Manage Multiple Bank Accounts Easily with ICICI Bank iFinance

A lot of people need to use more than one Bank Account for a number of reasons. For instance, Savings Account /Salary Account is required for managing personal wealth while Current Account is required for managing business finances. Most people hold multiple accounts with different banks, which means multiple logins on different banking apps. It becomes difficult to manage multiple bank accounts and get a comprehensive view of all the finances.

Recognising the need for a unified and simplified banking platform, ICICI Bank has introduced iFinance—a feature designed to redefine how individuals manage bank accounts. Read this blog to learn more about iFinance and how it can make your banking experience seamless.

What is iFinance?

iFinance is an innovative feature available on ICICI Bank’s digital platforms, including Internet Banking (Retail & Corporate), iMobile Pay app and InstaBIZ app. It can be used by salaried individuals as well as self-employed professionals. Powered by the RBI’s Account Aggregator service, iFinance aggregates financial information of all your accounts linked to your registered mobile number, even those held with other banks. This service, facilitated through Financial Information Providers (FIPs), offers a comprehensive view of all the account statements, bank balances, top spending and income categories, expenses and daily inflows. 

Why ICICI Bank’s iFinance is a game changer

Usually, customers use different banking apps and platforms or visit multiple Branches to access services and information related to their accounts, which is far from convenient. iFinance is a game changer as it offers a consolidated view of all the Savings Accounts and Current Accounts held across banks on a single platform. Here is how iFinance can transform your experience of managing multiple bank accounts:

• View total balance across all bank accounts: With iFinance, you can view the total balance across all your bank accounts at one place. This feature eliminates the need for logging in to different accounts to check balances, providing a holistic view of your financial status.
• Track inflows and outflows: iFinance enables you to monitor the inflows and outflows for all your bank accounts. This comprehensive tracking helps in understanding your spending patterns and managing your finances more effectively.
• Gain insights into spending patterns: By categorising your spends across all the accounts, iFinance provides insights into your spends. This can help you in identifying areas where you can optimise your spends and making informed decisions.
• Single snapshot of the key transactions: iFinance provides a snapshot of the top five transactions carried out through Debit Cards, Credit Cards and at the merchant outlets. This quick overview will help in keeping a track of significant transactions without digging through individual account statements.
• Access and download statements: With iFinance, you can access and download statements of your linked bank accounts. This feature ensures that you have easy access to important financial documents whenever needed.

How to link the bank accounts through iFinance

Linking bank accounts through iFinance is a simple and secure process. Follow these steps to get started:

1. Log in to ICICI Bank’s digital platform: Use either Internet Banking or the iMobile Pay app
2. Navigate to iFinance
3. Verify your mobile number: Verify your registered mobile number through an OTP
4. Link your accounts: All your bank accounts linked with the registered mobile number will be displayed. Select the bank accounts you want to link and provide consent for each
5. View consolidated balances and transactions:  Once your accounts are linked, you can view the consolidated balances and transactions for all your accounts at one place.

The iFinance feature is available on all the digital platforms of ICICI Bank - iMobile Pay app, Internet Banking, Corporate Internet Banking (CIB) and InstaBIZ app. 

The benefits of using iFinance

Following are the benefits of using iFinance:

• Financial overview: By linking all your bank accounts, you can manage your finances seamlessly without logging in to multiple platforms. This consolidated view will help in keeping a track of your finances with minimal effort.
• Enhanced financial insights: The ability of iFinance to categorise and summarise all incomes and expenses offers deeper financial insights. This understanding can help in planning your budget more effectively and identifying spending habits that may need to be changed.
• Increased security: iFinance has robust end-to-end security features to keep financial data safe and confidential. The use of OTP for verification and consent for linking accounts provides an added layer of security.
• Saves time: By consolidating all your financial information, iFinance saves you the time and hassle of managing multiple banking apps and accounts.

How to activate iFinance?

Activate iFinance through the iMobile Pay app:

1. Click on Accounts & FD/RD > iFinance
2. Link accounts via OneMoney > Select banks/ bank accounts
3. Verify accounts with OTP
4. Track all your bank accounts at one place

Activate iFinance through Retail Internet Banking:

1. Click on bank accounts > iFinance
2. Link accounts via OneMoney > Fetch my accounts > Select bank accounts
3. Verify accounts with OTP
4. Track all your bank accounts at one place

Activate iFinance through the InstaBIZ app:

1. Click on View Balance & Statement    
2. Link accounts via OneMoney > Select banks / bank accounts
3. Verify accounts with OTP
4. Track all your bank accounts at one place

Activate iFinance through Corporate Internet Banking:

1. Click on  Accounts > iFinance
2. Link accounts via OneMoney > Fetch my accounts > Select bank accounts
3. Verify accounts with OTP
4. Track all your bank accounts at one place

Note: OneMoney is an RBI regulated account aggregator.

Conclusion

ICICI Bank’s iFinance feature not only saves time but also enhances your ability to monitor and control your finances. With iFinance, managing multiple bank accounts becomes a seamless experience, which lets you focus on making smart financial decisions.