ICICI Bank launches banking stack for millennial customers

ICICI Bank has launched a banking stack for millennial customers which offers an instant savings account, a feature-driven iMobile application that offers investment guidance, curated credit and debit card, instant personal loans and overdrafts, and an experiential branch with social engagement space.

Called ICICI Bank Mine, any millennial-aged up to 35 years can apply digitally for the account from November 6 through the bank’s website or the app.

Sudipta Roy, Group Head – Unsecured lending, Cards and Payments Solutions, ICICI Bank said the focus is on the millennial segment and are the wealth generators of tomorrow.

“It is open to any millennial with access to a smartphone. But the initial focus is to attract customers who are in their first jobs or early in their careers, salaried customers or young entrepreneurs,” he told.

In a statement, ICICI Bank said the new banking stack also offers investment guidance to customers through an altogether user experience focused iMobile application.

It has also integrated the investment platform of Sqrrl with its mobile application iMobile, to guide customers to invest easily and in a tech-savvy way.

“We intend to continue to integrate relevant fintech offerings in the iMobile app for our millennial customers,” it further said.

Anup Bagchi, Executive Director, ICICI Bank said the new banking stack offers a mobile-first, highly personalised and experiential led banking experience to them.

“We have noticed that, while the millennial customers want ‘digital first’, they don’t want a ‘digital-only’ bank. This has led us to introduce a new format experiential branch suited to the lifestyle of millennials,” he said.