ICICI Bank enables financial transactions on Facebook

Stocks and Financial Services Press Releases Monday September 30, 2013 09:10
Mumbai--30 Sep--Asian Banker

Mumbai, September 24th 2013 - ICICI Bank, India’s largest private sector bank, today announced the launch of ‘Pockets by ICICI Bank’, an app that enables its customers to carry out a slew of banking services on the social media site, Facebook.

A first-of-its kind app on Facebook across the globe, ‘Pockets by ICICI Bank’ offers the Bank’s customers the convenience of banking while they are on Facebook. It also underscores the importance that the Bank attaches to the youth and social media.

Speaking on the occasion, Chanda Kochhar, MD & CEO, ICICI Bank said: “The Bank has always been at the forefront of technological innovation in banking. With the launch of ‘Pockets by ICICI Bank’, we bring the most comprehensive banking app on Facebook globally. This innovation is in line with our philosophy of Khayaal Aapka wherein we offer products and services which make banking easier and more convenient for our customers. ‘Pockets by ICICI Bank’ will enable the young consumers, who spend a lot of time on Facebook, to carry out a wide set of transactions without having to leave the social media site.”

Facebook has 82 million users across India and 40% of them are below the age of 30 years.

This new app is a natural progression of the ‘Your Bank’ Facebook app that the Bank introduced last year, enabling its customers to view their savings account details and statements while on Facebook, as well as to order a cheque book and upgrade debit card.

‘Pockets by ICICI Bank’ offers a bouquet of unique features such as:
  • Split ‘n’ share: It allows customers to split and track group expenses and share them with friends on Facebook. The app also gives the customer the option of sending messages to remind friends on pending payments.
  • Pay a friend: It allows customers to transfer funds to their friends without knowing their bank account details like account number, bank branch, branch IFSC code etc. Through this facility, customers can create electronic coupons that can be redeemed by their friends on www.icicibank.com
  • Recharge prepaid mobile: ‘Pockets by ICICI Bank’ lets customers recharge their prepaid mobile instantly, from Facebook itself.
  • Book movie tickets: Users can now plan for their favourite movie with their Facebook friends and instantly book the tickets using ‘Pockets by ICICI Bank’.

A customer can also carry out a wide range of non-financial transactions through this app. The list includes viewing a summary as well as a mini statement of savings bank account, knowing credit card details and getting demat holding statements. Through this app, a customer can open fixed or recurring deposit, order a cheque book, stop a cheque payment and upgrade debit card.

A customer can access the app by logging in with his/her Facebook user ID, then going to the official ICICI Bank Facebook page (www.facebook.com/icicibank) and clicking on the tab ‘Pockets by ICICI Bank’. He will have to register for the application by entering his/her existing debit card number along with PIN number. This will add the application to user’s profile under the section “Apps”. During the registration process, the user has to select a new four digit PIN, which can be used for subsequent logins.

‘Pockets by ICICI Bank’ is developed with robust security features that ensure a safe social banking experience.
  • Security: The app uses 128 bit encryption which keeps customer information safe.
  • Secure browsing: It runs on https making transactions secure.
  • Safe start: Registration of an account is based on the customer’s debit card number and PIN authentication to avoid misuse.
  • Authenticity of transaction initiation: For each transaction, there is a unique dynamically generated OTP (One Time Password) that is sent to the customer’s registered mobile number to verify that the transaction is initiated by the customer.
--www.theasianbanker.com (September 30 2013)--

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