Most depositors have multiple bank accounts, and it has always been difficult for customers to visit different bank branches or navigate through different banking apps to track the balances and spends from these accounts.
To simplify managing finances for customers, Axis Bank and ICICI Bank have launched single-view dashboards, which display account information across bank accounts, on their mobile apps and internet banking platforms. Axis Bank's single-view dashboard is named one-view, while that of ICICI Bank is called iFinance.
So, how does one bank get access to information about other bank accounts maintained by the account holder? This is possible thanks to the account aggregator ecosystem.
“This feature offers a seamless banking experience and provides convenience to customers by eliminating the need for multiple mobile banking applications,” said Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank.
This will ensure an easy, quick snapshot of all their bank transactions at the click of a button.
Sidharatha Mishra, Head - Digital Channels, ICICI Bank, said, “With iFinance, we are enabling our customers as well as customers of other banks to view their account data in one place and provide them with better control over their finances.”
How it works
Existing customers of ICICI Bank have access to iFinance through its Internet banking portal and mobile applications. To initiate the process, log in to your ICICI Bank net banking or mobile application. Choose iFinance and do a mobile OTP verification. The OTP is sent by Setu, a Reserve Bank of India-regulated account aggregator.
Then choose the bank accounts you want to link. Verify the accounts via OTP and track your bank accounts using the iFinance feature.
To link your accounts on Axis Bank’s mobile application with the one-view feature, the process remains the same. Here, the OTP for mobile verification is sent by Finvu, another RBI-regulated account aggregator.
The banks’ customers do not have to pay a fee to use the account aggregator-enabled features.
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Insights into your saving, spending patterns
The customers get a comprehensive view of transactions across all the bank accounts (savings and current) in one place.
Mishra said, “It offers a comprehensive view of your bank statements, including bank balances, top spending and income categories, expense breakdowns, daily inflows, expenses, and balance analysis.”
It allows customers to download and email transaction details from their linked accounts.
How accurate is the data displayed?
The accuracy of the data displayed depends on the accuracy of the information shared by other banks. The banks rely on the data provided by the financial information providers (FIPs) and do not alter or modify it in any way.
“It is essential to regularly review your transactions and balances to ensure accuracy,” said Mishra.
Can I rely on this feature to make financial decisions?
No. This feature from the banks is intended to provide you with a consolidated view of your bank accounts. The banks will not provide investment or financial advice on the basis of the information. You can use the information to cut down on spending and invest your savings better. Any financial decisions you make should be based on analysis and consultation with financial experts.
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Can I delink my accounts from other banks at any time?
Yes, you have the flexibility to delink your accounts from other banks at your convenience. For this, simply go to iFinance on the ICICI Bank net banking or mobile app and revoke the consent using the link provided. This will remove the data of that bank account from iFinance.
If you want to re-link the delinked accounts at any time, you will have to follow the same process as you did while linking the accounts initially.
Is the linked bank account safe?
“Yes, linked bank account data is safe. We prioritise the security and privacy of your financial data. We adhere to industry-leading security standards to protect your information,” claims Mishra.
Account aggregators provide a secure way of sharing information that has customer consent and data privacy as its core design principles. It is data-blind and cannot see the actual data. Data is visible to the user only after logging into the secure channels of Axis Bank and ICICI Bank.
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