ICICI Bank 2016 Annual Report Download - page 16
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Annual Report 2015-201614
Leadership Through Technology
eftCheques
replicates the cheque-
writing experience on
customers’ smartphones.
Recipients can encash
these cheques using their
phone.
BANKING
ON THE MOVE
Leadership through technology is about
continuous improvement and evolution.
In early 2008, when ICICI Bank launched
iMobile, India’s first mobile banking app,
smartphones were still at their nascence
in the country. ICICI Bank foresaw the
potential of mobile applications early and
provided this convenient way of banking
to its customers much ahead of others!
iMobile today has evolved to become
India’s most comprehensive mobile
banking application, which brings 150+
banking services on a single platform. It
offers a range of essential banking features
such as funds transfer, bill payment,
checking account balance and opening
fixed and recurring deposits. In addition,
users can also now add payees, personalise
their debit cards with an image of their
choice and even book railway tickets.
iMobile today also bridges the digital and
the physical world. For customers writing
physical cheques for payments, it offers
additional security measures through
Positive Pay where they click an image of
the cheque and upload it over their iMobile
app. Once received at our back-office, the
physical cheque is verified against the
image uploaded, eliminating any chance
of fraudulent encashment.
Electronic payments have become
ubiquitous today. Millions of money
transfers take place every day
electronically. However, we realise that
there are many customers who still derive
comfort from writing a physical cheque.
We leveraged technology to make this
process easier for such customers. The
eftCheques app by the Bank replicates the
cheque writing experience on customers’
smartphones. Customers can flip open a
virtual cheque book on their eftCheques
app and write a cheque to any person from
their phone-book. The recipient receives
a web-link over SMS and can encash the
cheque into a bank account of his or her
choice instantly. Cheques can be written