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ICICI ‘Pockets’, enabling users to send money over Facebook

pockets-by-icici bank (2)ICICI has always been a step ahead in using technology as its forte to be an all purpose bank for its customers. Last year, cashing in on the popularity of social networking site Facebook, the bank launched ‘Your Bank’ Facebook app. This allowed bank’s customers to view their savings account details and statements while on Facebook, as well as order a cheque book and upgrade debit card.

Progressing on the same, it has recently launched a new Facebook app “Pockets”, with an aim to bring all major banking activities of its customers, just on a Facebook page. Adding on to the previously offered portfolio of services, a user can now do fund transfers, recharge prepaid mobiles, book movie tickets and can also remind their Facebook friends about pending payments.

With Pockets, a customer can open fixed or recurring deposit and stop a cheque payment. Also, it provides access to many non-financial activities such as viewing transaction summary, mini account statements, credit card details etc.

To register, ICICI’s debit card holders can log on to the bank’s official Facebook page and can get access to the app by entering their debit card no. and ATM PIN. During the registration process, the user has to select a new four digit PIN, which can be used for subsequent logins.

What’s the guarantee of the transactions to be safe and secure? Well, with the amount of security parameters adopted, the platform seems to be a reliable one. As claimed by the bank, the app is supported with industry standard technology and infrastructure such as OTP Authentication, SMS Alerts, Unique accounts and many more.

Considering the 82 Mn Facebook users in India with more than 40% being the youth of the country, the bank’s latest tech initiatives seem quite well. However, going by the registration mechanism, the app can only be used by debit card holders. This means that a wide customer base using only ICICI bank credit cards will remain untouched with the new effect. Is this the bank’s strategy to connect with the youth and social media or is it an another way to improve upon its CASA ratio? Any Comments… !!

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