Given the turbulent times we are currently living in, with less physical contact being the norm, the launch of WhatsApp banking by ICICI Bank is an innovative step in the right direction. This service has been launched to meet the basic banking requirements of customers, without them needing to visit a bank or ATM, thereby following the social distancing and lockdown norms as prescribed by the government.
Earlier, other private sector banks like HDFC, Kotak Mahindra and IndusInd had also launched similar services in the country.
Given the current circumstances, the launch of these services has been received well in the market, especially with banks facing restriction on their opening hours and shortage of staff. All this has led to long queues forming outside banks for even basic services such as knowing the account balance, transfer of money, etc. defeating the purpose for which the lockdown was initiated in the first place.
Retail customers who are anxious about the state of their banking accounts can now easily check their account balance, last three transactions, credit card limit, block their credit/debit cards and also get details about the latest loan offers, via WhatsApp. All they need to do is send a "Hi" to the bank's verified profile number – 93249 53001 from their registered mobile number. ICICI Bank will then reply with the list of services, available via WhatsApp banking to the customer. The customer can then send the keyword of the service he wants to avail, for example <Balance> to know the balance in their account.
To avail this easy and convenient service and ensure they get all the messages from the bank, customers need to add ICICI Bank's verified profile number to the contact's book on their smartphone. Even non-customers can use this service to know the details of the branch / ATM closest to them.
Mr Anup Bagchi, Executive Director, ICICI Bank, said while launching the service, "It has always been our endeavour to offer improved convenience to our customers. We have introduced this service on WhatsApp, one of the most popular instant messaging applications in the world. Our retail customers can execute a host of their banking requirements on their own, without visiting a branch. The services are instantaneous and secure. With the growing prominence of social media in every-day life, we believe that this would add immense convenience to our customers, as it allows them to bank while they are on social media.”
Given the popularity of WhatsApp, this service by ICICI Bank seems to be useful for customers and set new service standards in retail banking.
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