ICICI Bank revealed Digital Banking Platform, ICICIStack

Despite concerns over Coronavirus outbreak, ICICI Bank has now launched ‘ICICIStack,’ a service package that combines digital banking and API services in one platform.

The full-stack digital platform will offer around 500 services to ease up the banking services in the ongoing COVID-19 pandemic, notes the announcement.

The list of services includes UPI, Credit cards, loan sanctions, bill payments, and others.

APIs, which stands for the Application Program Interface, is a backbone of a microservices-based architecture, which is a set of instructions that help third party applications to easily communicate via bank technology applications.

Executive Opinion

Executive Director, ICICI Bank, Mr Anup Bagchi, said, "We have been working on ‘ICICIStack’ in order to offer customers all digital banking services from one single platform for the past few years. ‘ICICIStack’ is the result of an evolving and pioneering journey to build digital solutions and a large capacity to fulfil the vision of Digital India. In the wake of the coronavirus outbreak over the past few weeks, we have added a host of new features and services to our customers so that they can experience the banking services uninterrupted."

He further added, "I believe that in its current form, ‘ICICIStack’ is the most comprehensive digital infrastructure available in the country by a bank as it can facilitate crores of retail customers as well merchants, retailers, professionals, fintechs, start-ups, e-commerce players and corporates, across the country to continue all their banking, digitally and from a remote location, without visiting a bank branch or office. In the recent tie-ups with payment fintechs too, it was the wide array of services, APIs and volume handling capability available within the ‘ICICI Stack’ that enabled quick integrations overnight. We believe that in these challenging times, ‘ICICIStack’ is well poised and committed to support customers for all their banking requirements."

ICICIStack Digital Platform

ICICIStack consists of Accounts Stack, Payments Stack, Loans Stack, Investment Stack and Care Stack. The digital services stack to allow the instant opening of savings accounts, instant FD and or instant PPF, among others.

The new digital platform will help retailers, merchants, eCommerce, NBFC, and corporates carry operations without visiting the bank.

Customers can easily access the application via mobile phone and internet banking platform.

AI-led bots will also be going to help customers with the investments in the stock markets, fixed deposits, and public provident funds, notes the announcement.