ICICI Bank, one of the “Big Four” banks of India introduced banking services on WhatsApp just three months ago; the idea was to enable its retail customers to do their banking from home via WhatsApp; it has been hugely popular with more than one million customers signing up in the first three months; customers can check their savings account balance, get their last three transactions, see their credit card limit, get details of pre-approved instant loan offers and block/unblock credit and debit cards in a secure manner with end-to-end encryption for all messages; the bank continues to introduce new services in the WhatsApp platform and aims to double the number of users in the next three months; Bijith Bhaskar, Head of Digital Channels & Partnerships said, “With the growing prominence of social media in every-day life, we believe that WhatsApp banking has offered immense convenience to our customers as it allows them to bank while they are on WhatsApp”. Finextra.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.