides summary on transaction history, a spending tracker that alerts on utilizing budget as well as recommendations for other products taking into account the spends.
3. Different branch format:
As part of the Mine comprehensive banking solution, these millennial customers shall get access to a different branch format with an experiential engagement area. This is primarily for advisory on different bank products including loans, investments etc. The unique part of this format is that it offers an experiential space with full-digital self-service kiosks, digital banking terminals and areas for entertainment and engagement sessions. The first experiential branch for millennials has been opened at Manyata Tech Park in Bengaluru
4. New credit card with curated functionality:
Under the millennial product offering, the bank has come up with the country's first flexi-plan credit card that allows millennials to pick a plan every month that suits their monthly requirements and lifestyle. Also, there are multi-brand alliances with major online brands including Amazon, Swiggy, Zomato, Myntra among others and offers cashback of up on key digital to 5% on spends brands.
5. Instant personal loan and OD facility:
2 instant credit facilities can be availed by millennial customers via iMobile app. Herein one is the pre-approved customers can get Insta Personal loans of up to Rs. 25 lakh in just 3 seconds for their one-time requirements such as for purchase of consumer durables, relocation etc.
Also, they can finance unforeseen monthly recurring expenses by opting for Insta Flexicash, which is an overdraft facility.